Executive member guide - Hostplus Executive PDS
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Executive member guide. Product Disclosure Statement 1 July 2019
2
Contents 1. About Hostplus Executive.
Hostplus Executive is the premium superannuation offer within
1. About Hostplus Executive. Hostplus, the industry superannuation fund for the hospitality,
tourism, recreation and sport industries.
2. How super works.
You are receiving this Member Guide Product Disclosure
3. Benefits of investing with Hostplus Executive. Statement because Hostplus Executive is the chosen super
4. Risks of super. fund of your employer or the nominated super fund in your
employment agreement or award.
5. How we invest your money.
Hostplus Executive offers management level superannuation
6. Fees and costs. – but with the advantages of our industry fund heritage – low
administration fees, tailored insurance arrangements, we don’t
7. How super is taxed.
pay commissions to financial advisers and we’re run to benefit
8. Insurance in your super. our members.
9. How to open an account. Hostplus is an award-winning fund, recognised often by
independent ratings agencies.
Hostplus received Money magazine’s Best of the Best awards
Here to help. in 2018 as best Balanced Super Fund (for Hostplus’ Balanced
Call 1300 467 875, 8am – 8pm (AEST), Monday to Friday
Option), Lowest-Cost Pension Fund (for Hostplus’ Indexed
Fax 1800 467 875
Balanced Option) as well as best Lowest-Cost Balanced Super
Visit hostplus.com.au
Fund (for the Indexed Balanced Option) for six years running,
Email info@hostplus.com.au
2013 to 2018.
Mail Locked Bag 5046, Parramatta NSW 2124
Rainmaker SelectingSuper chose Hostplus as the 2018 winner of
Fund of the Year; Best in Show – MySuper Product; Best Long-
This PDS is a summary only and includes links to important,
additional information available at hostplus.com.au. The term Performance; and, Best-MySuper Performance – Risk
links are indicated with the symbol . You should read Weighted.
this information before deciding whether to join Hostplus
Executive. This PDS was prepared in accordance with Hostplus won Best Industry Fund at the 2018 Super Review
Subdivision 4.2B of Division 4 of Part 7.9 of the Corporations Heron Partnership Awards. At the SuperRatings 2019 awards we
Regulations 2001. were delighted to be named SuperRatings’ 2019 Career Fund
WARNING: This guide is a summary of significant information of the Year. Hostplus also holds premium ratings – a AAA Fund
and contains a number of references to important information Quality rating from Rainmaker, Chant West’s highest quality
(each of which forms part of the guide). You should consider
rating – 5 Apples, and a SuperRatings Platinum Rating.
that information before making a decision about the product.
The information in this guide is general information only and With Hostplus Executive you can immediately access a range
does not take into account your personal financial situation of extras, like our Additions program – which offers low cost
or needs. You should obtain financial advice tailored to your banking, reduced private health insurance rates and, for eligible
personal circumstances.
members, savings on travel and accommodation.
The information in this guide is correct as at the date of
publication. In the event of a material change occurring to any Whether you change jobs or leave the industry, you can stay with
information contained in this guide, irrespective of whether Hostplus Executive, enjoying the benefits of being a member,
it is adverse or not, the trustee will notify existing members even after you retire through Hostplus Pension.
in writing within the time frames required by law. Updated
information is available online at hostplus.com.au. Where a You can find important governance information about Hostplus
change to information in the guide is not materially adverse, for Executive at hostplus.com.au including:
example, changes to the net fund earning rate and individual
investment manager options, the trustee will provide updated Trust Deed and governing rules
information at hostplus.com.au.
Annual Report to members
Issued by Host-Plus Pty Limited ABN 79 008 634 704, AFSL
No. 244392, RSEL No. L0000093 as trustee for the Hostplus Financial Services Guide
Superannuation Fund ABN 68 657 495 890, RSE No. R1000054,
MySuper No. 68657495890198. Our service providers
How directors are appointed
Statistics on board attendance
I nformation about our Directors and Executive team, including
how they are paid.
Hostplus is authorised to offer a MySuper product, which is our
default Balanced investment option. You’ll find our MySuper
Product Dashboard at hostplus.com.au/dashboard.
You also have other options to choose from – see Section 5.
How we invest your money for details. Make sure you read this
section before you decide which option suits you.
Further information on how to join Hostplus Executive can be
found in Section 9. How to open an account.
3
2. How super works. 3. Benefits of investing with Hostplus Executive.
Superannuation (Super) might seem complex but it’s basically Hostplus Executive is run to benefit our members.
money put aside for your retirement.
These are some of the benefits you will enjoy when you join
To start with, it’s made up of compulsory contributions from your Hostplus Executive.
employer called the Superannuation Guarantee (SG). Currently
the SG rate is 9.5%, so your employer contributes at least 9.5%
Low You pay a low administration fee of
of your ordinary time earnings (primarily your salary) to a super
administration $1.50 per week.
fund where that money is invested for you. fees
Using your super to save for your retirement could deliver tax Strong Our Balanced investment option is ranked
benefits. That’s because your contributions and investment performance number one over 3, 5 and 7 years to 31
earnings are generally taxed at a lower rate than the tax on your December 2018 (SuperRatings SR50
salary and are re-invested over time until your retirement – and Balanced (60-76) Index December 2018).*
they’re generally tax-free on withdrawal after you turn 60.
Insurance to Protecting your assets is an important
Under Choice of Fund legislation, most workers are eligible to protect you part of a smart financial plan. For your
choose what fund their super contributions are paid into. Choosing and your family peace of mind, Hostplus Executive offers
the right fund now, can make a lifetime of difference later. several insurance options to cover you
for death and disability – as well as salary
Contributions continuance, protecting your income if
For many people, SG contributions alone may not be enough to you’re unable to work due to illness or injury.
cover the cost of retirement. To encourage you to maximise your
Online access With your Member Online account you
retirement savings, the Federal Government provides tax savings
can keep track of your super 24/7. You
and other incentives to boost your super. Some easy ways to add can update your personal details, make an
to your super include: investment choice, apply to increase or
Personal contributions from your after-tax salary change your insurance cover, and review
your account balance and contributions.
(non-concessional contributions)
Visit hostplus.com.au/memberonline
ontributions from your before-tax salary (concessional
C You can even access your details by a
contributions). These include personal contributions for which convenient member card that lives on your
you have claimed a tax deduction or salary sacrifice (some mobile phone.
employers offer this) A wide range Because everyone has different goals, we
Government co-contributions, if you are eligible of investment offer a wide range of investment options to
options suit your investment timeframe, long-term
Government low income super tax offset (LISTO) contribution goals, and risk profile – from growth asset
for low income earners classes such as equity to defensive asset
classes like fixed income and cash.
Spouses can split their before-tax contributions with
each other Talk to a Hostplus financial planners are here to help
Hostplus our members. Whether it’s over the phone
pouses can make contributions for their low income earning
S financial or in person, our planners can help you
spouses. The contributing spouse could receive a tax offset. planner. make the most of your opportunities.
ownsizer contributions from the proceeds of selling your home
D Talk to us on 1300 467 875 or visit
hostplus.com.au/financial-planning to
if you are 65 years old and older.
make an appointment.
Limits on contributions. Hostplus financial planners are licensed by
There are various limits (or caps) that apply to contributions. Industry Fund Services Limited ABN 54 007
Further information can be found in Section 7. How super is taxed. 016 195, AFSL 232514.
Accessing your super. *Past performance is not a reliable indicator of future performance.
Generally, you cannot withdraw your super until you reach your
preservation age (the minimum age set by law when you can
access your super). The current preservation age is between You should read the important information about Benefits
57 and 60, depending on your date of birth. of investing with Hostplus Executive before making a
decision. Go to pds. executive.hostplus.com.au/3-
benefits-of-investing-with-hostplus. The material relating
You should read the important information about to Benefits of investing with Hostplus Executive may
How super works before making a decision. Go to pds. change between the time when you read this Statement
executive.hostplus.com.au/2-how-super-works. The and the day when you acquire the product.
material relating to How super works may change between
the time when you read this Statement and the day when
you acquire the product.4
Choose from our wide range of investment options.
4. Risks of super.
It’s important to know that all investments (including super) Pre-mixed options
involve some risk.
Pre-mixed asset classes offer asset classes mixed to provide
To offer members different levels of risk and potential return, different risk/return profiles:
Hostplus invests in a range of asset classes such as cash, fixed Capital Stable Indexed Balanced
income, infrastructure, property and equity – which can be Conservative Balanced Balanced (default)
further defined as ‘defensive’ or ‘growth’. The mix of growth and Socially Responsible Shares Plus
defensive asset classes determines the likely net investment Investment - Balanced Hostplus Life
return and risk of a negative return for each investment option.
Sector investment options
For example, investment options with potentially the highest
returns (such as equity), may also have the highest risk of loss Investment in a specific asset class only:
over a shorter period of time.
Cash International Shares -
When considering the risks to your investment in Hostplus, you Diversified Fixed Interest Indexed
should understand that: Property International Shares
Australian Shares (Hedged)- Indexed
The value of your investments can go up and down. International Shares
he returns you receive on your investments will vary – they can
T Individual manager options
be positive or negative and previous returns are not indicative of
future returns. Investment in an individual investment manager from these
asset classes: Equity, Infrastructure, Property and Fixed income.
eturns are not guaranteed and negative returns will result in a
R
reduction in your account balance. Various investment options
he amount of your future superannuation savings, including
T Choiceplus investment option
contributions and investments, may not be enough to provide Direct investment in shares in the S&P/ASX 300 index,
adequately for your retirement. selected Exchange Traded Funds (ETFs), Listed Investment
Other significant risks to your investment are the impact of inflation, Companies (LICs) and term deposits via the online Choiceplus
interest rates, exchange rates, liquidity, derivatives and market investment platform at hostplus.com.au/choiceplus
failure. There are also legal risks such as changes to superannuation
law and changes to insurance terms and conditions. You can easily change your investment choice at no cost.
And you can combine any number of our investment options
The level of risk appropriate for you will depend on your age, how provided you have a minimum of 1% of your super invested in any
long you are investing for, any other investments you may have, and selected option.
how comfortable you are receiving negative returns in some years. Please note however, that there are different investment limits
within the Choiceplus investment option. Visit hostplus.com.au/
choiceplus to find out more.
You should read the important information about the Risks
of super before making a decision. Go to pds.executive.
Balanced option, our default investment option
hostplus.com.au/4-risks-of-super. The material relating to
the Risks of super may change between the time when you Return target CPI plus 3% per annum on average
read this Statement and the day when you acquire the product. over 10 years.
CPI plus 4% per annum on average
over 20 years.
5. How we invest your money.
Level of Investment High. Negative returns expected in
Hostplus offers a wide range of investment options for you to risk* between 4 to 6 out of every 20 years.
choose from, each with a different level of risk and return.
Investment style Investments through a diversified
If you don’t make an investment choice, your contributions will investment portfolio, including some
be automatically invested in the Balanced investment option, our growth assets and some lower risk
default option, described opposite. As the MySuper authorised investments.
option, it suits people who plan to have their super invested for
Who is this This option is diversified across a
the long-term (five years or longer).
investment range of growth and defensive assets
Hostplus may add new investment options, remove or change an suitable for? and aims to produce consistent
option (for example, its strategic asset allocation or objectives). If returns over time. This option may
any of these changes are significant, we’ll write to you or update suit members who have a five-year-
you via hostplus.com.au. plus investment time horizon.
Minimum Suggested 5 years +
Time Frame#
When making your investment choice you must consider
*The Level of investment risk is based on an industry-wide Standard
the potential risk and return of an investment option and
Risk Measure. It shows the number of expected negative annual returns
whether it suits your risk profile and timeframe, ie. how over a 20-year period. # The Minimum Suggested Time Frame is based
much time you have until your retirement. on the risk and return profile of this option. The timeframe considers
volatility and the likelihood of negative annual returns in any one year.5
Balanced option asset allocation. Fees and other costs.
This section provides summary information about the main fees
Range Benchmark and costs for the Hostplus Balanced option. This information can be
Growth assets 75% used to compare costs between different superannuation products.
Equity Other fees may apply and you should read all the information about
Australian shares 15 – 45% 23% fees and costs because it is important to understand their impact
International shares on your investment. The fees and other costs for each investment
Developed markets 10 – 30% 22% option offered by Hostplus, including definitions for each fee type,
are set out at pds.executive.hostplus.com.au/6-fees-and-costs
Emerging markets 0 – 15% 8%
Private equity 0 – 15% 7% Hostplus Balanced option
Infrastructure 0 – 15% 6%
Type of fee Amount How and when paid
Property 0 – 15% 4%
Investment fee1 0.71% 3 The investment fee
Other is not deducted from
Credit 0 – 10% 2% your account balance.
Alternatives 0 – 10% 3% It is deducted daily
from gross investment
Defensive assets 25% earnings before net
Infrastructure 0 – 10% 6% investment returns are
Property 0 – 20% 9% applied to your account.
Fixed income 0 – 20% 0% Administration fee1 $78.00 p.a. The Administration Fee
Cash 0 – 10% 0% ($1.50 is deducted from your
per week) account each month and
Other is paid into the Fund’s
Credit 0 – 10% 5% Administration Reserve.
Alternatives 0 – 10% 5% Buy – sell spread Nil Not applicable
Switching fee Nil Not applicable
You should read the important information about How we
Advice fee Nil Not applicable
invest your money before making a decision. Go to pds.
Relating to all
executive.hostplus.com.au/5-how-we-invest-your-
members investing in
money. The material relating to How we invest your money
the MySuper product
may change between the time when you read this or investment option
Statement and the day when you acquire the product.
Other fees and costs2
Indirect Cost Ratio 0.35%3 The ICR is not deducted
6. Fees and costs. (ICR)1 from your account
balance. It is deducted
Consumer advisory warning. daily from gross
investment earnings
Did you know? before net investment
Small differences in both investment performance and returns are applied to
fees and costs can have a substantial impact on your your account.
long-term returns.
1. If your account balance for a product offered by the superannuation
For example, total annual fees and costs of 2% of your entity is less than $6,000 at the end of the entity’s income year, the
account balance rather than 1% could reduce your final total combined amount of administration fees, investment fees and
return by up to 20% over a 30-year period (for example, indirect costs charged to you is capped at 3% of the account balance.
reduce it from $100,000 to $80,000). Any amount charged in excess of that cap must be refunded. 2. See
“Additional explanation of fees and costs” at pds.executive.hostplus.
You should consider whether features such as superior com.au/6-fees-and-costs for a description of other fees and costs
investment performance or the provision of better not disclosed in this PDS, such as activity fees, advice fees for personal
member services justify higher fees and costs. advice or Choiceplus fees. 3. The Investment fee and ICR – Investment
You or your employer, as applicable, may be able to negotiate fees and costs are estimated for the financial year ended 30 June
to pay lower fees. Ask the fund or your financial adviser. 2018. Investment fees (but not ICR) include performance fees which
may vary from year to year. Because the investment fees and costs
To find out more. are estimates based on the previous financial year’s investment
If you would like to find out more, or see the impact performance, fees and costs payable in respect of each future year
of the fees based on your own circumstances, the may be higher or lower.
Australian Securities and Investments Commission
(ASIC) website (www.moneysmart.gov.au) has a Example of annual fees and costs for a MySuper product.
superannuation calculator to help you check out This table gives an example of how the fees and costs for
different fee options. the default Balanced investment option can affect your
superannuation investment over a 1 year period. You should use
Please note: This Consumer Advisory Warning is prescribed by law. this table to compare this superannuation product with other
However, the statement concerning the possibility of negotiating fees
is not applicable to Hostplus.
superannuation products.6
Tax on contributions 1 July 2019 to 30 June 2020.
Example - Hostplus If your total income (including your before-tax contributions) is
Balance of $50,000
Balanced option over $250,000, you may pay an additional tax of 15% (ie. 30%
tax) on taxable contributions exceeding $250,000.
Investment fees 0.71% For every $50,000 you
have in the superannuation
product you will be charged If you exceed the before-tax or after-tax contributions cap,
$355 each year.
you will pay additional tax to the ATO.
PLUS $78.00 And, you will be charged
Administration ($1.50 per $78 in administration fees
fees week) regardless of your balance. Tax on withdrawals 1 July 2019 to 30 June 2020.
PLUS Indirect 0.35% And, indirect investment
costs for the costs of $175 each year Component Tax if you are under 60
MySuper product will be deducted from your
investment. Tax-free No tax payable.
Equals If your balance was $50,000, Taxable Below preservation age, taxed at 20%1.
Cost of product then for that year you will be – taxed Preservation age - 59 years, the first
charged fees of $608 for the element1 $210,0002 is tax-free and the balance is
superannuation product. taxed at 15%
Note: Additional fees may apply. And, if you leave the superannuation 1. Plus Medicare Levy. 2. The $210,000 lifetime limit is the total of all
entity, you may be charged an exit fee of $0 and a buy/sell spread the taxable payments you receive or are paid before you reach age 60
which also applies whenever you make a contribution, exit, rollover (even if you receive them in different financial years).
or investment switch. The buy/sell spread for exiting is 0% (this will
equal to $0 for every $50,000 you withdraw). To calculate the effect
of fees and costs on your account balance, try the super calculator at Tax deductions.
www.moneysmart.gov.au.
If you’re eligible, you may be able to claim your personal
contributions during the year as a tax deduction. This will turn
Additional fees may be paid to a financial advisor if a financial any after-tax contributions into before-tax contributions, which
advisor is consulted. Refer to the Statement of Advice in may be useful to self-employed people or employees whose
which details of the fees are set out. employer doesn’t allow salary sacrifice.
Tax on investment earnings
You should read the important information about Fees and
costs before making a decision. Go to pds.executive.hostplus. Investment earnings are taxed at up to 15%. This tax is deducted
com.au/6-fees-and-costs. The material relating to our Fees from the earnings that apply to your super, before the earnings
and costs may change between the time when you read this are added to your account.
Statement and the day when you acquire the product.
Tax File Numbers (TFNs).
It is in your interest to supply your TFN when you join.
7. How super is taxed. Generally, higher tax is payable on your contributions and
There are various tax levels that apply at different times on withdrawals if you don’t supply your TFN – and Hostplus
payments into your account (contributions), investment earnings Executive will not be able to accept your personal
and on the withdrawal of super benefits. Tax is deducted from contributions. You will also be ineligible for the Government
your super account and paid to the ATO. There are limits on how co-contribution incentive.
much you can contribute to super.
You should read the important information about
Type of contribution and limits.
How super is taxed before making a decision. Go to pds.
Before-tax (concessional) such as employer, salary sacrifice
executive.hostplus.com.au/7-how-super-is-taxed.
and self-employed contributions:15% on amounts up to
The material relating to How super is taxed may change
$25,000 a year cap. Amounts over the cap will be taxed at your
between the time when you read this Statement and the
marginal tax rate plus an excess concessional contributions charge1.
day when you acquire the product.
You can carry forward unused concessional amounts for 5 years2.
After-tax (non-concessional) from your net salary such as
personal and spouses contributions: 0% under $100,000. Over 8. Insurance in your super.
$100,000 will be subject to tax at the top marginal rate of 47%.
Right now, your most valuable assets are your health, family and
If under age 65 you may bring forward your non-concessional
your income-earning potential. Protecting them against the
contribution of up to three times the yearly non-concessional
unexpected should be an important part of your strategy. That’s
contributions cap in a single year depending on your total super
why at Hostplus we offer eligible members automatic insurance
balance. Your total superannuation balance is the total value of
with an option to increase their cover upon joining.
your accumulation and retirement phase interests (including
rollover amounts not yet included in those interests) across all of Hostplus insurance cover is provided by MetLife Insurance
your superannuation accounts. Limited (MetLife) ABN 75 004 274 882, AFSL 238096.
1. The 2% Medicare levy is also payable. 2. From 1 July 2018, you can carry
forward any unused concessional super contributions for 5 years if you
have a total super balance of less than $500,000. After this unused carry
forward amounts will expire.7
Automatic (Default) Death and Total & Permanent Disability Death and TPD and Death Only insurance:
(TPD) insurance when you join. Unitised cover table.
Generally, if you’ve joined through your participating employer
There are costs associated with insurance. For Industry
(Industry members) you receive automatic, unitised Death and
members, the table below shows the default number of units,
TPD insurance cover once your employer makes a contribution
level of cover per unit and cost per unit you will receive at age
to your super account, subject to certain timing conditions.
next birthday.
With our automatic insurance, the number of units you receive
depends on your age next birthday. The number of units then Age Value per unit of Default units for new
determines the level and cost of cover. next Default Death or members joining
birthday TPD Cover
Premiums are deducted from your super account and insurance Death TPD
cover continues as long as there are sufficient funds to pay
the premiums and eligibility is still met. 12 to 16 $28,273 1 0
Members who meet the eligibility criteria can apply for the 17 to 19 $28,273 1 2
Management/Clerical (white collar) rates or Professional rates 20 to 25 $28,273 2 4
where you can receive the same level of cover at less cost.
Conditions apply. 26 to 30 $28,273 4 6
See the Death and TPD and Death Only table in the next column. 31 to 35 $28,273 5 6
36 $28,273 6 6
Unless you cancel your automatic insurance, the premiums 37 to 38 $28,645
will continue to be deducted from your Hostplus account, as
39 $28,831 6 5
long as there are sufficient funds to pay the premiums and
eligibility is still met. If, for whatever reason, more than one 40 $29,017
account is opened for you at Hostplus, you are only eligible
41 $26,962
for one insurance benefit.
42 $24,229
5 5
The information in this section is a brief summary only. Full 43 $21,238
information about eligibility, the cancellation of insurance
cover, any conditions or exclusions in relation to insurance 44 $18,734
cover and information about the level, type, actual cost (or 45 $15,563
ranges of costs) of optional insurance cover or any other
matter in relation to insurance cover is provided at pds. 46 $13,681 6 6
executive.hostplus.com.au/8-insurance-in-your-super. 47 $11,831
Accordingly, that information should be read before
48 $10,097
deciding whether the insurance is appropriate. 7 7
49 $8,981
50 $7,219
Other insurance.
Hostplus offers eligible members: 51 $6,364
I nsurance cover in addition to the automatic levels of Death and 52 $5,874 8 8
TPD cover and Death Only cover provided. 53 $5,385
Terminal illness benefits as part of your death benefits. 54 $4,406
Salary Continuance cover in case you can’t work due to injury or illness. 55 $3,916
There’s also: 56 $3,487
A special insurance offer on joining available to eligible members 57 $2,989
to upgrade their Death and TPD cover, and apply for Salary 10 10
Continuance cover by providing limited medical information. 58 $2,491
59 $2,242
pecific life events cover where changes in your life let you boost
S
your cover. 60 $1,993
he option of transferring your insurance from another super
T 61 $1,774
fund or retail insurance policy.
62 $1,673
When applying for Death and TPD or Death Only cover, you can
63 $1,521 8 8
choose from:
64 $1,419
nitised cover, where benefits decrease over time but the
U
premiums remain the same, or 65 $1,267
ixed cover, where benefits remain fixed but premiums alter
F 66 to 70 $1,267 8 0
depending on your age.
For unit cost per week, see next page.8
Unit cost per week Other information.
Standard Management Professional Super search consent.
If you’ve had more than one job, you may have more than one
Death Only $0.26 $0.18 $0.13 super account and you could be paying fees on every one of
TPD $0.37 $0.25 $0.17 them. Hostplus Executive can help you find your other super
accounts at no cost. By giving us permission to search for your
Death & TPD $0.63 $0.43 $0.30 other super using your TFN, we can help you track down and (if
you choose), combine your super for you.
You can provide consent on the Tax File Number notification
How to apply.
form or when you provide your TFN at hostplus.com.au/
Members with employer insurance arrangements will be
memberonline. If we find other super accounts in your name,
informed of their arrangements.
we’ll contact you to ask if you want to join your accounts together
Members can also apply for higher levels of cover online at in Hostplus Executive. You can search anytime for additional
hostplus.com.au/insurance. Members can opt out of automatic super accounts using your member online account.
(default) insurance online at hostplus.com.au/insurance or
Enquiries and complaints.
cancel their insurance cover at any time by writing to us.
If you have an enquiry or complaint, just call 1300 467 875. We’ll
New members aged under 65 can apply within prescribed time do everything in our power to attend to your matter promptly
limits to take up the special insurance offer on joining in the and courteously. If you are not happy with the way your matter is
Membership form: handled, we want to know. Please write to us at:
for additional units of cover, Hostplus
Resolutions Officer
to replace their unitised cover with fixed cover, and
Locked Bag 9
for Salary Continuance cover. Carlton South VIC 3053
or email to resolutions@hostplus.com.au
If you are not satisfied with either the way Hostplus handles
You should read the important information about
your complaint or its resolution, you may contact the Australian
Insurance in your super before making a decision.
Financial Complaints Authority (AFCA). AFCA provides free,
Go to pds.executive.hostplus.com.au/8-insurance-in-
fair and independent financial services complaint resolution
your-super. The material relating to our insurance may
to Hostplus members and their beneficiaries. You can contact
change between the time when you read this Statement
AFCA via:
and the day when you acquire the product.
Website: https://www.afca.org.au
Email: info@afca.org.au
9. How to open an account. Telephone: 1800 931 678
As an eligible employee you might like to complete and return In writing to:
the enclosed Membership form. The information you provide will Australian Financial Complaints Authority
assist us in setting up your account. GPO Box 3
Once you are a member you can keep track of your super details Melbourne VIC 3001
online with Member Online at hostplus.com.au/executive
You should read the important information about
How to open an account before making a decision.
Go to pds.executive.hostplus.com.au/9-how-to-open-
an-account. The material relating to opening an account
may change between the time when you read this
Statement and the day when you acquire the product.
1189.7 06/19 ISS10Executive member guide. Member forms 1 July 2019
Which forms
do I need?
1 Membership form.
To join Hostplus Executive, please complete and return the Membership form.
2 Request to transfer your entire account balance
into Hostplus Executive.
Complete this form to transfer superannuation you hold in other funds to
Hostplus Executive.Office use only
1189.8
Executive membership form.
1 July 2019
Complete this application if you are joining Hostplus Executive through your employer.
This application is for joining Hostplus Executive if:
· You are joining through your employer who is, or has become, a participating Hostplus Executive employer, or
· You have requested that your employer becomes a participating employer.
· This application needs to be completed by the person to be insured.
Complete all fields marked with an asterisk (*). Please use BLOCK letters in black or blue pen.
Any changes made to this application are to be initialled by the person to be insured.
Please answer all the questions as accurately as possible and provide additional information wherever requested.
As part of your application, you may be required to undergo additional medical tests and as part of the overall assessment
process MetLife will contact you on your preferred phone number if further information is required.
1 Provide your personal details.
Title Payroll number (if applicable)
Mr Mrs Ms Dr Other
Given names*
Surname*
Date of birth* Gender*
Male Female
Current address*
Suburb State P/C
Country
Hostplus communications will be sent to your postal address. This includes your membership card and statements.
Home phone Mobile phone*
Preferred method of contact* (please select one)
Mail Email Phone
Email address*
Occupation*
What is your gross annual salary?*
$
, p.a.1 Provide your personal details cont’d.
Have you previously been registered as a member of Hostplus?
Yes – please provide your Hostplus membership number.
No
I wish to transfer my Hostplus account into I wish to retain my Hostplus account.
Hostplus Executive.
I understand that while retaining my Hostplus account I
I consent to transfer my Hostplus account into Hostplus can only have one insurance arrangement and I consent
Executive including the transfer of my investment choice to the cancellation of the lower value insurance of either
and account balance. I understand that should my insurance my Hostplus or Hostplus Executive account. I also
cover in my Hostplus account be higher than my Hostplus understand that I will pay member fees for both accounts.
Executive insurance cover then this will be transferred
across to my Hostplus Executive account.
2 Provide us with your Tax File Number (TFN).
Under the Superannuation Industry (Supervision) Act 1993, Hostplus is authorised to collect, use and disclose your TFN.
Hostplus may disclose your TFN to another super provider when your benefits are being transferred, unless you advise that your
tax file number not be disclosed to any other super provider in writing.
While it is not an offence to decline to quote your TFN to Hostplus, giving your TFN will allow Hostplus to accept all permitted
types of contributions to your account. It also means that other than the tax that may ordinarily apply, you will not pay more tax
than you need to on both contributions to your super and benefit payments when you start drawing down your super. It will also
make it much easier to find different super accounts in your name so that you receive all your super benefits when you retire.
My Tax File Number is:
3 Use of the ATO’s Super Match 2 Facility.
The ATO has made this facility available to all Superannuation funds to:
· assist members in findings lost Superannuation;
· assist members in locating any unclaimed monies that the ATO may hold; and
· assist and better inform members of all their Superannuation interests.
By providing your consent to use your TFN for this purpose Hostplus will access this facility, consolidate any ATO held monies into
your Hostplus account, and provide you with all applicable information on other superannuation accounts held by you, by either
email or letter. Please note that your consent will be ongoing until it is revoked by you.
By ticking this box, I:
· agree to Hostplus using my TFN to access the ATO SuperMatch 2 system in order to seek information relating to me;
· authorise Hostplus to arrange the transfer of all identified ATO held monies into my Hostplus account; and
· acknowledge that this consent is ongoing until I revoke it with the fund.
Please sign the declaration at Step 10.4 Provide your employer’s details and your working arrangements.
Your employer’s Hostplus account number Your employer’s ABN*
Your employer’s trading name*
Your employer can provide you with their Hostplus account number and trading name.
Your employer’s telephone number The date when you started with your current employer*
On what basis are you employed?
Full time Part time Casual
5 Employer sponsored insurance arrangement (ESA).
Employees who join Hostplus Executive via an employer who has an ESA will be provided with this cover. If your employer does not
have an ESA, and you are eligible for insurance in Hostplus, you will be provided with automatic default cover for Death and TPD
cover. See step 6.
I wish to cancel my employer sponsored arrangement.
Hostplus Executive provides default insurance cover to eligible members who do not have an ESA or do not wish to take up
their ESA.
If you don’t complete Step 5 you will be provided with automatic default Death and TPD cover. Please see the Hostplus
Executive Member Guide for more information.
6 Advise us of your insurance cover details.
Hostplus has taken out a contract of insurance with MetLife Insurance Limited ABN 75 004 274 882 AFSL 238 096 (“MetLife” or
“the Insurer”) to provide the insurance cover in the fund. On becoming a member, insurance cover will be provided to you on the
terms contained in Hostplus’ insurance contract issued by the Insurer (the Policy). By completing the insurance section of the
form, you are requesting the Insurer to change your automatic insurance cover. The answers that you provide in this form may be
used by MetLife to determine whether you are eligible to change your cover.
Hostplus Executive generally provides automatic insurance cover to eligible members employed by a Participating Employer. The
premiums and insurance cover varies depending upon your age.
If you are not At Work at the time your cover commences (Cover Commencement Date) your default cover will be Restricted Cover,
until such time as you satisfy the insurer’s requirements for Full Cover (see Executive Member Guide for more information.) This
means that you will not be covered for an illness or injury known to you in the two years prior to your Cover Commencement Date.
As a special offer to new eligible members of Hostplus Executive, you have the opportunity to increase your default Death & TPD
cover and/or obtain Salary Continuance cover provided you return this form within six months from the date you commenced
work with your Participating Employer, or 60 days from the date you receive your Hostplus Executive welcome letter, whichever is
the later. You can also use this form to fix your cover or upgrade to the Management/Clerical (white collar) scale. If you wish to vary
your insurance cover as is otherwise provided for in this form, please complete the Increase your insurance cover application (if
applicable) form available at hostplus.com.au/executive
I wish to cancel my automatic insurance cover.6.1 Personal statement.
This section must be completed in all circumstances.
1. Have you previously elected not to be covered for any benefits provided under any Group Life policy issued by the Trustee
of Hostplus?
Yes – you are not eligible for automatic default cover or cover under Sections 6.2 (Special Insurance Offer) and
6.4 (Special Insurance Offer - Salary Continuance) unless accepted by the insurer. Acceptance remains subject
to underwriting.
No
2. Have you previously received, applied for, are eligible, or in the process of applying for a Terminal Illness benefit from
any source?
Yes – please provide details of super fund/insurer name and when.
Date Fund/Insurer name
You are not eligible for automatic default cover or cover under 6.2 (Special Insurance Offer) and 6.4 (Special Insurance
Offer - Salary Continuance) unless accepted by the insurer. Acceptance remains subject to underwriting.
No
3. Have you previously received, applied for, are eligible, or in the process of applying for a Total and Permanent Disability (TPD)
benefit from any source?
Yes – please provide details of super fund/insurer name and when.
Date Fund/Insurer name
No
If you have answered ‘yes’ above, your insurance cover will be limited to Death only cover, at any time. You may however
apply for TPD and Salary Continuance Cover and be eligible for this cover, if your application is accepted by the insurer.
If you do not answer questions 1, 2 or 3 your response will be assumed to be ‘NO’. However if you later lodge a Death or TPD
claim and it is found that you have failed to disclose your personal circumstances or you have previously received, applied for
or been eligible for a TPD benefit, your claim under Hostplus may not be considered.
4. Are you restricted, due to illness or injury from carrying out any of the identifiable duties of your current
Yes No
and normal occupation on a full time basis (even if you are not currently working on a full time basis)?
Full time basis is considered to be at least 35 hours per week.
5. Are you contemplating or have you ever made a claim for sickness, accident or disability benefits, Yes No
Workers’ Compensation or any other form of compensation due to illness or injury?
6. Have you been restricted from work or unable to perform any of your regular duties for more than
Yes No
seven consecutive days over the past 12 months due to illness or injury (other than for colds or flu)?
7. Have you been diagnosed with an illness that in a doctor’s opinion reduces your life expectancy to Yes No
less than 3 years?
8. Are you currently contemplating any medical treatment or advice for any illness or injury for which you
Yes No
have not previously consulted a medical practitioner or an existing illness or injury, which appears to
be deteriorating?
9. Have you had an application for Life, TPD, Trauma or Salary Continuance insurance declined by Yes No
an insurer?
If you answer yes to any of the questions 4-9 above, you will not be eligible to increase your cover under 6.2 or 6.4.6.2 To apply for additional units – special offer for new Hostplus Executive members.
Complete this section to apply for additional units of Death only or Death and TPD cover. You cannot use this form to increase
your Death cover if you answered ‘yes’ to question 1 or 2 in section 6.1 or your TPD cover if you have answered ‘Yes’ to question 3
in Section 6.1. Please note, members aged 65 or above are not eligible for the Special insurance offer upon joining.
Please note that if your employer has an ESA arrangement electing this option may override the arrangement your employer has
in place.
Please indicate the total number of units that you require by placing a in the relevant box. If your application is accepted, your
existing allocation of insurance units will be changed to reflect the number of units you have requested in this form.
If you are under age 25, indicate whether you would like a total of 8, 12 or 16 units of Death and TPD by placing a in the relevant box:
8 units Death and TPD 12 units Death and TPD 16 units Death and TPD
If you are aged between 25 and 64, indicate whether you would like a total of 12, 16 or 20 units of Death and TPD by placing a
in the relevant box:
12 units Death and TPD 16 units Death and TPD 20 units Death and TPD
If you require higher levels of cover than indicated above, please complete the Increase your insurance cover application
(if applicable) form available at hostplus.com.au/executive
6.3 To apply to replace unitised cover with fixed cover (you must also complete section 6.5).
Complete this section if you would like to fix the number of units you have selected above or nominate a fixed level of Death and
TPD. Please note that you cannot hold unitised and fixed cover at the same time. Members aged 65 or above, or those not eligible
for default insurance cover will not be eligible for the Special Insurance Offer upon joining.
If you complete this section, your total cover will become fixed cover for Death and TPD cover.
Indicate the level of fixed Death and TPD cover you require by placing a in the relevant box. If your application is accepted, any
existing allocation of insurance unit will be replaced with fixed cover.
1. Would you like to convert the total number of units you have selected in section 6.2 to fixed cover?
Yes – proceed to 6.5 No – proceed to question 2 in this section
2. Fixed amount of Death and TPD cover
$100,000 $200,000 $300,000 $400,000 $500,000
If you require fixed cover of more than $500,000, apply online at hostplus.com.au. Premium rates applicable for fixed cover will
depend of the type of work you perform in your usual occupation (White, Light Blue or Heavy Blue collar).6.4 Apply for Salary Continuance cover (you must also complete section 6.5).
Complete this section if you wish to obtain Salary Continuance cover.
Salary Continuance provides you with a benefit if you are unable to work due to injury or illness for longer than the waiting period.
By using this form, you can select a monthly benefit of up to $4,000 per month (limited to 90% of salary, 75% paid to you & 15%
superannuation), for a benefit period of up to two years. If you require more cover, or for a benefit period to age 65, apply online at
hostplus.com.au.
i) Please indicate the number of units of Salary Continuance cover you require by placing a in the relevant box. The table
indicates the number of units that are required to insure each salary. You have the option to select Salary Continuance cover
that relates to a lower salary than you receive.
Salary Monthly benefit Units Place tick here
$6,666 $500 5
$13,333 $1000 10
$20,000 $1,500 15
$26,666 $2000 20
$33,333 $2500 25
$40,000 $3000 30
$46,480 $3500 35
$53,120 $4000 40
*Salary is your current annual income from your usual occupation, including tax and superannuation contributions, but excluding business expenses.
+The maximum monthly benefit you are entitled to cannot be higher than 90% of your monthly salary (75% being paid to you and 15% to your
Hostplus account).
ii) Nominate a waiting period by marking the appropriate box with a :
30 days 60 days 90 days
* If you don’t select a waiting period you will default to 90 days.
The waiting period is the period during which you must be totally or partially disabled before any benefit is payable.
You are not entitled to any benefit for this period.
iii) To the best of your knowledge have you taken more than a total of seven days off work over the past 12 months due to illness
or injury (other than for colds or flu)?
Yes – apply online at hostplus.com.au as your current application for Salary Continuance cover cannot proceed without
more detailed information being provided.
No6.5 Occupational rating.
Your insurance cover will be matched to your occupational rating. The following will help us to determine which occupational rating
applies to you.
Management/Clerical (white collar) scale
i) Are you employed for at least 15 hours per week on an ongoing basis?^ Yes No
ii) Do you work in an office or similar environment?^ Yes No
iii) Do you spend at least 90% of your working time in an office? For example 34.2 hours out of a Yes No
38-hour working week.^
iv) Do you work in any of the following occupations?
Management Clerical Marketing Administration Accounting
^ If you have answered ‘no’ to any of the above questions, you are not eligible for the management/clerical scale.
Standard/Light blue collar scale
Please select your occupation:
Home Duties Hospitality Worker*
Wait Staff/Waitress/Waiter* Shop Assistant/Retail Assistant
Hotel Owner/Manager/Publican/Bar attendant* Casino Worker/Dealer/Croupier/Gaming Attendant
Chef/ Apprentice Chef/Cook Sales Assistant/Attendant/Consultant
Room Attendant/House Keeper/ Bottleshop Attendant*
Guest Service Agent/Attendant*
Barista*
Food and Beverage Attendant*
Heavy blue collar scale
Please select your occupation:
Kitchen Hand/Crew Ski/Snowboard/Snow sports instructor
Cleaner (Commercial) Fruit picker/Vineyard worker**
Cellar Hand Gardener/Landscaper
Security Officer/Guard (unarmed) Farmer/Farm Labourer
Store Person Labourer
* These occupations have a combination of two ‘Collar’ type ratings: Death and TPD = Light Blue, Group Salary Continuance = Heavy blue collar.
** Please note that you are only eligible for Death and TPD cover.
If your occupation is not listed above, please specify your occupation and you will be assessed accordingly:
Occupation*
If no selection is made your fixed cover amount will automatically default to the Heavy blue scale for Death and TPD cover
unless the insurer deems an alternate occupational class applies. If however you fail to provide full details of your occupation
you will not be eligible for Salary Continuance cover provided under Section 6.4 (Special Insurance Offering).7 Nominate your preferred beneficiaries.
Please nominate who you would prefer your benefits to be paid to in the case of your death.
Given names*
1
Surname*
Nature of dependency (spouse, child, etc.) * Share %*
%
Given names*
2
Surname*
Nature of dependency (spouse, child, etc.) * Share %*
%
Given names*
3
Surname*
Nature of dependency (spouse, child, etc.) * Share %*
%
Given names*
4
Surname*
Nature of dependency (spouse, child, etc.) * Share %*
%
Total 1 0 0 %
You can nominate more than four beneficiaries by attaching extra names to this form. You are able to nominate dependants
(spouse, child, financial dependant, interdependent) or your legal personal representative who you would prefer to receive your
superannuation benefits in the event of your death. Under the Hostplus Executive trust deed the trustee decides who receives
your death benefit. However, the trustee will consider your nomination and other information on dependants obtained when any
claim is lodged. It is your responsibility to inform your beneficiaries that you have provided Hostplus Executive with their personal
information. You should refer them to the Hostplus privacy policy at hostplus.com.au/privacy
Binding death nominations
A binding death benefit nomination provides you with greater certainty about who will receive your benefit in the event of your
death. In general, a binding nomination legally binds (instructs) the Hostplus trustee to pay your death benefit to the person(s)
nominated as your beneficiary(ies). If you would like more information on binding death benefit nominations please refer to the
Binding death benefit nomination brochure at hostplus.com.au/executive
8 Transferring other super accounts into Hostplus Executive.
If you have any other superannuation accounts, you may be paying two or more sets of administration fees. By transferring your
other super accounts into Hostplus Executive you avoid paying multiple sets of fees.
If you wish to transfer your other superannuation into your Hostplus Executive account, and save on fees, simply complete
the Request to transfer your entire account balance into Hostplus Executive form attached to this forms booklet. Hostplus
Executive will not charge you to transfer your other superannuation into Hostplus Executive. You can also transfer your other
superannuation benefits into Hostplus Executive using our online rollover tool available at hostplus.com.au/executive
We recommend you speak with your superannuation provider(s) to obtain information on any fees and charges that may
apply and the effect such transfer(s) may have on your insurance benefits.
If you have insurance cover through another superannuation fund you may be able to transfer this cover up to certain limits,
into Hostplus. Conditions and other limitations apply. Please see the Hostplus Executive Member Guide for more information.9 Topping up your super.
You can also top up your superannuation with personal contributions. Your savings will benefit from compound interest and add to
your retirement benefit. You can also make personal contributions through:
· Direct Debit - the authority form is available at hostplus.com.au/executive
· BPAY via Hostplus online account (Your PIN is sent with your welcome letter).
®
· Your employer can may contributions on your behalf
10 Your duty of disclosure.
Hostplus has taken out a contract of insurance with Insurer Privacy Statement
MetLife Insurance Limited ABN 75 004 274 882 AFSL Your privacy with MetLife Insurance Limited
238096 (‘MetLife’ or the ‘Insurer’) to provide the ‘MetLife’ or the ‘Insurer’)
insurance benefits in the Fund. On becoming a member,
If you make a claim under this policy the Insurer may conduct
you are bound by the terms and conditions of this
investigations to assess the value and validity of the claim.
contract of insurance.
This may involve the use of investigation agents, legal
Insured’s Duty of Disclosure advisors and the collection of personal data that MetLife
Before a superannuation trustee such as Hostplus enters believes is relevant. MetLife complies with the Privacy Act
into an insurance contract on your behalf, you have a 1988 and the principles laid out in their privacy policy, which is
duty to disclose to the Insurer anything that you know or readily available on request and also available online at www.
could reasonably be expected to know about your health metlife.com.au/privacy .
that could affect the Insurer’s decision to provide you with Hostplus Privacy Collection Statement
insurance and the terms of that insurance.
Hostplus is seeking to collect personal information from
Hostplus, in entering into a contract of insurance on your you so that it may set up a superannuation account for you
behalf, does not need to tell the Insurer anything that: as well as administer this superannuation account on an
· is common knowledge; or ongoing basis. The personal information we are seeking to
· the Insurer knows or should know as an insurer; or collect from you is your name, address, date of birth, Tax File
Number (TFN), contact details, occupation and employer,
· the Insurer waives your duty to tell the Insurer about.
personal health information and your dependants. We need
Non-Disclosure to collect the requested personal information from you for
In exercising the following rights, the insurer may consider the following purposes:
whether different types of cover can constitute separate · to establish and manage your superannuation account.
contracts of insurance. If they do, the insurer may apply the · to implement your investment choices.
following rights separately to each type of cover. For example,
· to establish and maintain your insurance protection.
Death TPD and income protection benefits may be treated
as separate contracts. Additionally, default cover and any · to process contributions, transfer monies or pay
additional cover may also be treated separately. superannuation benefits to you.
If you, the person to be insured, do not tell the Insurer · to report the investment performance of your account
something that you know or could reasonably be expected to to you.
know about your health and which could affect the insurer’s · to keep you up to date about other products and services
decision to provide you with insurance and the type and/or available to you as a member of Hostplus (which may include
level of cover provided, then the insurer may treat such an direct marketing communications).
omission as a failure to disclose relevant information; and The Hostplus privacy policy is available on the Hostplus
may avoid the contract within 3 years of entering into it. website at hostplus.com.au/privacy and includes
If the Insurer chooses not to avoid the contract, the Insurer information about overseas disclosure of personal
may, at any time reduce the amount of insurance provided. information, how you may access and seek correction of
This would be worked out using a formula that will take into your personal information as well as how you can make a
account the premium that would have been payable if the complaint about a breach of your privacy. Hostplus usually
Insurer had told everything it should have been told by you. discloses your personal information to our administrator
However, if the contract has a surrender value, or provides Australian Administration Services Pty Limited (AAS)
cover on death, the Insurer may only exercise this right ABN 62 003 429 114, mail houses, our insurer(s).
within 3 years of entering into the contract. AAS (a company within the LINK Group of companies)
If the Insurer chooses not to avoid the contract or reduce may also disclose your personal information to overseas
the amount of insurance provided, the Insurer may, at any recipients. Please see the LINK Group’s Privacy Policy
time vary the contract in a way that places the Insurer in the at http://www.linkgroup.com/privacy.htmlfor further
same position the Insurer would have been in if we had told information.
the Insurer everything it should have been told. However, this
right does not apply if the contract has a surrender value or
provides cover on death.
If the failure to tell the Insurer something is fraudulent, the
Insurer may refuse to pay a claim and treat the contract as if
it never existed.You can also read
