aon corp_a_emp

TODAY. TOMORROW. READY.

Employer Guide Product Disclosure Statement

Please read this document before making a decision to invest.

AOn MASTER TRuST cORPORATE SuPER

Trust Aon Master Trust ABN 68 964 712 340 RSE R1000566 phone 1300 880 588 fax 1800 010 435 email [email protected] web aonmastertrust.com.au

Trustee and Issuer Aon Superannuation Pty Limited ABN 83 057 982 822 AFSL 237465 RSE L0000437

date issued 1 July 2008

TODAY. TOMORROW. READY. 2TODAY. TOMORROW. READY.

ThE AOn MASTER TRuST

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SuPERAnnuATiOn iS A lOnG-TERM invESTMEnT. ThE AOn MASTER TRuST OffERS YOu invESTMEnT AnD inSuRAncE OPTiOnS TO SuiT YOuR nEEDS.

The Aon Master Trust is a registered superannuation fund which invests for the benefit of members.

At 1 July 2008, the Trust has over $1.6 billion in assets, over 60,000 members, and over 600 participating employers.

The Aon Master Trust is managed by Aon Superannuation Pty Limited, an approved trustee regulated by the Australian Prudential Regulation Authority (APRA). Aon Superannuation Pty Limited (‘the trustee’) is a wholly owned subsidiary of Aon Consulting Pty Limited part of the Aon group of companies.

Financial planning services are not provided by Aon Superannuation Pty Limited.

AIG Life is the insurer of certain benefits of most, but not all members.

AIG Life has agreed to this Product Disclosure Statement (PDS) containing information about AIG Life in Insurance options on pages 26 to 41 and has not withdrawn its consent. AIG Life has not issued this PDS and has not approved any statements in this PDS that do not refer to AIG Life.

about this PDSThis PDS describes the main features of the Aon Master Trust for Corporate Super employers. It will help you compare the Aon Master Trust with other corporate superannuation funds. Additional information is available if required – see Other important information on page 51.

If a person needs more information about a financial services licensee, they will need to contact the financial services licensee.

The Aon Master Trust also offers Personal Super for individual and self-employed members, spouses, or organisations with less than five employees, a Pension for those interested in purchasing a retirement income stream and a non-commutable pension for those transitioning to retirement. Contact us for more information.

If you (the employer) are not a financial services licensee or an authorised representative of a financial services licensee, you must not give financial product advice about the Trust or recommend a superannuation product.

Our formal complaints resolution procedure is described on page 53.

product ratings Aon Master Trust Corporate Super has been awarded a five star rating for 2008/2009 by The Heron Partnership (for more information on the ratings system used and to view the Heron Financial Services Guide for superannuation fund ratings services see heronpartners.com.au) and a Platinum rating for 2008 by SuperRatings (for more information on the rating system used, see superratings.com.au). References to The Heron Partnership and SuperRatings in this PDS have been authorised by the trademark holders.

The analysis and information upon which ratings are based is considered accurate at the time a particular product is rated. However, ratings agencies give no guarantee or warranty and make no representation as to the product or accuracy of the third party information provided to them. Ratings are produced without taking into account any individual’s financial needs, circumstances and objectives – any person should assess the appropriateness of the advice in regard to their own financial situation and consult a licensed financial adviser.

cooling off periodEmployers may have cooling-off rights in respect of an application to participate in the Aon Master Trust. The right must be exercised by notifying the trustee within 14 days from the date of confirmation of the transaction or 19 days from the date of issue. This right does not apply in the case of a ‘successor fund’ transfer.

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noteFees and conditions in this PDS apply to employers who join Aon Master Trust Corporate Super on or after 1 July 2008. Fees and conditions will change over time and we will notify you of material changes. Existing members’ fees and conditions are as notified.

The trustee reserves the right to correct any omissions in this PDS. If there is a discrepancy between this PDS and the trust deed, the trust deed will be the final authority.

summary of features ................................. 4

services for employers ............................... 7

employer contributions made easy ........... 8

benefits for your employees ...................... 9

my ebenefits program .............................10

member contributions ............................. 11

the nuts and bolts of investing .................13

investment options summary ...................15

investment options pre-mixed .................16

investment options sector ........................18

information on SRI option ........................24

insurance options ....................................26

insurance costs ........................................36

tax and super...........................................42

fees and other costs .................................44

accessing super benefits ...........................48

other important information ....................51

what to do next .......................................54

forms .......................................................55

cOnTEnTS

Member forms are available on our website aonmastertrust.com.au.

The information in this document is general in nature. Your personal objectives, needs or financial situation were not taken into account when preparing this information. You should consider the appropriateness of any general advice before acting on it, having regard to your own objectives, financial situation and needs. If the information relates to a financial product, you should obtain and consider the relevant Product Disclosure Statement before making any decision to purchase that financial product.

This document has been prepared by Aon Consulting Pty Limited (ABN 48 002 288 646, AFSL 236667) a related body corporate of the trustee of the Aon Master Trust (ABN 68 964 712 340, RSE R1000566), Aon Superannuation Pty Limited (ABN 83 057 982 822, AFSL 237465, RSE L0000437). This is a relationship that might reasonably be expected to be capable of influencing Aon Consulting Pty Limited when the company provides financial product advice to clients in respect of the Aon Master Trust.

TODAY. TOMORROW. READY. 4

SuMMARY Of fEATuRES

AOn MASTER TRuST cORPORATE SuPER iS fOR cOMPAniES AnD ORGAniSATiOnS WiTh fivE EMPlOYEES OR MORE ThAT SElEcT ThE AOn MASTER TRuST fOR ThEiR EMPlOYEES’ SuPER AnD/OR inSuRAncE ARRAnGEMEnT.

The standard Corporate Super options shown in this document can be customised at cost for large employers or those requiring defined benefit solutions – see page 47 or call us for more information.

contributionsThe Aon Master Trust can accept the following contributions on behalf of members:

employer contributions, including Superannuation ºGuarantee (SG) contributions

personal contributions º

super benefits rolled over from other funds º

government co-contributions º

spouse contribution splits and payments made under ºfamily law arrangements

spouse contributions. º

Members’ spouses can also join Aon Master Trust Personal Super.

super benefitsSuper benefits may be payable to members in a range of circumstances:

retirement º

total and permanent disablement º

total and partial disability º

death. º

In addition members can choose to transfer their benefits within the Aon Master Trust or roll over their benefits in some circumstances.

investment optionsYou can nominate a default investment option. Your employees can choose investment options that suit them.

There are over 30 options to choose from, arranged in two categories – see pages 15 to 23.

pre-mixed options º

sector options. º

insurance optionsYou can nominate a default level of insurance. Your employees can choose the type and level of insurance that suits them. There is a minimum level of death and total and permanent disablement cover of $210,000* (indexed) on joining the fund.

options to suit your employeesYou can choose from three types of insurance cover and can combine cover (see pages 26 to 41):

death º

death and total and permanent disablement º

income protection. º

Provision of all insurance cover is subject to acceptance of cover by the insurer, AIG Life.

* Minimum cover reduces from $210,000 at age 42 to nil at age 65 – see graph on page 26.

my ebenefitsYour employees get the benefit of an online one-stop shop designed to save them time and money. my ebenefits offers quality financial and lifestyle products and services including:

free tax and legal advice º

insurance – including car, health, home and contents º

lending – from over 40 different providers º

options for great leisure activities, gift ideas, ºentertainment and travel.

See page 10 for more information.

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fees summary

compare our value with other super funds establishment fee none.

contribution fee none.

transfer fee none.

investment switching fee none.

member fee $63 pa indexed.

asset administration fee up to 1.1% pa as negotiated with you or your adviser, if applicable.

management fee between 0.43% and 1.32% pa depending on investment options chosen (default option fee is 0.46% pa), plus any performance fees which may be earned.

withdrawal fee $80 per payment.

adviser service fee up to 2% pa or up to $10,000 pa, as negotiated between members and their advisers, where applicable.

See Fees and other costs on pages 44 to 47.

your employees get more from their membership

get their super togetherMembers can roll their super into one account and it may save them fees. They can send us a completed Request to transfer whole balance of superannuation benefits between funds form. Copies are available on our website aonmastertrust.com.au.

For more information see the factsheet Rollover options on our website.

boost their balanceMembers can make personal contributions to their super, by completing and sending us a Lump sum contribution form available on our website. If you, as the employer, allow for it, members can salary sacrifice or make personal (after-tax) contributions by payroll deductions.

For insurance-only plans, members can still elect to make personal contributions or have employer SG contributions (under choice of fund) paid into their account.

For more information see the factsheet Salary sacrifice on our website.

spouses can join tooMember spouses can join the Aon Master Trust (see page 53). They should obtain a copy of the Aon Master Trust Personal Super PDS and complete the Personal Super: Member application form.

plan their investment strategyMembers can switch their current and/or future investments at no cost. They can do it online once they receive their user name and password or they can send us a completed Switching investment options – current members form or a Change member details and options form.

choose the insurance cover that suits themMembers can customise insurance cover and premiums according to their needs and the insurance calculator on our website aonmastertrust.com.au may help them make a choice. They can also transfer existing insurance cover (from a retail policy or super fund) to Aon Master Trust. See pages 26 to 41 for more information on insurance options and forms that members need to complete.

nominate their beneficiariesTo choose a binding death benefit nomination, members can complete and send us the Binding death benefit nomination form. To make a non-binding nomination, members must complete the relevant section in the Change member details and options form. Both forms are available on our website aonmastertrust.com.au. The Trust makes anti-detriment payments to eligible dependants of members. For additional information on death benefit nominations see pages 34 and 52 and the factsheet Binding death benefit nomination on our website.


plan ahead for retirementThe Aon Master Trust offers a pension and a transition to retirement pension – see page 45. Members can download a Pension PDS from our website or call us on 1300 880 588 to have a copy mailed to them.

financial planning servicesFor details of a qualified adviser, call us on 1300 880 588.

website and online servicesForms for change of details, voluntary contributions, spouse membership, investments switches and super transfers are available on our website aonmastertrust.com.au.

Employers can log onto their account details once access to Aon’s online services has been established (see page 8).

Once your employees become members of the Aon Master Trust they will receive secure online access to view their account, including personal details, transaction history, beneficiary information and investments. They will also be able to switch investments, change their personal details including their non-binding beneficiary nomination and obtain benefit quotations online with complete security.

Employers and members can call 1300 880 588. Our contact centre is open Monday to Friday, 7am to 7pm Eastern Standard Time (excluding NSW public holidays).

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administration servicesWhen you join the Aon Master Trust as a participating employer, your super services consultant and, if required, a specialist transition team can coordinate the transfer of data from a previous super plan. If you have any questions about the Aon Master Trust or superannuation in general, contact your super services consultant for assistance.

Superannuation statements, newsletters, annual reports and online services access information (see pages 6 and 10) will be delivered to each member’s home address on your behalf – just provide us with contact details and we’ll do the rest.

consulting servicesYour super services consultant can provide the following services at no cost:

assist in up to two policy committee meetings per year º

where requested, present the investment options ºand structure of your plan to members at your workplace through introductory and ongoing annual information sessions

answer technical questions on the Aon Master Trust or ºon super in general.

Consultants are also available to complete any assignments agreed with the employer on a time-cost basis.

policy committeesIf you have more than 49 employees in the Aon Master Trust, the Trustee is required to set up a policy committee for your employees. If you have fewer than 50 members, a policy committee is only required at the request of at least five members.

Aon Consulting will keep in regular contact with your policy committee, or you if a policy committee is not established.

Your super services consultant can attend meetings of the policy committee to discuss the following agenda items:

investment update º

administration update º

developments in superannuation º

developments within the Aon Master Trust º

other issues affecting the employers, the policy ºcommittee and members.

financial planning servicesIf your employees require individual financial advice, we can arrange a consultation with a licensed planner. If a financial plan is required, our licensed planners* can develop a plan at a cost negotiated with the member, reflecting the level of advice required.

* Financial planning services are not provided by Aon Superannuation Pty Limited.

annual member information sessionsAon Consulting can arrange information sessions to explain superannuation, investment performance and other relevant information for members. Please contact us for more information.

Annual information sessions can include financial planning information for members. These sessions typically run for around an hour. If you want to offer your employees more detailed financial education or advice (eg seminars covering tax and social security, or pre-retirement counselling) we can also provide services at a negotiated cost.

SERvicES fOR EMPlOYERS


AOn’S OnlinE SERvicES PROviDE A SEcuRE SuPER SOluTiOn fOR EMPlOYERS TO TAkE ThE hASSlE OuT Of SuPERAnnuATiOn ADMiniSTRATiOn AnD fREE uP TiME fOR YOuR PAYROll STAff. OncE OnlinE SERvicE AccESS hAS bEEn SET uP, MAkinG PAYMEnTS, ADDinG nEW EMPlOYEES AnD MODifYinG MEMbER DETAilS cAn All bE DOnE OnlinE.

Aon’s online services include a ‘clearing house’ that allows employers to pay all their superannuation contributions by direct debit to the Aon Master Trust or any other eligible super fund that your employees nominate.

To access Aon’s secure online service, new employers should complete and return a registration form. When your account is established, we will send your nominated employees user names and passwords which can be used to complete a Westpac PayDeduct authority form.

Once you are registered, you can start making contributions, as summarised in the diagram at right. Your payroll staff can enter your employees’ choices and other contribution data through a series of menu-driven screens. They can select from a list of complying super funds to ensure your employees’ choices are valid. The contribution file is then loaded onto Aon’s administration platform and reviewed online. Once you approve the summary report, the contributions are processed.

Contributions are managed through our streamlined ‘straight-through processing’ system. In conjunction with daily unit pricing, this means that contributions are allocated and records are updated as soon as possible on receipt via the banking system.

Aon’s secure online services give employers online access to:

electronic funds transfer º

simplified payments via authorised direct debit º

new member additions and member record ºmodifications, taking the hassle out of administration

real-time validation, ensuring only valid data is ºtransferred

integration of information with our super administration ºsystem to avoid double-handling

straight-through processing of contributions from payroll ºto employees’ super accounts

superannuation fund compliance status checking º

encrypted data protection to ensure confidentiality. º

choice of fund servicesUnder our standard service terms, employers are responsible for processing any completed Choice of fund forms. This includes checking the eligibility of chosen funds, resolving any errors or problems, updating fund choices, and maintaining compliance records.

EMPlOYER cOnTRibuTiOnS MADE EASY

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competitive fees and insurance premiumsThe Aon Master Trust has a competitive fee structure. Employers can negotiate employees’ fees and options – see Fees and other costs on page 44.

Every three years, we review the competitiveness of premium rates and terms and conditions offered by the group insurance policy taken out by the trustee. Employers with five or more employees gain the advantages of group insurance premiums with automatic acceptance levels for members joining the Trust when first eligible. See pages 36 to 41 for indicative premium rate options, subject to loading depending on the characteristics of your employees and workplace.

investment and insurance choice and flexibilityWith over 30 investment options to choose from, your employees can invest according to their needs – see pages 15 to 23.

The Aon Master Trust offers insurance options to cover most employee needs – see pages 26 to 41.

Concessional and non-concessional contributions can be made regularly from your employees’ salary. One-off contributions (eg a bonus payment) can be accepted as well. We accept spouse contributions and rollovers from other complying funds.

my ebenefitsAon’s flexible my ebenefits program offers your employees online, phone and email support for financial, health and lifestyle service providers at no additional cost. For more information, see page 10.

benefits on leavingWhen an employee leaves your company, they have the option to keep their super benefit in the Aon Master Trust. The benefit will be transferred to Aon Master Trust Personal Super, where the employee can continue their insurance and investment options, subject to some changes in fees. See Leaving an employer on page 49 for more information.

in summaryThe Aon Master Trust can offer your employees:

member investment choice with over 30 options to ºchoose from

a range of insurance options with competitive ºpremium rates

my ebenefits access by phone, email or on the web º(see page 10)

personal service for employers from our super services ºconsultants and for members from our contact centre staff

security – all assets are held by an independent custodian º

clear, flexible and competitive administration fees º

public offer status – members can move from employer- ºsponsored plans to personal plans.

We aim to give you the most appropriate level of service at the right price.

bEnEfiTS fOR YOuR EMPlOYEES


ThE AOn MASTER TRuST cAn GivE YOuR EMPlOYEES MORE ThAn juST OnlinE AccESS TO ThEiR SuPERAnnuATiOn infORMATiOn.

Aon’s my ebenefits program offers online, phone and email support for the other things in life, including health and wealth services, legal and tax advice, shopping and entertainment discounts and resources including online calculators, tip sheets and other tools.

my ebenefits is a flexible employee benefits program designed to help satisfy the work-life balance and benefit needs of your workforce. The program can help employees finance a home purchase, buy a big-screen plasma TV, send flowers or arrange the perfect holiday quickly and easily.

MY EbEnEfiTS PROGRAM

The my ebenefits home page offers password-protected access to super, health, shopping, wealth and entertainment options and more and can be customised to meet employers’ needs.

my ebenefits can offer your employees benefits including:

free telephone and email-based tax and legal advice º

private health insurance º

online shopping with thousands of well-known products ºat wholesale prices

full travel service º

flowers, adventure and leisure º

entertainment links º

access to financial planning º

life insurance, critical illness and income protection º

home, contents, car, travel and boat insurance º

home, investment and commercial loans. º

my ebenefits referrals are free to participating Aon Master Trust employers and their employees who are members of the Trust.

Designed to assist employers to be the destination of choice for key talent, the program is adaptable for individual company requirements, including integrating company-specific benefits or packaged programs.

For more information on my ebenefits, contact your super services consultant.

my ebenefits case studies

shopping for a better dealAn Aon Master Trust member was looking to buy a new flat-screen television from a well-known dealer but wasn’t happy with the price. He called the my ebenefits buying service and they helped him source a better deal.

saving money on a home loan Another member was saving to go overseas and wanted to convert his mortgage to interest only. He visited the my ebenefits site and found information on a loan product that could reduce repayments by $100 a month.

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MEMbER cOnTRibuTiOnS

ThE AOn MASTER TRuST cAn AccEPT cOnTRibuTiOnS fROM EMPlOYERS, SElf-EMPlOYED MEMbERS, MEMbERS AnD ThEiR SPOuSES, AS WEll AS TRAnSfERS fROM OThER SuPERAnnuATiOn funDS.

making their super growMembers can keep their benefits in super as long as they like and earnings will be taxed at concessional tax rates. They can also contribute to super until they turn 75 as long as they are gainfully employed on at least a part-time basis (members must work for at least 40 hours in 30 consecutive days in the financial year in which they contribute) after they reach age 65.

Making personal super contributions is optional but even small contributions may make a big difference to members’ benefits over time.

contribution type

< 65 years 65 but < 70 years

70 but < 75 years

75 years or more

employer SG no restriction no restriction no restriction no restriction

voluntary employer

no restriction must be gainfully employed on at least a part-time basis

must be gainfully employed on at least a part-time basis

cannot be accepted

member no restriction must be gainfully employed on at least a part-time basis

must be gainfully employed on at least a part-time basis

cannot be accepted

eligible spouse no restriction must be gainfully employed on at least a part-time basis

cannot be accepted

cannot be accepted

Regulation 7.04(6) of the SIS Regulations allows a regulated superannuation fund to accept a contribution in respect of a member if the trustee is reasonably satisfied that the contribution is in respect of a period during which the fund could have accepted the contribution, notwithstanding that the contribution is made after that period.

Concessional and non-concessional caps apply to contributions. See next page for more information.

concessional contributions

employer contributionsUnder Superannuation Guarantee (SG) laws, employers must make super contributions based on a percentage of salary or wages for most employees aged 18 to 70 who earn $450 or more (before tax) in a calendar month. This percentage is currently 9%. These contributions will count towards a member’s concessional contribution cap.

Under choice of fund legislation, employers choose a ‘default fund’ but members can choose which super fund employers pay these contributions into. This is called their ‘chosen fund’.

If an employer nominates the Aon Master Trust as the default fund, but at a later stage a member’s chosen fund is not the Aon Master Trust, any existing account balance may be transferred to the Trust’s ‘retained’ category. In this category fees may change, and the member may lose any insurance cover. Contact us for more information.

Members can elect to have employer SG payments made to their insurance-only plan under choice of fund legislation.

salary sacrifice contributionsIt is possible for members to arrange personal (before-tax) contributions to their super (by way of ‘salary sacrifice’) if you, as the employer, agree to this method of contributing. Members can also choose to have their bonus or pay rise paid into their super fund before tax is deducted, subject to employer approval. These contributions can be regular or one-off and may allow for members to pay less income tax than if they made the same amount of personal (after-tax) contributions. Contact us for more details. Contribution caps apply – see next page.

self-employed contributionsMembers who are self-employed or substantially self-employed are able to claim a full deduction for personal contributions they make to super until age 75. Contribution caps apply – see next page.


non-concessional contributionspersonal contributionsMembers can make personal (after-tax) contributions if they are aged under 65. They can also make personal (after-tax) contributions between age 65 and 75, as long as they are gainfully employed on at least a part-time basis (members must work for at least 40 hours in 30 consecutive days in the financial year in which they contribute). Contribution caps apply.

One-off contributions can be made at any time using a Lump sum contribution form available from our website or by contacting us. If you, as the employer, allow for it, members can make personal (after-tax) payments by payroll deductions.

Members can contribute to an insurance-only plan as well.

eligible spouse contributions Members can contribute to the Aon Master Trust on behalf of their spouse if their spouse is aged under 65. A spouse between 65 and 70 must be gainfully employed on at least a part-time basis to be eligible for spouse contributions. This could mean that as a couple they may pay less lump sum tax. The spouse must already be a member of, or must join, the Aon Master Trust – see page 53.

Spouses may also contribute to the Aon Master Trust on the member’s behalf subject to the conditions outlined above. See Tax rebates for spouse contributions on page 42 or contact us for further details.

government co-contribution The Government may pay a superannuation co-contribution of up to $1,500 on a member’s behalf. The maximum co-contribution amount is $1.50 for every $1.00 a member adds to their super as a personal (after-tax) contribution, as long as their income is below the minimum threshold for that financial year. Self-employed members may also qualify for the co-contribution.

For more information, including the current thresholds, refer to the Government co-contributions factsheet on our website aonmastertrust.com.au, contact the Australian Taxation Office on 13 10 20 or visit ato.gov.au/super.

rolling over money from other funds If members have had different jobs, they may have money in a number of different super funds. Moving or rolling over these balances into one account may reduce fees and paperwork and will make it easier to keep track of their super. To roll over balances from other funds to the Aon Master Trust, members must complete the Request to transfer whole balance of superannuation benefits between funds form available on our website aonmastertrust.com.au.

Members will need to provide a certified copy of a photo ID with each request. See Completing proof of identity on page 2 of the form for more information.

contribution caps Tax concessions will be available only up to the concessional and non-concessional contribution caps, unless members qualify under transitional rules.

Members can make up to $150,000 per year in non-concessional contributions or up to $450,000 averaged over three years by bringing forward future annual limits (if they are under age 65 in the financial year).

Concessional contributions to superannuation will be limited to $50,000 per person per year.

These caps are indexed in line with movements in Average Weekly Ordinary Time Earnings (AWOTE). For more information refer to the factsheet Tax on super on our website, contact the Australian Taxation Office on 13 10 20 or visit ato.gov.au/super.

To help with retirement planning, a transitional period will apply to members who are 50 or above and for those members turning 50 before 1 July 2012. During the transitional period, the cap on concessional contributions will be $100,000 from the financial year the member turns 50 until 30 June 2012.

13

ThE nuTS AnD bOlTS Of invESTinG

bEfORE lOOkinG AT invESTMEnT OPTiOnS, hERE ARE SOME kEY invESTMEnT PRinciPlES.

key principles

risk, return and asset classesA basic rule of investing is that the bigger the investment risk, the bigger the potential return over the long term. Investors typically structure investments across five asset classes. Each asset class has a different level of risk/return as outlined below:

shares º represent part ownership of a company. Typically, all investments in this asset class are ‘listed’ shares – ie traded on stock exchanges. Owning shares can provide both capital growth and a proportion of profits, called dividends. Share prices change frequently and share investments typically offer a high level of risk and return.

property º trusts and managed property funds invest in commercial, retail, industrial, hotel and residential real estate. Property investments offer returns based on property valuations and a rental income stream. Property trusts can either be listed (ie a security tradeable on a stock exchange) or unlisted. Property returns are cyclical and typically have a higher risk/return profile than fixed interest and cash.

alternative assets º typically include hedge funds, private equity and infrastructure. Hedge funds use specialist investment strategies to trade shares and fixed interest assets. Private equity investments are made in companies not listed on a stock exchange. Infrastructure investments include utilities and other physical assets. These funds aim to achieve positive returns in both rising and falling markets and are typically included in diversified portfolios to reduce exposure to risk over longer time frames.

fixed interest º investments are typically a loan between a borrower and a lender. The borrower (eg a government, bank or company) promises to pay the lender specific ‘fixed’ interest payments over the term of the investment and return the initial investment at the end of the loan. Although prices for fixed interest assets vary and may occasionally be negative, they typically offer lower risk and return than property or shares.

cash º is typically defined as short-term securities with a maturity date of less than one year. Cash investments offer a low level of risk, but are likely to provide the lowest return of all asset classes over the long term.

See the factsheet Introduction to asset classes on our website aonmastertrust.com.au for more information.

diversificationDiversification means spreading investments across different asset classes, managers’ products and/or investment strategies. The aim is to reduce the overall portfolio risk while enhancing investment returns. A well-diversified portfolio facilitates smoothing of the fluctuations in returns of particular asset classes.

A diversified investment portfolio typically falls into one of three categories:

growth º – invests mainly in assets aiming to provide a higher return but with higher risk. Typical asset classes include shares, property and alternative assets.

balanced º – invests in a mix of all major asset classes aiming to deliver a moderate return with a moderate risk level.

defensive º – invests mainly in assets aiming to provide a moderate return with lower risk. Typical asset classes include fixed interest and cash. Defensive investments may also include some growth assets.

noteIf you do not select a default investment option for your employees, the standard Corporate Super default investment option is Pre-mixed Balanced – Index.


index and active investmentsMajor considerations when investing include how a fund manager can add value to exceed an underlying market index or benchmark, the risk undertaken by the manager, and the management fees.

Index fund managers seek to track the performance of a stock index. For example, the Australian Shares – Index option is designed to closely match the performance of the S&P/ASX 200 Accumulation Index for Australian shares. Index managers typically charge less than active managers.

Active fund managers aim to outperform their benchmark by using research, active portfolio management and trading strategies. There is a risk, especially over short time horizons, that an active manager may underperform the relevant market index. Active fund managers typically charge more for taking this approach, but believe potential improved investment performance will justify the cost.

unit pricing policy and proceduresThe trustee has adopted a formal unit pricing policy for the Trust. The trustee can change this unit pricing policy and any underlying procedures at any time. The calculation of the unit price for each investment option is:

Unit price = Net asset value* (of the relevant investment option)

The number of units on issue for members for that investment option.

* The net asset value is equal to the gross asset value (ie market value of the underlying investments and cash at bank for that investment option) as at the close of business on a given day, plus accrued income minus indirect expense recoveries minus investment income tax provisions.

The trustee reserves the right to suspend unit pricing activities at its discretion in exceptional circumstances. This includes the right to suspend unit prices (and therefore processing contributions to/from the Trust) in extreme market conditions. The unit pricing policy conforms to standards issued by government regulators and relevant industry bodies.

application of unit pricesUnit prices are derived and applied in an equitable manner that values members’ benefits and distributes investment earnings and losses equally. The trustee applies a forward pricing mechanism to process transactions to/from the Trust. This means that all transactions are processed using a unit price calculated after the Trust has received the transaction request. The practical implications for members are as follows:

contributions º – we process contributions within time limits that conform to standards maintained by the trustee, using the price applicable on the date of processing. This is normally within five working days of receipt of a contribution and appropriate paperwork.

benefit payments º – we use the unit price on the day benefit payments are processed. Benefits are normally processed within three to five business days after all required information is received.

investment switches º – we process investment switches no earlier than the third business day after receipt of the completed request and normally within five working days. You will receive the unit price applicable to the date the switch is processed.

Unit prices fluctuate from day to day but in extraordinary market conditions the price variations can be significant. The variations can also be significant in options which own relatively small levels of assets compared to cash flows in and out. The trustee does not accept liability for any losses that a member may perceive that he or she has suffered except where it is established that the published unit pricing policy has not been applied.

noteInvestment returns are not guaranteed and can fluctuate over time. Past earnings are not an indication of future earning rates.

15

PRE-MixED SEcTOR

º High Growth – Indexº High Growth – Active

º Growth – Indexº Growth – Active

º Balanced – Indexº Balanced – Active

º Capital Stable – Indexº Capital Stable – Active

º Secure – Indexº Secure – Active

º Australian Shares – Indexº Australian Shares – Diversifiedº Australian Shares – Core*º Australian Shares – Socially Responsible*º Australian Shares – Opportunities*

º International Shares – Indexº International Shares – Index ($A hedged)º International Shares – Diversifiedº International Shares – Core*º International Shares – Core ($A hedged)*º International Shares – Emerging Markets*º International Shares – Opportunities*

º Property – Australian Indexº Property – Diversifiedº Property – Directº Property – Global Listed ($A hedged)*

º Alternative – Diversified

º Fixed Interest – Australian Indexº Fixed Interest – International Index ($A hedged)º Fixed Interest – Diversifiedº Fixed Interest – Australian*º Fixed Interest – International ($A hedged)*

º Cash

º Diversified – Maple-Brown Abbott

* Option available from October 2008. Depending on the timing and size of initial cashflows, the investment performance of a new option may vary from the underlying product.

The trustee reserves the right to close or terminate the options (either to refuse to accept new money or enforce reduction of assets) or change underlying products at any time. The trustee will inform you as soon as possible if this affects your nominated choice.

invESTMEnT OPTiOnS SuMMARY

AOn MASTER TRuST MEMbERS MAY chOOSE OnE OPTiOn OR A Mix Of OPTiOnS fROM ThE liST bElOW (MiniMuM 5% PER chOSEn OPTiOn). MEMbERS cAn MAkE A DiffEREnT chOicE fOR ThEiR cuRREnT SuPER bAlAncE AnD fOR ThEiR fuTuRE cOnTRibuTiOnS.

Members can log into their account online once they receive their user name and password or send us a completed Change member details and options or Switch investment options – current members form available from our website. For the latest investment returns, members can visit our website aonmastertrust.com.au or call us on 1300 880 588.

TODAY. TOMORROW. READY. 15TODAY. TOMORROW. READY. 15


high Growth – index

high Growth – Active

Growth – index

Growth – Active

balanced – index

objective To provide a return at least 5% above CPI over rolling five-year periods.

To provide a return at least 5.5% above CPI over rolling five-year periods.

To provide a return at least 4.5% above CPI over rolling five-year periods.

To provide a return at least 5% above CPI over rolling five-year periods.

To provide a return at least 4% above CPI over rolling five-year periods.

investment strategy Invests 100% of the portfolio in growth assets.

Invests 100% of the portfolio in growth assets.

Invests 85% of the portfolio in growth assets and 15% in defensive assets.



risk/return profile Returns can be very volatile over the short to medium term. Historically, shares have offered the highest long-term returns.

Share market investments can be very volatile over the short to medium term but, historically, these investments have offered the highest long-term returns.

Returns are generally less volatile than the High Growth portfolio but can still be very volatile over the short to medium term.

Returns are generally less volatile than the High Growth portfolio but can still be very volatile over the short to medium term.

There is likely to be volatility in returns in the short term but they tend to stabilise over longer periods.

strategic asset allocation1

Australian shares International shares Property Alternative – growth Alternative – defensive Aust. fixed interest Int’l fixed interest Cash

management fee2 0.46% pa. 0.90% pa. 0.46% pa. 0.85% pa. 0.46% pa.

performance fee3 Nil. 0% to 0.20% pa. Nil. 0% to 0.20% pa. Nil.

1 Asset allocations shown are strategic benchmarks. Actual allocations may vary. 2 See Management fee in the table on page 45 for details.3 Provided as a range of possible outcomes. Performance fees are paid only when an investment manager or product outperforms an agreed benchmark.

The fee is a small proportion of the overall outperformance and if returns fall short of benchmarks, no performance fees are paid.

invESTMEnT OPTiOnS PRE-MixED

16

44%

7%44%

0%

0%0%

5%

46%

8%46%

0%0%

0%

39%

7%39%

7.5%0%

7.5%

37.5%37.5%

6%4%5%

0%

32%32%

6%

12.5%12.5%

5%

0%0%

0%0%

0%0%

5%5%

0%

17

balanced – Active

capital Stable – index

capital Stable – Active

Secure – index

Secure – Active

objective To provide a return at least 4.5% above CPI over rolling five-year periods.

To provide a return at least 3% above CPI over rolling three-year periods.

To provide a return at least 3.5% above CPI over rolling three-year periods.

To provide a return at least 2% above CPI over rolling two-year periods.

To provide a return at least 2.25% above CPI over rolling two-year periods.

investment strategy Invests 70% of the portfolio in growth assets and 30% in defensive assets.



Invests 100% of the portfolio in defensive assets.

Invests 100% of the portfolio in defensive assets.

risk/return profile There is likely to be volatility in returns in the short term but they tend to stabilise over longer periods.

Relatively low but stable returns. There may be some short-term volatility.

Relatively low but stable returns. There may be some short-term volatility.

The most stable returns. Generally lower returns than the other options.

The most stable returns. Generally lower returns than the other options.

strategic asset allocation1

Australian shares International shares Property Alternative – growth Alternative – defensive Aust. fixed interest Int’l fixed interest Cash

management fee2 0.80% pa. 0.46% pa. 0.70% pa. 0.46% pa. 0.55% pa.

performance fee3 0% to 0.15% pa. Nil. 0% to 0.10% pa. Nil. 0% to 0.05% pa.

1 Asset allocations shown are strategic benchmarks. Actual allocations may vary. 2 See Management fee in the table on page 45 for details.3 Provided as a range of possible outcomes. Performance fees are paid only when an investment manager or product outperforms an agreed benchmark.


30%30%

6%

5%

4%5%

12%12%

6%

30%

30%10%

12%12%

6%

10%

0%10%

0%0%

0%

30%

30%40% 40%

5%

0%0%

0%0%

10%10%

0%

0%

0%

0%25%25% 27.5%

27.5%


Australian Shares – index

Australian Shares – Diversified

Australian Shares – core*

Australian Shares – Socially Responsible*

objective To provide a return that closely matches the benchmark return before fees and tax.

To provide a return that exceeds the benchmark index (before fees and tax) by 2% pa over rolling five-year periods.

To provide a return that exceeds the benchmark index (before fees and tax) by 1.5% pa over rolling five-year periods.

To provide a return that exceeds the benchmark index (before fees and tax) over rolling five-year periods.

benchmark index S&P/ASX 200 Accumulation Index.

S&P/ASX 300 Accumulation Index.



investment strategy Fully replicates the benchmark holdings in order to closely match the benchmark risk and return characteristics.

Invests in shares listed on the Australian Stock Exchange and unlisted shares that will be listed within six months or related securities.

Invests in shares listed on the Australian Stock Exchange and unlisted shares that will be listed within six months or related securities.

Predominantly exposed to shares or unit trusts listed or about to be listed on the Australian Stock Exchange. In selecting shares or unit trusts, consideration is given to one or more socially responsible standards (eg social, ethical or environmental standards).


Returns can be very volatile over the short to medium term. Historically, shares have offered the highest long-term returns.

Returns can be very volatile over the short to medium term.

Returns can be very volatile over the short to medium term.

benchmark asset allocation1

100% Australian shares. 100% Australian shares. 100% Australian shares. 100% Australian shares.

management fee2 0.45% pa. 0.90% pa. 0.80% pa. 1.32% pa.

performance fee3 Nil. 0% to 0.35 % pa. 0% to 0.20 % pa. Nil.

1 Asset allocations shown are strategic benchmarks. Actual allocations may vary.2 See Management fee in the table on page 45 for details.3 Provided as a range of possible outcomes. Performance fees are paid only when an investment manager or product outperforms an agreed benchmark.


* Option available from October 2008 – see summary on page 15.

invESTMEnT OPTiOnS SEcTOR

19

Australian Shares – Opportunities*

international Shares – index

international Shares – index ($A hedged)

international Shares – Diversified

objective To provide a return that exceeds the benchmark index (before fees and tax) by 2.5% pa over rolling five-year periods.

To provide a return that closely matches the benchmark return before fees and tax.



benchmark index S&P/ASX 300 Accumulation Index.

MSCI World ex Australia Index (unhedged AUD, net dividend reinvested).

MSCI World ex Australia Index (hedged AUD, net dividend reinvested).


investment strategy Invests in shares listed on the Australian Stock Exchange and unlisted shares that will be listed within six months or related securities.

Fully replicates the benchmark holdings in order to closely match the benchmark risk and return characteristics.

Fully replicates the benchmark holdings in order to closely match the benchmark risk and return characteristics.

Invests in shares listed on stockmarkets around the world with partial $A hedging (generally less than 50%).

risk/return profile Returns can be very volatile over the short to medium term.





100% Australian shares including unlisted shares that will be listed within six months or related securities.

100% international shares.


100% international shares, including emerging markets.


performance fee3 0% to 0.70% pa.** Nil. Nil. 0% to 0.20% pa.




** Three of the six managers in the fund, managing 35% of the fund, are subject to performance fees. On average, this could result in an increase in fees of approximately 0.14%.


international Shares – core*

international Shares – core ($A hedged)*

international Shares – Emerging Markets*

international Shares – Opportunities*





benchmark index MSCI World ex Australia Index (unhedged AUD, net dividend reinvested).

MSCI World ex Australia Index (hedged AUD, net dividend reinvested).

MSCI Emerging Markets Index.


investment strategy Invests in shares listed on stockmarkets around the world. No $A hedging.

Invests in shares listed on stockmarkets around the world. Full $A hedging.

Invests in shares listed on stockmarkets in emerging markets. No $A hedging.

Invests in shares listed on stockmarkets in developed and emerging markets. No $A hedging.






100% international shares including emerging markets.

100% international shares, including emerging markets.

100% emerging markets. 100% international shares, including emerging markets.


performance fee3 0% to 0.35% pa. 0% to 0.35% pa. Nil. Nil.




21

Property – Australian index

Property – Diversified

Property – Direct

Property – Global listed ($A hedged)*

objective To provide a return that closely matches the benchmark return before fees and tax.

To provide a return that exceeds the benchmark index (before fees and tax) over rolling five-year periods.

To provide a return that exceeds the benchmark index (before fees and tax) over rolling three-year periods.


benchmark index S&P/ASX 200 – Listed Property Accumulation Index.

Combination of Australian listed, direct and global listed indices.

10-year bond yield + 3%. FTSE EPRA/NAREIT Global Real Estate Net Index – $A Hedged.

investment strategy Fully replicates the benchmark holdings in order to closely match the benchmark return and risk characteristics.

Invests in property securities listed, or due to be listed, on the Australian Stock Exchange and developed international markets exchanges, and direct property holdings.

Invests in high quality Australian property.

Invests in property trusts and property related securities listed on developed international markets.

risk/return profile Returns can be volatile over the short to medium term. Historically, property has produced higher returns than fixed interest and cash investments.

Returns can be volatile over the short to medium term. Historically, property has produced higher returns than fixed interest and cash investments.




100% Australian property securities.

50% Australian property securities.

25% direct property.

25% global listed property.

90–100% direct property.

0–10% cash.

100% global listed property.


performance fee3 Nil. Nil. Nil. Nil.





Alternative – Diversified

fixed interest – Australian index

fixed interest – international index ($A hedged)

fixed interest – Diversified




To provide a return that exceeds the benchmark index (before fees and tax) by 0.6% pa over rolling three-year periods.

benchmark index UBS Warburg Australian Bank Bill Index.

UBS Australian Composite Bond Index.

Citigroup WGBI ex Aust, 100% hedged to AUD.

50% UBS Australian Composite Bond Index 0+Yr.

50% Lehmann Brothers Global Aggregate Index ($A – Hedged).

investment strategy Invests in non-traditional assets such as infrastructure, commodities, hedge funds with some cash for liquidity.

Uses index sampling techniques to approximate the benchmark in a range of key risk areas.

Uses index sampling techniques to approximate the benchmark in a range of key risk areas. Foreign exchange contracts are used to hedge current exposures to Australian dollars.

Invests in fixed interest assets across the credit spectrum both in Australia and internationally.

risk/return profile Returns are consistent in the medium term and typically uncorrelated with traditional asset classes.

Relatively low but stable returns with some volatility.




40% multi-strategy.

25% infrastructure.

25% commodities.

10% cash-enhanced.

100% Australian fixed interest.

100% international fixed interest.

50% Australian fixed interest.

50% international fixed interest.


performance fee3 0% to 0.40% pa. Nil. Nil. Nil.



23

fixed interest – Australian*

fixed interest – international ($A hedged)*

cash Diversified – Maple-brown Abbott

objective To provide a return that exceeds the benchmark index (before fees and tax) by 0.5% pa over rolling three-year periods.

To provide a return that exceeds the benchmark index (before fees and tax) by 0.75% pa over rolling three-year periods.

To provide a return that matches or exceeds the benchmark index (before fees and tax) over any 12-month period.

To provide a return that exceeds the average of other similar balanced funds (as measured by the benchmark index and before fees and tax) over rolling three-year periods.

benchmark index UBS Australian Composition Bond Index.

Lehman Bros Global Aggregate – $A Hedged.

UBS Warburg Australia Bank Bill Index.

S&P Multi-sector 80 Wholesale Index.

investment strategy Invests predominantly in Australian fixed interest assets with the scope to invest across the credit spectrum both domestically and internationally.

Invests in fixed interest assets across the credit spectrum internationally.

Invests in short-term securities.

Invests in various asset classes and applies an active value-based style to select securities within each class. Tactical asset allocation changes are implemented using a value-based style.

risk/return profile Relatively low but stable returns with some volatility.


Low but stable returns with minimal volatility.

May outperform/ underperform in the short term but volatility is relatively low over the long term.


100% Australian fixed Interest.

100% international fixed Interest.

100% cash and short-term fixed interest securities.

45% Australian shares.


10% property.

20% fixed interest.

10% cash.


performance fee3 Nil. Nil. Nil. Nil.





infORMATiOn On SRi OPTiOn

ThE AOn MASTER TRuST invESTS in ThE RuSSEll SOciAllY RESPOnSiblE AuSTRAliAn ShARES PST Which uSES ThE bT WhOlESAlE EThicAl ShARE funD. PlEASE nOTE ThAT ThE TRuSTEE AnD RuSSEll invESTMEnT MAnAGEMEnT RESERvE ThE RiGhT TO chAnGE MAnAGERS AT AnY TiME WiThOuT PRiOR nOTicE.

The following is an excerpt from BT’s Product Disclosure Statement for their Wholesale Ethical Share Fund (19 October 2007).

labour, environmental, social and ethical considerationsWe take labour standards, environmental, social and ethical considerations into account, as well as key financial criteria, when selecting, retaining or realising investments of the Fund.

Investment guidelines relating to labour standards and environmental, social and ethical considerations are reviewed regularly (usually monthly, but this timeframe is not fixed). If our review process identifies that an investment ceases to comply with the investment guidelines for the Fund, the investment will usually be sold as soon as is reasonably practicable, having regard to the interests of investors (but this may vary on a case by case basis).

Investments of the Fund are:

negatively screened for companies involved in ºuranium, alcohol, tobacco, gaming products and weapons and companies with environmental or human rights prosecutions; and

positively screened for companies with a ‘sustainable’ ºapproach to the production of goods or services. The sustainability criteria employed includes areas such as environmental issues, employment practices, and corporate governance and ethics. We will particularly be seeking out initial public offerings of companies which we believe rate well on our criteria.

definitions of screensNegative screening means that we exclude companies which do not meet our criteria as set out below.

Negative screens are used to exclude companies as follows:

Uranium: companies which directly mine uranium for ºthe purpose of weapons manufacture.

Weapons: manufacturers of weapons and ºarmaments.

Alcohol and tobacco: producers of these products. º

Gaming: manufacturers and providers of ºgaming facilities.

Environment: companies that have committed ºsignificant or recurrent environmental offences within the last three years, or have been successfully prosecuted and required to provide remedies within the last year. Environmental offences are offences which have been prosecuted by Australian State environmental protection agencies and which have been drawn to our attention by various international monitoring agencies, media reports or a company’s own voluntary disclosures as well as those which have been looked into by local governmental authorities.

Human rights: companies that have breached ºhuman rights, anti-discrimination or equal opportunity legislation within the last three years, or which have been required to pay compensation or provide remedies for such breaches within the last year. Breaches of human rights are taken to be breaches where cases have been found against companies by the United Nations Human Rights Committee, the Commonwealth Human Rights and Equal Opportunity Commission, Australian State Antidiscrimination and Equal Opportunity tribunals and various international forums on corporate performance regarding human rights.

noteThe term ‘we’ in the excerpt below refers to BT Investment Management (RE) Limited, as the underlying investment manager for BT’s Wholesale Ethical Share Fund and the term ‘Fund’ refers to BT’s Wholesale Ethical Share Fund.

25

Positive screening means that we actively identify companies that meet our specific criteria in ‘sustainable’ products and services. This includes companies which rate well based on our valuation driven process but also offer products or services which meet one or more of the following:

Provide or enact some environmental and/or social ºbenefits through management and/or remediation of environmental resources (eg clean technology, waste and emission reduction, waste management reduction and recycling systems, technologies and services).

Demonstrate or enable reduced adverse ºenvironmental and social impacts (including consumption of scarce resources) relative to currently used products or services (covering a range of specialised industry sections including Material Efficiency Development and improved management of scarce resources).

Companies exhibiting good work place practices. ºIn assessing this we have regard to labour standards, particularly:

Occupational health and safety. We consider >the manner in which a company deals with its workforce to be a key driver to long-term sustainability. We assess a company’s performance by its approach relevant State and Territory occupational health and safety legislation, as well as its willingness to submit to the rigours of national and international standards that relate to the workplace, such as Australian Standard AS4801 (‘Occupational Health and Safety Management Systems’).

Human resource management and workplace >relations. This encompasses a company’s responsibilities to its own employees in terms of human resource issues. We assess a company’s performance by monitoring regulatory compliance (including industrial disputes and human rights and equal opportunity applications), but this analysis also focuses more broadly on a range of qualitative criteria including equal opportunity, consultation and participation in the workplace.

Established corporate governance procedures >and ethics. We consider that a company’s corporate governance procedures and ethics is of fundamental importance to its long-term sustainability. This analysis focuses on:

The manner in which organisational values –are established, embraced and reported both within and outside an organisation (eg clear and coherent codes of conduct and compliance with corporate governance standards); and

The way in which these values are reflected –in the company’s management processes (eg policies regarding director share ownership, remuneration procedures and forward-looking succession planning).

Examples of companies that rate well based on our valuation driven process and which also offer products or services that meet one or more of our criteria include:

renewable energy º

sustainable agribusiness º

ecotourism º

information and other technologies, including ºbiotechnologies, medical technologies, healthcare products and services

products exhibiting increased recyclability, ºreusability and reduced resource use, including energy and waste creation.

more informationThe above extract from the BT Product Disclosure Statement (PDS) for the Wholesale Ethical Share Fund is subject to the additional information and qualifications contained in the PDS and investors should read the entire PDS. Visit btim.com.au for more information on BT’s socially responsible investments or a copy of the Fund’s PDS and factsheet.

consentBT Investment Management (RE) Limited (BTIM) have consented to this PDS containing the above excerpt from the relevant PDS, accept responsibility for the accuracy of the statements and have not withdrawn their consent. They are not responsible for any other statements regarding this investment in the Aon Master Trust Corporate Super PDS.


inSuRAncE OPTiOnS

ThiS SEcTiOn SuMMARiSES EMPlOYERS’ OPTiOnS AnD ThE TERMS AnD cOnDiTiOnS APPlYinG TO MEMbERS Of AOn MASTER TRuST cORPORATE SuPER WhO ARE inSuRED ThROuGh An AiG lifE GROuP inSuRAncE POlicY. cuSTOMiSED cORPORATE SuPER PlAnS MAY PlAcE inSuRAncE WiTh AnOThER inSuRER – in All cASES, TERMS AnD cOnDiTiOnS APPEAR in ThE MEMbER’S PRODucT DiSclOSuRE STATEMEnT (PDS) PART 2.

cover and eligibilityThe insurance cover and premiums shown in this PDS are current as at 1 July 2008. Terms and conditions under insurance policies may vary from time to time. Please refer to the policy documents for full details of the terms and conditions that will apply.

All insurance is subject to the insurer’s acceptance. The insurer may decline cover, impose exclusions on any cover granted or add premium loadings where it believes there is an increased risk.

The Aon Master Trust offers insurance options to cover most employee needs. Employers can choose default insurance options – your super services consultant can advise you on insurance options available.

types of insurance availableThe following insurance cover is available through the Trust:

death-only º

death and total and permanent disablement (TPD) º

income protection. º

Details of each of these benefits and the conditions applying, are set out on pages 29 to 41.

Minimum death and TPD cover

Age Minimum coverUp to 42 $210,000

43 $197,400

44 $184,800

45 $172,200

46 $159,600

47 $147,000

48 $134,400

49 $121,800

50 $109,200

51 $96,600

52 $84,000

53 $71,400

54 $58,800

55 $46,200

56 $41,580

57 $36,960

58 $32,340

59 $27,720

60 $23,100

61 $18,480

62 $13,860

63 $9,240

64 $4,600

65 $0

Min

imum

cov

er

$210,000

$157,500

$105,000

$52,500

0

Age

16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 52 53 54 55 56 57 58 59 60 61 62 63 64 65

27

minimum level of insurance coverThe minimum level of death and TPD cover provided under employer plan cover is $210,000. This minimum cover reduces from $210,000 at age 42 to nil at age 65 – see the table and graph on page 26. Insurance is not compulsory. Your employees may stay with the default option, opt out of insurance cover, reduce or fix their cover at a dollar amount, or apply for additional insurance cover to meet their needs.

automatic acceptance levels (AAls) and evidence of insurabilityAs a benefit for employers who choose a default insurance option, your employees may be eligible for automatic insurance acceptance up to the limits shown in the tables on page 28, without the need to provide evidence of health.

In order for an AAL to apply, the following conditions must be satisfied:

the participating employer must nominate the Aon ºMaster Trust as their ‘default fund’

the employer must have at least five (for death and ºTPD AAL) or ten (for income protection AAL) eligible employees in the plan, and more than 75% of eligible employees must be insured under the plan

new members must join the plan on the date of ºcommencing employment with a participating employer

new members must be notified to the trustee within 120 ºdays of commencing employment

‘at work’ conditions must be met, and º

suitable eligibility conditions are clearly defined and the ºinsurance benefit for each member is pre-determined using an acceptable basis.

Generally, members will need to provide medical evidence if:

the above conditions are not met º

they are aged 65 or over on the date they commence ºemployment or their employer joins the Trust (for death cover only)

they request additional cover over the default, or º

the default exceeds the AAL for their plan. º

opting out A member can opt out of insurance cover at any time by notifying the trustee in writing. However, they need to be aware that any future applications for insurance cover will be subject to providing health evidence for consideration and acceptance by the insurer.

increasing cover (voluntary)A member can apply to increase their level of cover at any time. This increased insurance cover is regarded as ‘voluntary’. They will need to provide health evidence and this increase in insurance cover will be subject to acceptance by the insurer.

reducing or fixing cover (voluntary)A member can reduce or fix their level of cover at a dollar amount at any time by notifying the trustee in writing. The reduced or fixed level cover is regarded as ’voluntary’ cover.

interim coverWhile the member’s application for death or TPD insurance is being assessed by the insurer they will be provided with interim ‘accidental death’ cover. This cover will remain in place until:

their application is either accepted or rejected by the ºinsurer, or

90 days from the date of receiving their application, º

whichever occurs first.

The maximum benefit in this case is the lesser of the death insurance applied for and $1 million.

There is no interim cover in respect of TPD insurance.

minimum death and TPD insurance coverThe minimum level of cover will be increased each year by 5% or in line with increases in the Consumer Price Index (CPI) – whichever is higher.


transferring existing coverEligible members can apply to transfer insurance cover they have in other super funds or retail policies into the Aon Master Trust, with no health evidence required. This includes cover for death, total and permanent disablement and income protection.

This transferred cover will be considered ‘voluntary’ cover and is in addition to any employer plan cover.

A statutory duty of disclosure is required and members who apply must make a declaration to this effect. For eligibility and other conditions, members must see the Individual insurance transfer questionnaire available on our website aonmastertrust.com.au.

noteTransfer of external insurance cover to the Aon Master Trust is subject to acceptance by the insurer.

Automatic acceptance levels (AAls)eligible employees in plan

death and TPD AAl in plan

eligible employees in plan

income protection AAl (per month)

10 – 19 $300,000 5 – 9 Nil

20 – 49 $400,000 10 – 19 $4,000

50 – 99 $550,000 20 – 49 $5,000

100 – 199 $650,000 50 – 99 $6,000

200 – 249 $750,000 100 – 499 $8,000

250 – 499 $800,000 500 – 999 $10,000

500 – 999 $900,000 1,000+ $12,000

1,000+ $1,100,000

Default minimum death and TPD cover of $210,000 applies to plans with 5–9 employees.

insurance-only accountsTax rule changes from 1 July 2007 mean that death and TPD benefits paid from super are taxed more favourably than those paid outside of super.

Employers who wish to offer employees insurance-only accounts within super can do so through the Aon Master Trust provided the employer pays the insurance premiums and fees.

29

transferring cover to Personal SuperIf the member is under age 65 and they choose to transfer to Aon Master Trust Personal Super, transfer of death cover is automatic* and no application or health evidence is required. Premiums automatically continue to be deducted.

* See conditions in previous column.

death insuranceDeath cover provides an insurance payout of a member’s amount insured (up to $5 million), subject to approval by the insurer and the trustee, if the member dies. The death benefit will usually be paid to the member’s dependants or beneficiaries – see page 34.

when death cover ceasesDeath insurance cover ceases on the earliest date that any of the following apply:

the member turns age 70 º

60 days after premium payments cease º

the Trust policy with the insurer is terminated º

a member requests cancellation of cover in writing º

we receive from the member and accept a continuation ºoption application for death-only cover

the member leaves the Trust as a result of total and ºpermanent disablement

60 days after the member ceases to be a member of ºthe Trust

the member dies º

as specified in º General conditions on page 34.

continuation optionIf a member:

is under age 65 º

has death insurance in the Trust º

leaves their employer, and º

ceases to be a member of the Trust for reasons other ºthan illness or injury,

they may be able to purchase continuing death insurance cover from the insurer of the Trust without the need for further health evidence, although they will be required to complete an AIDS declaration. Different premium rates will apply if a member elects to exercise this continuation option.

This cover is subject to conditions including, but not limited to:

the member must apply for continuation of insurance ºcover within 60 days of leaving a participating employer

no claim for insurance has been made on the Trust º

cover will not exceed the member’s amount insured on ºthe day prior to the date they leave their employer.

exclusionsThe death policy excludes:

death from suicide that occurs within 13 months of ºeffecting any voluntary increase in insurance cover. It is only the increased amount that is not payable under these circumstances

active service in the armed forces of any country or ºinternational organisation

any other underwriting exclusion imposed by the insurer. º


total and permanent disablement (TPD) insuranceTotal and permanent disablement cover provides an insurance payout of a member’s amount insured (up to $2 million), subject to approval by the insurer and the trustee, if a member become totally and permanently disabled before age 65, in accordance with the applicable TPD definition – see below.

standard definitions of TPDThe definition will depend on the member’s employment status and occupation at the time they stopped work due to an illness or injury.

if the member was working 15 hours or more per week when they stopped work due to an illness or injury, they are considered totally and permanently disabled if while insured under the policy:

they have been unable to perform their usual occupation ºdue to that illness or injury for six consecutive months, and the insurer and the trustee are satisfied by medical and any other relevant evidence that the member is unlikely to ever be able to return to their usual occupation or any occupation for which they are reasonably suited by education, training or experience

OR

they have suffered the permanent loss of use of two ºlimbs, or the permanent loss of sight of both eyes, or the permanent loss of use of one limb and permanent loss of sight of one eye.

if the member was working less than 15 hours per week when they stopped work due to an illness or injury, they are considered totally and permanently disabled if while insured under the policy:

for six consecutive months after the occurrence of the ºillness or injury, and as certified by a medical practitioner, they have been unable to perform at least two of the following activities of daily living without the standby assistance of another person: bathing, dressing, eating, toileting, transferring (in and out of a chair)

OR

they have suffered the permanent loss of use of two ºlimbs, or the permanent loss of sight of both eyes, or the permanent loss of use of one limb and permanent loss of sight of one eye.

when TPD cover ceasesTPD insurance cover ceases on the earliest date that any of the following apply:


a benefit under the member’s policy is paid or is payable ºto the member


the Trust policy with the insurer is terminated º

the member requests cancellation of cover in writing º

we receive from the member and accept a continuation ºoption application for TPD cover

60 days after the member ceases to be a member of ºthe Trust

the member dies º


continuation optionIf the member:

is under age 60 º

has TPD insurance in the Trust º

leaves their employer º

is continuing in the same or similar occupation, and º

ceases to be a member of the Trust for reasons other ºthan illness or injury,

they may be able to purchase continuing TPD insurance cover from the insurer of the Trust without the need for further health evidence, although they will be required to complete an AIDS declaration. Different premium rates will apply if they elect to exercise this continuation option.

This cover is subject to conditions including, but not limited to:

members must apply for continuation of insurance cover ºwithin 60 days of leaving a participating employer

no claim for insurance has been made on the Trust º

cover will not exceed the member’s amount insured on ºthe day prior to the date they leave their employer.

TPD benefitsTPD benefits are paid exclusive to any claim made under the member’s income protection insurance cover (if any).

31

exclusions The TPD policy excludes:

disablement directly or indirectly, wholly or partly caused ºby intentional self-inflicted injury or any such attempt by a member whether sane or insane



increasing TPD coverThe member can apply to have TPD cover that is higher than their death cover subject to a maximum of twice the death cover and a maximum difference between TPD and death cover of $100,000. Medical and other evidence may be required by the insurer. The member will pay an additional 20% on the premium rate applying to the amount of TPD cover over the death cover amount.

transferring cover to Personal SuperIf the member is under age 60 and they choose to transfer to Aon Master Trust Personal Super, transfer of TPD cover is automatic* and no application or health evidence is required. Premiums automatically continue to be deducted.

* See conditions on page 30.


income protection insuranceIncome protection insurance (also known as salary continuance) is available if members work 15 or more hours per week (excluding casuals). This cover can provide members with an income in the event of total disability due to illness or injury. Members can receive up to 75% of their pre-disability income or the amount insured whichever is the lesser (subject to a maximum of $20,000 a month).

As an employer, you can choose the default waiting period that will apply before the benefit is payable (30, 60 or 90 days) and the maximum period the benefit will be paid:

up to two years º

up to five years º

to age 65. º

Income protection benefits are paid monthly in arrears, after the expiry of the waiting period. They cease on the earliest date that the member reaches age 65, they die, they no longer satisfy the policy’s total or partial disability definitions, or they reach the applicable maximum benefit period.

total disability paymentAn income protection benefit is payable if the member has been off work due to illness or injury for the entire waiting period and the insurer and trustee are satisfied by medical and any other relevant evidence that their disablement occurs solely from illness or injury while they are insured and as a result of which they:

are unable to perform at least one important duty* of ºtheir usual occupation necessary to produce income,

remain under the regular care and attendance and are ºfollowing the advice of a registered medical practitioner in relation to that illness or injury, and

are not engaged in any occupation (whether paid or ºunpaid).

* An important duty is defined as involving at least 20% of overall occupational tasks responsible for generating at least 20% of a member’s pre-disability income.

partial disability paymentA partial disability benefit may be payable to the member if they continue to be partially disabled beyond the waiting period and have been totally disabled for a period of at least 14 consecutive days during the waiting period. Partial disability means that solely because of the illness or injury which directly caused the total disability, the member:

is able to perform at least one important duty* of their ºusual occupation but is unable to perform all of the duties of their usual occupation,

is earning an income from their usual occupation or ºanother occupation at a rate of less than 75% of their monthly pre-disability income, and

remain under the regular care and attendance and are ºfollowing the advice of a registered medical practitioner in relation to that illness or injury.

* An important duty is defined as involving at least 20% of overall occupational tasks responsible for generating at least 20% of your pre-disability income.

claims escalation benefitWhere the maximum benefit period of up to five years or to age 65 applies to the member’s income protection insurance, their benefit will increase annually by the lower of 5% or the increase in the Consumer Price Index (as determined by the insurer). This will occur one year after their income protection benefits commenced (after the expiration of their waiting period) and annually thereafter.

income protection benefit offsetsIf any other benefits are payable to the member for loss of income, the income protection insurance benefit paid may be reduced so total benefits paid do not exceed 75% of pre-disability income (excluding mandated superannuation contributions, if any). Other income that will reduce the member’s income protection benefits includes:

workers’ compensation º

motor accident compensation º

social security benefits º

income protection insurance benefits from other ºinsurance policies

any paid sick leave entitlements º

other ongoing income generated from ownership in a ºbusiness or practice, and

ongoing payments from an employer. º

33

when income protection cover ceasesIncome protection insurance cover ceases on the earliest date that any of the following apply:



the Trust’s policy with the insurer is terminated º

the member requests cancellation of cover in writing º

the member is no longer permanently and gainfully ºemployed for 15 hours or more per week

the date the member ceases to be employed by a ºparticipating employer of the Trust, unless the member is accepted for continuing income protection insurance after transfer to Aon Master Trust Personal Super

the member ceases to be a member of the Trust º

the member dies º


transferring cover to Personal SuperIf the member is under age 65 and transfers to Personal Super, they may apply within 60 days of leaving their employer to continue income protection insurance in Personal Super. They will be required to confirm their occupation, their continued employment and that they meet the minimum work hours requirement. They will also be required to complete an AIDS declaration.

income protectionBenefits are paid exclusive to any claim made under the member’s TPD cover (if any).

exclusionsThe income protection policy excludes:

intentionally self-inflicted injury or attempted suicide or ºself-destruction by the member whether sane or insane

uncomplicated pregnancy, childbirth or miscarriage º

declared or undeclared act of war º




noteSee page 30 for information on permanentincapacity and page 48 for terminal illness benefits.

general conditions

leave without payAon Master Trust Corporate Super members are covered during periods of leave without pay approved by the employer in writing (including maternity/paternity leave).

Death cover continues indefinitely as long as the premium continues to be paid for the period.

Members with TPD or income protection insurance are covered during periods of leave without pay approved by the employer in writing (including maternity/paternity leave) for periods of up to 12 months, as long as the premium continues to be paid for the period. There must be documented evidence of an agreed return to work date and the members must return to work within 30 days of the agreed date otherwise cover will cease.

duty of disclosureBefore the member enters into a contract of life insurance with an insurer, they have a duty under the Insurance Contracts Act 1984 to disclose to the insurer every matter that they know, or could reasonably be expected to know, which is relevant to the insurer’s decision whether to accept the risk of insurance and, if so, on what terms.

The member has the same duty to disclose those matters to the insurer before they renew, extend, vary, transfer or reinstate a contract of insurance.

If the member fails to comply with their duty of disclosure and the insurer would not have entered into the contract on any terms, if the failure had not occurred, the insurer may avoid the contract within three years of entering into it. If the member’s non-disclosure is fraudulent, the insurer may avoid the contract at any time.

An insurer who is entitled to avoid a contract of life insurance may, within three years of entering into it, elect not to avoid it but to reduce the sum that the member had been insured for in accordance with a formula that takes into account the premium that would have been payable if the member had disclosed all relevant matters to the insurer.

cover while out of AustraliaNormally the member’s insurance cover will continue if they are permanently and gainfully employed and travelling or holidaying overseas*. If they are seconded and working overseas*, insurance cover will continue for a period of up to 5 years (or longer with prior approval from the insurer).

Note also that if the insurer is not satisfied as to the assessment of a claim being made overseas, they reserve the right to request a member’s return to Australia (at their own expense) for claims assessment and examination prior to payment of any benefits.

* If, any of the overseas countries/regions you visit have been issued with a level 4 or 5 travel advice by the Department of Foreign Affairs and Trade (DFAT) at the time a member leaves Australia, cover will not continue while the member is in that country/region.

your beneficiaries/dependantsUnless the member has made a binding death benefit nomination, the trustee decides who should receive their death benefit according to the terms of the Trust Deed. The Aon Master Trust Deed requires the trustee to pay death benefits to ‘eligible dependants’ under superannuation law, which can be a spouse, child, financial dependant or someone in an interdependency relationship with the member.

If there are no identified dependants, the death benefit is normally paid to the legal personal representative. Members can make either binding or non-binding death benefit nomination on their accounts in the Aon Master Trust.

See Death benefit nominations on page 52 for more information.

privacyFor information about your privacy as it relates to insurance arrangements with AIG Life, a full copy of their privacy statement is available on their website at aiglife.com.au.

35

noteIf the member transfers to Personal Super and they are under age 65, they can apply to continue income protection insurance in Personal Super, but they must apply within 60 days of leaving their employer.

The member must confirm their occupation, their continued employment and that they meet the minimum work hours requirement by completing a Continuing income protection insurance form. They will also need to complete an AIDS declaration.

insurance when members cease employment

on transfer to Aon Master Trust Personal SuperIf the member terminates employment, and their account balance is $5,000 or more, they will be transferred to Aon Master Trust Personal Super after 60 days from the date we send them their benefit advice letter, unless the member advises us otherwise.

If the member is under age 65 (death) or under age 60 (TPD) their death and TPD cover (if any) will continue automatically and their premiums will be calculated using the same occupation category they held in Corporate Super. It is important for members to advise us if their occupation category changes*.

* If a higher risk occupation or an uninsurable occupation applies at the time a claim is made, additional premiums may be deducted from any benefit paid or the insurer may reduce or decline the benefit.

on transfer to the Aon Eligible Rollover fundIf the member terminates employment, and their account balance is less than $5,000, they will be transferred to the Aon Eligible Rollover Fund (ERF) after 60 days from the date we send them their benefit advice letter, unless the member advises us otherwise.

All insurance cover and premium deductions will cease and the member will cease to be a member of the Aon Master Trust – see page 50.

other circumstancesIf the member terminates employment but does not transfer to Aon Master Trust Personal Super automatically, they may be able to purchase continuing death and TPD insurance cover from the insurer without further health evidence. They must apply within 60 days of terminating employment in the Aon Master Trust. Conditions apply – see Continuation option on pages 29, and 30.

Different premium rates will apply and all applications will be subject to acceptance and approval and any additional conditions that the insurer may choose to impose.


inSuRAncE cOSTS

ThE cOST Of inSuRAncE DEPEnDS On YOuR chOicES, TYPE Of inSuRAncE AnD AMOunT Of cOvER, OccuPATiOn, AGE AnD (fOR incOME PROTEcTiOn) YOuR GEnDER, chOSEn WAiTinG PERiOD AnD bEnEfiT PERiOD. ThE AOn MASTER TRuST REviEWS ThE inSuRAncE cOvER OffERED AnD PREMiuM RATES On A REGulAR bASiS.

Insurance premiums are deducted from members’ accounts monthly. The tables on pages 37 to 40 set out the base rates for:

annual death insurance per $1,000 sum insured º

annual TPD insurance per $1,000 sum insured º

annual income protection insurance per $100 ºmonthly benefit.

Every occupation has a risk loading or ‘factor’ – see the table, Occupational factors in the next column. The loading must be applied to the rates shown on the following pages. The rates shown are applicable for occupations classified as ‘white collar’. These rates include stamp duty and 30% brokerage fees paid to Aon Consulting. You can negotiate the brokerage with Aon or your adviser.

The rates and factors shown are correct at the date of issue. Any increase or decrease in premiums will be charged automatically to the member. The actual premium charged (but not necessarily the rate or factor) will be advised each year in members’ benefit statements.

The cost of insurance depends on the employer’s and member’s choices (if any), type of insurance and amount of cover, occupation, age and, for income protection, gender and chosen waiting and benefit periods. The examples on page 41 illustrate how total costs are calculated.

occupational factors death cover

TPD cover

income protection

professional Professionals, executives and senior management with tertiary qualifications and high incomes eg CEO, CFO, CPA, lawyer, doctor, pharmacist etc.

0.90 0.85 0.90

white collar Occupations that are office based with no manual work, eg clerical roles, professional or administrative roles eg architect, accountant, computer analyst, lecturer, social worker, administrator, clerk etc.

1.00 1.00 1.00

grey collar Occupations which are primarily non-manual but may involve light manual duties only, eg hairdresser, shop assistant, florist, cashier, tailor etc.

1.25 1.50 1.35

blue collar Occupations that involve a moderate degree of manual work, or recognised qualified trades, eg as baker, gasfitter, electrician, mechanic, printer, signwriter, greengrocer etc.

1.50 2.00 1.75

heavy blue collar Heavy manual occupations or those with a degree of additional risk of disability, eg boilermaker, gardener, storeman, tyre fitter, welder etc.

2.00 3.00 3.00

noteDepending on the member’s actual occupational activities, they may not be eligible for some types of insurance cover. This is at the insurer’s discretion.

If the trustee has not been advised of the member’s occupation, they will be rated according to the employer plan default (if any). If there is no employer plan cover, other than minimum level they will be rated ‘Blue collar’.

37

age next birthday

death cover ($)

TPD cover ($)

16 0.22 0.10

17 0.31 0.11

18 0.39 0.14

19 0.48 0.17

20 0.50 0.21

21 0.54 0.20

22 0.51 0.19

23 0.46 0.18

24 0.41 0.16

25 0.38 0.14

26 0.36 0.14

27 0.37 0.13

28 0.38 0.13

29 0.38 0.14

30 0.39 0.15

31 0.41 0.14

32 0.42 0.15

33 0.44 0.17

34 0.45 0.18

35 0.50 0.17

36 0.51 0.18

37 0.53 0.21

38 0.58 0.22

39 0.63 0.23

40 0.68 0.26

41 0.73 0.29

42 0.82 0.32

43 0.89 0.36

age next birthday

death cover ($)

TPD cover ($)

44 0.99 0.41

45 1.10 0.47

46 1.22 0.57

47 1.35 0.69

48 1.52 0.82

49 1.69 0.97

50 1.91 1.14

51 2.13 1.34

52 2.37 1.61

53 2.65 1.94

54 2.96 2.30

55 3.29 2.73

56 3.61 3.23

57 3.97 3.78

58 4.43 4.34

59 4.92 4.96

60 5.44 5.65

61 6.02 6.41

62 6.64 7.26

63 7.30 8.21

64 8.04 9.25

65 8.81 10.42

66 10.53 N/A

67 11.79 N/A

68 13.21 N/A

69 14.79 N/A

70 16.57 N/A

death and TPD insurance

annual premiums per $1,000 sum insured


age next birthday

waiting period – male waiting period – female

30 days ($) 60 days ($) 90 days ($) 30 days ($) 60 days ($) 90 days ($)

16 3.91 2.63 1.34 5.86 3.95 2.00

17 3.91 2.63 1.34 5.86 3.95 2.00

18 3.91 2.63 1.34 5.86 3.95 2.00

19 3.91 2.63 1.34 5.86 3.95 2.00

20 3.91 2.63 1.34 5.86 3.95 2.00

21 3.91 2.63 1.34 5.86 3.95 2.00

22 3.97 2.65 1.34 5.95 3.97 2.00

23 4.02 2.68 1.36 6.03 4.02 2.04

24 4.08 2.73 1.37 6.12 4.10 2.06

25 4.14 2.77 1.37 6.21 4.15 2.06

26 4.11 2.73 1.34 6.17 4.10 2.00

27 4.02 2.73 1.28 6.03 4.10 1.91

28 3.98 2.60 1.23 5.97 3.90 1.84

29 3.98 2.57 1.18 5.97 3.86 1.77

30 4.01 2.60 1.17 6.01 3.90 1.75

31 4.08 2.61 1.17 6.12 3.92 1.75

32 4.17 2.67 1.17 6.26 4.01 1.75

33 4.31 2.77 1.20 6.46 4.15 1.80

34 4.47 2.86 1.24 6.71 4.29 1.86

35 4.68 2.98 1.30 7.02 4.47 1.95

36 4.91 3.14 1.37 7.36 4.71 2.06

37 5.15 3.31 1.47 7.72 4.96 2.20

38 5.45 3.50 1.56 8.17 5.25 2.35

39 5.75 3.72 1.70 8.62 5.58 2.54

40 6.11 3.97 1.84 9.17 5.95 2.76

41 6.48 4.25 2.01 9.73 6.37 3.01

42 6.92 4.57 2.21 10.37 6.86 3.32

43 7.37 4.91 2.44 11.06 7.36 3.66

44 7.85 5.28 2.71 11.78 7.92 4.06

45 8.40 5.69 3.01 12.59 8.53 4.51

46 8.99 6.17 3.34 13.48 9.26 5.02

47 9.60 6.68 3.74 14.40 10.01 5.61

48 10.30 7.24 4.17 15.44 10.86 6.26

49 11.05 7.88 4.68 16.58 11.82 7.02

50 11.88 8.55 5.24 17.83 12.83 7.87

51 12.76 9.32 5.88 19.14 13.98 8.82

52 13.76 10.16 6.59 20.64 15.25 9.89

53 14.83 11.10 7.41 22.25 16.65 11.11

54 16.00 12.14 8.29 24.00 18.21 12.43

55 17.30 13.30 9.30 25.95 19.96 13.95

56 18.72 14.57 10.43 28.08 21.85 15.64

57 20.06 15.97 11.69 30.10 23.96 17.54

58 21.99 17.54 13.09 32.98 26.31 19.63

59 23.89 19.27 14.64 35.83 28.91 21.96

60 25.97 21.18 16.37 38.96 31.77 24.56

61 28.27 23.29 18.31 42.40 34.93 27.46

62 30.81 25.62 20.42 46.21 38.43 30.64

63 30.81 24.88 19.27 46.21 37.31 28.91

64 19.38 16.48 11.19 29.07 24.72 16.78

65 7.59 5.15 2.71 11.39 7.72 4.06

income protection insurance – benefit period up to two years

annual premiums per $100 of monthly insured benefit

39

age next birthday

waiting period – male waiting period – female


16 5.66 4.52 2.65 7.95 6.31 3.01

17 5.66 4.52 2.65 7.95 6.31 3.01

18 5.66 4.52 2.65 7.95 6.31 3.01

19 5.66 4.52 2.65 7.95 6.31 3.01

20 5.66 4.52 2.65 7.95 6.31 3.01

21 5.66 4.52 2.65 7.95 6.31 3.01

22 5.56 4.45 2.53 8.07 6.39 3.04

23 5.48 4.38 2.43 8.18 6.49 3.07

24 5.41 4.33 2.34 8.30 6.58 3.10

25 5.36 4.29 2.27 8.43 6.67 3.14

26 5.32 4.26 2.20 8.55 6.77 3.17

27 5.37 4.30 2.17 8.79 6.96 3.33

28 5.46 4.37 2.16 9.11 7.21 3.46

29 5.59 4.47 2.16 9.52 7.52 3.58

30 5.78 4.62 2.18 10.02 7.91 3.70

31 6.01 4.79 2.22 10.60 8.36 3.82

32 6.28 5.01 2.28 11.26 8.87 3.96

33 6.60 5.26 2.35 12.01 9.45 4.12

34 6.97 5.55 2.44 12.85 10.10 4.31

35 7.39 5.87 2.55 13.78 10.82 4.53

36 7.86 6.24 2.68 14.80 11.61 4.80

37 8.39 6.64 2.83 15.91 12.47 5.13

38 8.97 7.09 3.02 17.11 13.41 5.53

39 9.61 7.59 3.23 18.42 14.42 6.00

40 10.31 8.14 3.49 19.82 15.51 6.55

41 11.08 8.73 3.78 21.33 16.67 7.20

42 11.93 9.39 4.13 22.94 17.92 7.95

43 12.85 10.11 4.53 24.67 19.26 8.82

44 13.86 10.89 4.99 26.51 20.68 9.81

45 14.96 11.74 5.53 28.47 22.20 10.93

46 16.17 12.68 6.15 30.56 23.82 12.19

47 17.48 13.70 6.86 32.78 25.53 13.60

48 18.92 14.81 7.68 35.15 27.36 15.16

49 20.50 16.03 8.62 37.67 29.30 16.87

50 22.22 17.36 9.69 40.35 31.38 18.74

51 24.10 18.82 10.91 43.22 33.59 20.77

52 26.18 20.43 12.29 46.29 35.95 22.96

53 28.46 22.19 13.86 49.58 38.49 25.30

54 30.97 24.13 15.62 53.12 41.22 27.80

55 33.75 26.28 17.60 56.96 44.17 30.44

56 36.83 28.65 19.83 61.12 47.37 33.23

57 40.25 31.30 22.32 65.67 50.86 36.14

58 44.07 34.24 25.10 70.65 54.69 39.19

59 48.35 37.54 28.20 76.16 58.92 42.35

60 53.16 41.25 31.65 82.28 63.61 45.62

61 55.32 42.91 32.65 83.81 64.78 44.80

62 54.00 41.89 31.66 80.05 61.90 41.27

63 50.28 39.03 28.80 73.24 56.67 35.74

64 41.99 32.64 22.59 60.81 47.13 27.15

65 22.13 17.29 8.12 32.42 25.25 9.64

income protection insurance – benefit period up to five years



age next birthday

waiting period male waiting period female


16 7.17 5.88 5.33 11.13 9.05 6.80

17 7.17 5.88 5.33 11.13 9.05 6.80

18 7.17 5.88 5.33 11.13 9.05 6.80

19 7.17 5.88 5.33 11.13 9.05 6.80

20 7.17 5.88 5.33 11.13 9.05 6.80

21 7.17 5.88 5.33 11.13 9.05 6.80

22 7.11 5.83 5.13 11.41 9.27 6.95

23 7.07 5.80 4.96 11.69 9.49 7.09

24 7.04 5.78 4.81 11.98 9.73 7.25

25 7.04 5.78 4.68 12.29 9.97 7.40

26 7.07 5.80 4.58 12.60 10.22 7.56

27 7.20 5.91 4.55 13.09 10.61 8.04

28 7.41 6.07 4.57 13.74 11.13 8.48

29 7.69 6.30 4.63 14.54 11.77 8.91

30 8.06 6.59 4.73 15.52 12.55 9.34

31 8.50 6.95 4.88 16.66 13.46 9.80

32 9.03 7.37 5.07 17.98 14.52 10.32

33 9.64 7.86 5.32 19.49 15.72 10.90

34 10.35 8.42 5.61 21.18 17.07 11.59

35 11.15 9.07 5.97 23.07 18.57 12.40

36 12.06 9.79 6.39 25.16 20.24 13.36

37 13.07 10.59 6.89 27.45 22.06 14.50

38 14.18 11.48 7.47 29.94 24.05 15.86

39 15.41 12.47 8.14 32.63 26.19 17.45

40 16.76 13.54 8.92 35.52 28.49 19.31

41 18.22 14.71 9.83 38.59 30.93 21.46

42 19.81 15.98 10.87 41.84 33.51 23.91

43 21.52 17.34 12.06 45.25 36.22 26.70

44 23.36 18.80 13.41 48.79 39.04 29.81

45 25.31 20.36 14.95 52.46 41.95 33.25

46 27.39 22.02 16.68 56.22 44.93 37.00

47 29.58 23.76 18.63 60.05 47.97 41.04

48 31.89 25.60 20.79 63.91 51.02 45.33

49 34.31 27.53 23.19 67.77 54.08 49.82

50 36.83 29.53 25.81 71.60 57.11 54.44

51 39.43 31.60 28.65 75.36 60.09 59.11

52 42.13 33.74 31.72 79.02 62.98 63.74

53 44.89 35.94 34.98 82.54 65.76 68.24

54 47.71 38.18 38.41 85.89 68.40 72.48

55 50.59 40.46 41.99 89.02 70.88 76.35

56 53.48 42.76 45.65 91.89 73.14 79.70

57 56.24 44.95 49.21 94.26 75.01 82.25

58 58.74 46.93 52.48 95.97 76.35 83.72

59 60.78 48.55 55.19 96.78 76.99 83.85

60 62.11 49.60 56.99 96.41 76.70 82.31

61 62.33 49.77 57.38 94.44 75.15 78.72

62 60.85 48.60 55.64 90.20 71.80 72.52

63 56.65 45.28 50.60 82.52 65.75 62.81

64 47.32 37.87 39.70 68.52 54.68 47.71

65 24.94 20.06 14.27 36.53 29.29 16.94

income protection insurance – benefit period to age 65


41

calculating premiums – examples

death cover

member: Jane (female)

age: 31

occupation: Nurse (blue collar)

cover: Death cover

level: $200,000

STep 1

select the type and level of cover death cover $200,000

STep 2

divide this amount by $1,000 (for cost per $1,000 insured) $200,000 ÷ $1,000 = $200

STep 3

multiply this figure by the relevant age rate $200 x 0.42 = $84

STep 4

multiply by the relevant occupation factor $84 x 1.5 = $126

total annual premium $126.00 (or $10.50 per month)

death & TPD cover

member: John (male)

age: 24

occupation: Office worker (white collar)

cover: Death & TPD cover

level: $200,000

STep 1

select the type and level of cover death cover $200,000 TPD cover $200,000

STep 2

divide this amount by $1,000 (for cost per $1,000 insured) $200,000 ÷ $1,000 = $200 $200,000 ÷ $1,000 = $200

STep 3

multiply these figures by the relevant age rates $200 x 0.38 = $76 $200 x 0.14 = $28

STep 4

multiply by the relevant occupation factors $76 x 1.0 = $76 $28 x 1.0 = $28


income protection cover

member: Mark (male)

age: 44

occupation: Sales representative (grey collar)

cover: Income protection (indemnity)

chosen waiting period: 90 days

benefit period: 2 years

level: 75% of a $70,000 pa salary

STep 1

select the type and level of cover income protection 75% of $70,000 = $52,500

STep 2

calculate monthly income by dividing by 12$52,500 ÷ 12 = $4,375

STep 3

divide this amount by $100 (for cost per $100 insured) $4,375 ÷ $100 = $43.75

STep 4

multiply this figure by the relevant age rate $43.75 x 3.01 = $131.69

STep 5

multiply by the relevant occupation factor$131.69 x 1.35 = $177.77



TAx AnD SuPER

SuPER cAn bE A TAx-EffEcTivE WAY fOR MEMbERS TO SAvE. ThiS SEcTiOn PROviDES A bRiEf SuMMARY Of hOW SuPER iS TAxED AS AT 1 julY 2008.

a summary

providing tax file numbersThe trustee must request a member’s tax file number (TFN) under the provisions of the Superannuation Industry (Supervision) Act 1993.

Where a member makes a TFN declaration to an employer, this is taken to be an authority for the employer to quote the TFN to the superannuation fund to which the employer makes contributions on a member’s behalf.

Members are not obliged to supply their TFN, but if they do they will:

be entitled to concessional rates of tax on your benefit º

aid the smooth transfer of benefits when they roll over ºfrom one fund to another

make it easier to locate or consolidate their benefits in a ºfund.

If the trustee does not hold a member’s TFN:

we cannot accept non-concessional contributions on ºtheir behalf

for accounts opened on or after 1 July 2007, the top ºmarginal tax rate plus Medicare levy will be applied to all concessional contributions.

Consequences of failing to provide a TFN may change in future.

The trustee will treat a member’s TFN confidentially and use it for legal purposes only. For example, applying the concessional tax rate to benefit payments, providing information to the Commissioner of Taxation, providing the number to a rollover fund and finding or identifying a member’s benefits.

tax on concessional contributions Concessional contributions are taxed at a rate of 15% in the Trust. Amounts over the contribution cap will be effectively taxed at the highest marginal tax rate plus Medicare levy. Contributions above the concessional cap will count towards the non-concessional cap. For more information on the contribution cap refer to page 12.

tax on investment earnings Complying superannuation funds are taxed on investment earnings at a lower rate than most types of investment. Tax of up to 15% is deducted from the investment earnings of the Trust.

spouse contribution splittingMembers may split or transfer their concessional contributions to their spouse. The maximum amount of concessional contributions that can be split is the lesser of:

85% of the total concessional contributions, or º

the concessional contribution cap for the financial year. º

A spouse is defined as a married or de facto partner of the opposite sex. Same sex couples are not currently eligible.

An $80 withdrawal fee is charged to a member’s account for each spouse split payment (maximum once a year).

Non-concessional contributions cannot be split with a spouse.

tax rebates for spouse contributions If a spouse earns less than $13,800 a year (including reportable fringe benefits) and a member makes spouse contributions for them, they may be eligible for a tax rebate of up to $540 a year.

The amount of spouse contributions is unlimited, but the maximum rebate is 18% of $3,000 (ie $540). The rebate is reduced if the member’s spouse earns over $10,800 and phases out completely if they earn over $13,800 a year. The member can claim the rebate on their tax return for the year in which the contribution is made. Non-concessional contribution caps apply to the receiving spouse.

43

tax on death benefits Tax on death benefits varies according to who receives the benefit and how it is paid.

Lump sum death benefits are tax-free if paid to a spouse, a child under the age of 18, or any person financially dependent on a member or in an interdependency relationship with a member.

Lump sum death benefits paid to a non-dependant are taxed at 15% on the taxable component, plus Medicare or any other government levy.

If a death benefit is paid to a member’s legal personal representative, they will be responsible for withholding the appropriate level of tax for the final beneficiary.

Please see page 52 for anti-detriment tax benefits for eligible dependants of a member.

tax on total and permanent disablement (TPD) benefits Generally if a member is under 60 and they receive a TPD benefit, the part of the benefit representing service up to the date of disablement is taxed as a lump sum. The part of the benefit that relates to projected service from the date of their disablement to age 65 is tax free if they qualify for invalidity under tax legislation.

If a member is aged 60 and over the benefit is tax-free.

terminal illnessIf a member suffers from an illness or has incurred an injury that could result in death within a 12-month period (commencing from the date of medical certification provided to the trustee) they may be eligible to receive their super benefits even if they are employed. If a member meets terminal illness provisions, they may receive tax concessions on their super benefit.

tax when members access their superGenerally, members may only access their super when they retire – see Accessing super benefits on page 48.

Members may defer tax by rolling over their benefits within the super system (including purchasing retirement income streams).

Different tax rules apply to income received from retirement income streams – see the Aon Master Trust Pension PDS for more information.

lump sum tax rates

components tax treatment

tax-exempt tax-free

taxable under age 55: 21.5% (inclusive of Medicare levy)

aged 55 to 59: first $145,000* tax-free and remainder taxed at 16.5% (inclusive of Medicare levy)

aged 60 or over: tax-free

* This amount applies in 2008/09 and is indexed each financial year in line with AWOTE in increments of $5,000 (rounded down).

If a member is thinking of retiring or accessing their super, we recommend that they contact an adviser as soon as possible to discuss their options. If they do not have an adviser but would like to be put in touch with one, they can call us on 1300 880 588.

informationTaxation laws may change as a result of government legislation. Members can call the Australian Taxation Office on 13 10 20, visit ato.gov.au/super or talk to an adviser for the latest information.


ThE WARninG bElOW iS REQuiRED unDER AuSTRAliAn lAW. SPEcific infORMATiOn AbOuT fEES AnD cOSTS iS cOnSiDERED On ThE fOllOWinG PAGES Of ThiS DOcuMEnT.

fEES AnD OThER cOSTS

Fees that apply can be negotiated with employers depending on plan requirements. An indication of the Aon Master Trust fee structure for members is shown on page 45.

The trustee can change the fees that apply to the Aon Master Trust members with your consent or after 30 days written notice.

This document shows fees and other costs that your plan may be charged. These fees and costs may be deducted from:

member’s money (account balance), º

the returns on the member’s investment, or º

the Trust’s assets as a whole. º

Insurance costs are set out on pages 36 to 40 and taxes on pages 42 to 43.

You should read all of the information about fees and costs because it is important to understand their impact on members’ investments.

Fees and costs for particular investment options are shown on pages 16 to 22.

Member fees and asset administration fees and adviser fees (if any) are deducted directly from members’ accounts. Other management fees are deducted from the Trust’s investment return. All fees paid are shown on members’ annual benefit statements. Any exit fees charged to benefit payments when members leave the Trust will be shown on their exit statement.

An employer may elect to pay the member fees and asset administration fees on behalf of their employees, if they wish.

did you know? Small differences in both investment performance and fees and costs can have a substantial impact on your long term returns.

For example, total annual fees and costs of 2% of your fund balance rather than 1% could reduce your final return by up to 20% over a 30 year period (for example, reduce it from $100,000 to $80,000).

You should consider whether features such as superior investment performance or the provision of better member services justify higher fees and costs.

You may be able to negotiate to pay lower contribution fees and management costs where applicable. Ask the fund or your financial adviser.

to find out more If you would like to find out more, or see the impact of the fees based on your own circumstances, the Australian Securities and Investments Commission (ASIC) website (www.fido.asic.gov.au) has a superannuation calculator to help you check out different fee options.

45

fees that apply to members’ accounts are summarised below. Additional fees may be applicable to employers depending on service and consulting requirements. These will be negotiated when applicable.

type of fee or cost amount how and when paid

fees when a member’s money moves in or out of the fund

establishment fee The fee to open a member’s investment

Nil Not applicable

contribution fee The fee on each amount contributed to an investment, either by an employer or a member as negotiated with their adviser, if applicable

Nil Not applicable

transfer fee The fee on each amount transferred to a member’s investment as negotiated with their adviser, if applicable

Nil Not applicable

withdrawal fee The fee on each amount a member takes out of their investment, including any spouse split payments and family law payments per person

$80 Deducted from the benefit payment when it is paid

termination fee The fee to close an investment

Nil Not applicable

management costs

member fee The fee for administering a member’s account

$63 pa Deducted from a member’s account monthly

asset administration fee The fee for administering a member’s assets/investments, as negotiated with you as their employer

Up to 1.1% pa of a member’s account balance.

Deducted from a member’s account monthly, the fee is calculated using a member’s account balance at the end of each month

management fee Calculated using an Indirect Cost Ratio (ICR)1. This fee covers the cost of managing a member’s investments and includes investment management fees, custodial fees and cost recoveries

The amount a member pays for specific investment options is shown on pages 16 to 22

The fee varies according to a member’s chosen investment option(s) and ranges from 0.43% pa to 1.32% pa plus any performance fees which may be earned

Deducted from the Trust’s investment earnings before the unit price is calculated and applied to a member’s account. These fees vary for each investment option and can change each year

service fees

adviser service fee2

A fee for planning and financial advice, as negotiated with a member’s adviser, if applicable

Asset-based fee up to 2% pa (ongoing), or fixed-dollar fee up to $10,000 pa (ongoing or ad hoc)

Deducted from a member’s account monthly (ongoing fees) or as a one-off amount (ad hoc). The asset-based fee is calculated using a member’s account balance at the end of each month

investment switching fee A fee for changing investment options

Nil Not applicable

buy/sell spread The fee or transaction costs involved with buying and selling specific investments

Nil No buy/sell spreads currently apply

1 ICR is the ratio of the Trust’s total management costs not deducted directly from member accounts and is expressed as a percentage of the Trust’s total average net assets in each investment option. The ICR for each investment option (shown as management fees on pages 16 to 23) varies according to the associated cost.

2 See page 46 for details on adviser remuneration.


checking transactionsMembers can check the transactions in and out of their account at any time by logging into their online account at aonmastertrust.com.au. Members will need their user name and password.

example of annual fees and costsThe table below gives an example of how the fees and costs in the Pre-mixed Balanced – Index option can affect a member’s superannuation investment over a one-year period. You can use this table to compare the Trust with other superannuation products. (This example ignores the effect of contributions, earnings, tax and other deductions on the account balance, and their impact on management costs. It also ignores any fee reduction an employer may negotiate).

ExAMPlE – Pre-mixed balanced – index investment bAlAncE Of $50,000 WiTh TOTAl cOnTRibuTiOnS Of $5,000 DuRinG YEAR

contribution fees / Transfer fees

0% for every additional $5,000 a member puts in, they will be charged $0.

PluS Management costs

º 1.1% asset administration fee, plusº 0.46% management fee, plusº $63 annual member fee ($1.21 per week)

And, every $50,000 a member has in the fund they will be charged $780 each year plus $63 in member fees (regardless of their balance).

EQuAlS cost of fund

if a member puts in $5,000 during a year and their balance was $50,000, then for that year they will be charged fees of:

$843*

What it costs a member will depend on the investment option they choose and, the fees they negotiate with the fund or financial adviser.

* Additional fees may apply:establishment fee – $0 And, if the member leaves the fund, they may also be charged a withdrawal fee of $80.

additional explanation of fees and costs

tax deductions Most of the fees paid directly by members are tax deductible. The Trust passes on the benefits of tax deductions to members.

transfers within the TrustTransfers between Aon Master Trust Corporate Super, Personal Super and Pension are processed without any charge.

adviser remunerationAn adviser may recommend an employer join this fund and may receive remuneration for their services which can include advice on asset selection and allocation, insurance and taxation. Adviser fees can be deducted from members’ accounts and are shown in members’ transaction statements (available anytime online or by calling us) and included in annual benefit statements. The adviser’s remuneration is paid monthly in arrears and may include:

asset administration fee º – The Aon Master Trust may pay an asset based commission to the financial adviser (if any) of up to 0.6% pa of member assets. This cost is negotiated with the employer and included in management costs.

insurance brokerage º – Aon Master Trust can pay up to 21% of insurance premiums to the adviser. This cost is negotiated with the employer.

47

adviser service fee personal º – If a member has appointed an adviser, they and their adviser can agree on an annual service fee for the personal advice they provide (for example, developing and implementing a financial plan). This fee is deducted from the member’s account and paid to the adviser. The fee can be:

> an ongoing asset-based fee capped at 2% pa, calculated using the member’s account balance at the end of each month and deducted monthly, or

> one or both of the following:

– an ongoing fixed-dollar fee capped at a maximum of $10,000 pa and deducted monthly, and*/or

– an ad hoc fixed-dollar fee capped at a maximum of $10,000 pa and deducted as a one-off amount.

* The sum of ongoing and ad hoc fixed-dollar fees cannot exceed $10,000 pa.

example: Let’s say the member has a total account balance of $100,000 and that they have agreed an ongoing asset-based fee of 1% pa. The fee deducted from their account each month will be $83 (1% x $100,000 / 12).

To authorise payment of this fee, an Authority to advise form (available from our website or by calling us on 1300 880 588) must be completed by the member and their adviser and sent to the Trust.

Please note that the trustee has the discretion to refuse to deduct an adviser service fee.

manager performance fee Investment managers may charge a fee for overperformance of investment returns, for example 10% of any excess return over benchmark. This fee is deducted from investment earnings before unit prices are calculated and is only paid if the performance objectives are achieved. Potential performance fee ranges are shown on pages 16 to 23.

units and buy/sell spreadsAdditions to a member’s account are made by buying units at the applicable unit buy price. Most deductions to a member’s account, including tax or fees, are made by selling units at the applicable unit sell price. Currently, the trustee does not charge buy/sell spreads on any of the investment options but reserves the right to introduce them at any time with a 30-day written notice to employers and members.

Independent fund managers managing the underlying products of these investment options charge the Trust buy/sell spreads which represent the transaction costs incurred when assets are bought or sold. These costs are reflected in the investment performance of each option.

family law valuation feeUnder family law legislation, an ‘eligible person’ (see the definition on page 53) may obtain certain information about a member’s superannuation account. The administrator charges a fee of $200 per family law valuation ($500 for defined benefit members) to the person who requests it at the time the request is made. The fee will be charged to the person directly and is not deducted from the member’s account.

special request feesA fee of $160 for any family law splits. $80 is charged to ºeach party at the time of the split.

A fee of $160 for any temporary residency payments. º

goods and services tax (GST)All fees charged to members are inclusive of GST.

small accountsIn accordance with member protection legislation, the administration fees charged each year on account balances less than $1,000 will not exceed the investment earnings credited. This restriction on fees does not extend to taxation, insurance costs, or management fees.

increases or alteration in charges The member fee and withdrawal fee may be indexed annually with changes in the Average Weekly Ordinary Time Earnings (AWOTE) index. We can also change fees at any time if we give employers and members 30 days written notice.

plan feeYour plan may be charged an additional fee depending on the complexity of the benefit design. This can take the form of a flat annual fee and/or an extra member fee. If your plan is a defined benefit design, an additional annual actuarial fee will be charged according to the complexity of the service level required.


ThE AOn MASTER TRuST GivES YOuR EMPlOYEES ThE OPPORTuniTY TO cOnTinuE AS MEMbERS EvEn if ThEY lEAvE YOuR EMPlOYMEnT. ThEiR invESTMEnT AnD inSuRAncE ARRAnGEMEnTS cAn bE cOnTinuED WiThin AOn MASTER TRuST PERSOnAl SuPER.

When super benefits are paidThe Aon Master Trust can provide resignation, retirement, death, disability and income protection benefits. Employment Termination Payments (ETPs) that qualify under transitional rules and superannuation lump sums can be used to purchase an Aon Master Trust retirement pension or a transition to retirement pension, if the member satisfies the preservation requirements listed below.

The resignation or retirement benefit payable is the total balance of the member’s accounts. If the employee is eligible for a death or total and permanent disablement insurance benefit, it will be paid in addition to their account balance.

Income protection insurance benefit payments will be paid monthly once approved by the insurer.

preservation and accessing superIn most cases, access to a member’s super is restricted until they retire or they transition to retirement. Most money in the super system is ‘preserved super’. Generally, preserved super can only be accessed if a member:

reaches age 65 º

reaches age 60 and leaves their employer º

reaches their preservation age (see table) and retires ºpermanently from the workforce

reaches their preservation age and keeps working, but ºchooses to access some super under the rules which govern transition to retirement

obtains release on severe financial hardship or ºcompassionate grounds

is a temporary resident leaving Australia permanently for ºoverseas (conditions apply)

suffers from an illness or incurs an injury that will result ºin death within a 12 month period from the date of medical certification

becomes totally incapacitated or dies. º

If you would like more information about conditions and requirements call us on 1300 880 588.

preservation age is based on your date of birth age

before 1 July 1960 55

between 1 July 1960 and 30 June 1961 56




1 July 1964 or after 60

In addition to preserved super, there are two other categories: ‘unrestricted non-preserved’ super, which can be accessed at any time, and ‘restricted non-preserved’ super, which in some cases can be accessed when a member ceases current employment. If a member’s super benefits fall into these two categories, it will be shown on their annual benefit statement and they can contact us regarding access.

transition to retirementIf a member reaches preservation age and keeps working, they can choose to access some of their super under transition to retirement rules. This requires converting part or all of their benefits to a transition to retirement pension (a non-commutable income stream).

The Aon Master Trust Pension offers a transition to retirement pension – members can contact us or visit our website for more information and a copy of the Aon Master Trust Pension PDS.

retirementMembers can roll over their benefit to the Aon Master Trust Pension, which offers an account-based income stream in retirement.

AccESSinG SuPER bEnEfiTS

super benefit estimateMembers can log in to their account (user name and password required) on our website aonmastertrust.com.au and use the benefit calculator to get an estimate of their benefit.

49

transferring out of the TrustUnder portability legislation, members may transfer their super to another fund (subject to conditions that may be imposed under the trust deed). If they transfer their whole benefit from the Trust, they will no longer be a member of, or have any rights under, the Trust. Members may, however, choose to rejoin the Trust in future. Members can contact us for more information.

If members want to leave some of their super in the Trust, they are required to retain a minimum balance of $5,000 (this amount may be subject to change).

If a member has not made a contribution to the Trust for six months and their balance falls below $5,000 the trustee may transfer their benefit to the Eligible Rollover Fund (see page 50).

unit pricing and benefit paymentsSee Unit pricing policy and procedures on page 14 for information on unit pricing for benefit payments and other member transactions.

leaving an employerMembers must leave Aon Master Trust Corporate Super when they terminate employment in their employer plan.

We will automatically transfer a member’s Corporate Super membership:

to Aon Master Trust Personal Super if their account ºbalance is $5,000 or more

to the Aon Eligible Rollover Fund if their account balance ºis less than $5,000.

Once a member or their employer advises us that they have ceased employment, we will send them a benefit advice letter (once we have confirmed their termination date and received their last SG payment) advising them of their benefit transfer details. Transfers to Aon Master Trust Personal Super or the Aon Eligible Rollover Fund take place automatically, after 60 days from the date of their benefit advice letter, unless the member advises us otherwise.

For insurance-only plans, see next page.

When super benefits are paid on page 48 provides other benefit options available to members on ceasing employment.

transfer to Aon Master Trust Personal SuperAn automatic transfer to Personal Super means members will have:

no rollovers to organise – their account will be invested ºin Personal Super in line with their existing strategy for future cashflow

no forms to complete – see note below º

no Corporate Super withdrawal fee º

no Personal Super entry fee º

no time out of the market – their super will be invested ºat all times

on transfer, the same: º

death and total and permanent disablement >insurance cover (no health evidence required) – see page 35 for conditions

occupation category for insurance – members should >let us know if their occupation changes – see page 35 for conditions

investment strategy (which they can change any >time)

website and access to online services. >

Members’ fees and premiums will be as noted in the Aon Master Trust Personal Super PDS – a copy of which they will receive with their benefit advice letter. Alternatively, members can download a copy from our website: aonmastertrust.com.au.

noteIf members have income protection insurance in Corporate Super which they intend to continue on transfer, they must complete and send us the Continuation of income protection form (which they will receive with their benefit advice letter) within 60 days of leaving their employer – see page 35 for more information.


permanent incapacity benefitIf members are not entitled to a TPD insurance benefit, but become permanently incapacitated, the sum of their account balance may be paid to them if they have ceased to be gainfully employed, and the trustee is satisfied that they are unlikely, because of physical or mental ill-health, ever to engage in gainful employment for which they are reasonably qualified by education, training or experience.

transfer to the Aon Eligible Rollover fund (ERf)On transfer to the Aon ERF, a member’s insurance cover and premium deductions will cease and they will cease to be a member of the Aon Master Trust. Their account balance will be invested in a defensive investment strategy, which is likely to produce lower long-term investment returns than a balanced or growth strategy. Their ERF account will receive investment earnings and be charged fees by the ERF, subject to statutory member protection.

Members can claim their benefit from an ERF at any time, subject to preservation rules. The trustee’s chosen ERF is:

Aon Eligible Rollover fundGPO Box 9819 Sydney NSW 2001 Phone: 1300 880 588 Fax: 1800 010 435

insurance-only plansIf a member terminates employment in an insurance-only plan in the Aon Master Trust, we will notify them in writing and their insurance cover will cease from the date they terminate employment. Their membership in the Aon Master Trust will also cease as at the date of termination. Members may have an option to continue their insurance cover and they must contact us on 1300 880 588 or their adviser (if any) to discuss their options as soon as they receive our letter as specific time periods apply for application.

If members have super benefits in addition to their insurance cover (in an insurance-only plan), their benefits will be treated as outlined on page 49, based on their account balance at the date of termination.

51

termination of your plan If you decide to terminate your participation as an employer-sponsor, you may arrange for your employees’ account balances to be transferred to another fund by successor fund transfer or member consent. An additional charge to cover the trustee’s legal costs will be negotiated in the event of a successor fund transfer. Other aspects of the termination may vary depending on the circumstances and arrangements of your plan.

policy committeeIf you have more than 49 employees in the Aon Master Trust, we are required to set up a policy committee for your employees with an equal number of employer and member representatives. If you have fewer than 50 members, a committee is only required at the request of at least five members.

Your super services consultant can attend half-yearly committee meetings and discuss investment and administration updates, developments within the Trust and super in general and other issues affecting employers and members.

insurer The standard insurer for the Trust is currently American International Assurance Company (Australia) Limited (ABN 79 004 837 861 AFSL 230043) – trading as AIG Life. The insurer provides members with insurance cover in accordance with the insurance policy taken out by the trustee. Any change of insurer will be advised to members. Customised plans may be able to negotiate a separate insurance policy. Contact us for more information.

communicating with youKeeping members informed about their super is important. We do this through regular reports, updates, education material and our website aonmastertrust.com.au.

An annual benefit statement is sent to members in the second half of each year. The statement includes members’ account balance, contributions, investment earnings, fees, taxes and other information. Members also have access to their transaction statements, newsletters, annual report and investment performance updates online.

Members must provide us with a valid address to ensure that they receive the most current information. Members can update their information online by logging in at aonmastertrust.com.au.

other information on request Information including product disclosure statements, privacy policy and annual reports is available on our website.

We may provide other information on request to a participating employer, member, person who was a member within the previous 12 months, or any other beneficiary of the Trust. We may charge fees for reasonable costs incurred.

The information must be generally available, reasonably practicable to give and reasonably required for understanding:

whether to acquire this product º

current, former or future benefit entitlements º

the main features, management and financial condition ºof the Aon Master Trust

the investments and investment performance of the Aon ºMaster Trust.

The documents we must give on request include:

the governing rules (trust deed) of the Trust º

the audited accounts and copy of the auditor’s report º

the risk management plan º

most recent copy of the annual report. º

There are important exceptions from the disclosure requirements for internal working documents, confidential information, or information or documents that would, or may tend to disclose personal information, trade secrets or commercially valuable information devalued by disclosure.

trust deed The trust deed has been amended from time to time. It may be amended by agreement between the trustee and the settlor (Aon Consulting Pty Limited) at any time. The powers to amend are limited by the current trust deed and by law. Specific rules regarding termination of the Trust and distribution of assets upon termination are contained in the trust deed and rules. The trust deed is available for inspection at the office of the administrator. Alternatively, a copy may be posted to you for a fee of $50.

OThER iMPORTAnT infORMATiOn


privacy We collect and keep personal information about you and your employees to manage your investment in the Trust. This information may be disclosed to the Trust’s insurer, administrator, auditors, government agencies or other parties including your adviser as required for the management of the Trust.

The Privacy Act 1988 provides rules for the treatment of personal information and allows you and your employees to access personal information held by the Trust. If any of this information is incorrect, you have the opportunity to correct it. In some circumstances, you may be denied access to your information. Our Privacy Officer can assist with any questions regarding privacy.

You can obtain a copy of the Trust’s privacy statement or the full privacy policy and management plan by visiting our website, or writing to the Privacy Officer, Aon Master Trust, GPO Box 9819, Sydney NSW 2001.

death benefit nominations

binding death benefit nominationIf members wish to make a binding death benefit nomination, which is legally binding on the trustee, they must complete and send us a Binding death benefit nomination form available on our website aonmastertrust.com.au. There is no charge to maintain a binding nomination on a member’s account.

A binding nomination is valid for three years from the day after the date of signature and can be renewed, revoked or amended at any time.

For more information see the factsheet Binding death benefit nomination on our website.

Generally, if a member does not hold a binding nomination or the member’s binding nomination is invalid, death benefits are paid according to the terms of the trust deed. See page 34 for more information.

non-binding death benefit nominationMembers can make a non-binding death benefit nomination by completing the relevant section of the Change member details and options form available on our website and sending it to us. A non-binding death benefit nomination is used only as a guide to a member’s wishes on who should receive their death benefit. It is not binding on the trustee.

anti-detriment tax refundsWhere a death benefit payment is made to an individual who was a spouse, former spouse or child of the member, the trustee may calculate an ‘anti-detriment’ amount that will increase the death benefit payment to the eligible dependant or dependants. An ‘anti-detriment’ payment is a refund of contributions tax paid on all contributions made to the Trust by the member since joining the Aon Master Trust or since 1 July 1988, whichever is later, which reduces the death benefit payable.

anti-money laundering rules

member identificationUnder the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (AML/CTF Act) we require a certified copy of a photo ID and a residential address from members before processing a withdrawal, rollover or transfer from the Trust.

Where certified ID is not available the trustee will accept secondary ID documents, a list of which is available in the Superannuation benefit transfer or payment request form on our website.

Please see the factsheet Identification (ID) rules and certification of documents on our website for more information.

compliance obligationsUnder the AML/CTF Act, we may be required to seek more information from members or delay or withhold transactions where we have reasonable grounds to believe they breach the law. Where legally obliged to do so, we may need to disclose the information gathered to the law enforcement or regulatory agencies.

53

socially responsible investmentsThe trustee does not explicitly take labor standards or environmental, social or ethical considerations into account in selecting, retaining or realising investments. Nor are these considerations taken into account when appointing or removing investment managers (except for the Australian Shares – Socially Responsible* option).

* Option available from October 2008.

spouse membership Member spouses can join Aon Master Trust Personal Super, with investment and insurance options as shown in the Aon Master Trust Personal Super PDS. Spouses pay a 0.5% pa asset administration fee, plus any fee negotiated with them or their adviser. Member spouses can send us a completed Personal Super: Member application form available in the Personal Super PDS available from our website (or contact us for a copy) and complete the Spouse membership section.

family law and super benefits After the breakdown of a marriage, super may be split between the parties, regardless of whose account it is held in. Superannuation can be divided by agreement or by order of the Family Court. To help reach an agreement, an eligible person may make an application for information and/or a superannuation valuation by applying to the trustee.

An ‘eligible person’ in this case includes a member of the Trust, their spouse or a person contemplating a superannuation agreement with the member, eg a fiancé. An eligible person does not include those in de facto relationships. The trustee is entitled to charge a reasonable fee for information and/or valuations. If someone other than the member makes the application, we are prevented by legislation from informing the member.

Family law and superannuation can be complex, so we recommend that members and their spouses seek financial and legal advice before considering splitting superannuation assets.

bankruptcy and super benefitsWhere contributions are made to a superannuation fund by a person who has been declared bankrupt in order to defeat creditors, these contributions may be clawed back by the Official Receiver in Bankruptcy.

complaints resolution The Aon Master Trust has a procedure for dealing with member complaints. Complaints should be made in writing by the member to the Inquiries Officer, Aon Master Trust, GPO Box 9819, Sydney NSW 2001. The trustee will consider and respond to your complaint within 90 days (final resolution may take longer than 90 days). The trustee will advise members of any decision within 30 days of the decision being made.

If members are dissatisfied with the decision of the trustee, they may have the right to lodge a complaint with the Superannuation Complaints Tribunal (SCT). The SCT is an independent body that reviews trustee decisions relating to members. Members can contact the SCT by phone on 1300 780 808 or write to Locked Bag 3060, GPO Melbourne Vic 3001.

If the SCT accepts a member’s complaint it will try to resolve it by conciliation. If this is not successful, the SCT may make a binding determination on all parties.

updating this PDS We may update information in this PDS which is not materially adverse to you or your employees by posting the new information on our website aonmastertrust.com.au. We will also provide you or your employees with a hard copy on request.


WhAT TO DO nExT

making financial decisions?If you or your employees would like advice on choosing investment options, deciding on insurance or comparing financial products, call us on 1300 880 588 for more information about financial planning services.

ThE AOn MASTER TRuST OffERS EMPlOYERS A chOicE Of SuPERAnnuATiOn SOluTiOnS. ThE STAnDARD cORPORATE SuPER OPTiOnS DEScRibED in ThiS PDS ARE fOR ORGAniSATiOnS with five employees or over WhO ARE jOininG ThE PlAn. ORGAniSATiOnS WiTh lESS ThAn fivE EMPlOYEES WhO inTEnD jOininG, cAn jOin AOn MASTER TRuST PERSOnAl SuPER.

Super funds with over 500 members or total assets of over $5,000,000 may often have special requirements, including defined benefit options, insurance tailoring and employer contribution matching arrangements. We can provide these services and will prepare a schedule to complement the Employer: Customised Super application form at the back of this PDS – please contact us for more information.

consider joining as an employer If you choose to join Aon Master Trust Corporate

Super, an authorised officer of your company will need to complete an Employer: Application agreement form. Please contact us if you require more information about the options shown.

join your employees You can either:

complete and send us a º New member advice and schedule, available from the forms section of our website (we will enrol your employees in the Trust and send each new member a Change member details and options form to complete and return to us)

OR

ask each of your employees to complete ºa Change member details and options form (unless joining the Aon Master Trust on a ‘successor fund’ transfer). Copies can be provided to members following receipt of your Employer: Application agreement form.

The Change member details and options form is used to obtain personal details, insurance option details, investment option selection and beneficiary nomination.

OR

For successor fund transfers: If your employees are transferring from an existing super fund or another master trust, we can negotiate directly with the outgoing service provider to arrange a successor fund transfer if appropriate. In this case, new application forms may not be required.

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cORPORATE SuPER – EMPlOYER: APPlicATiOn AGREEMEnT DATE iSSuED: 1 julY 2008

Aon Master Trust ABN 68 964 712 340, RSE R1000566 Trustee: Aon Superannuation Pty Limited ABN 83 057 982 822, AFSL 237465, RSE L0000437

EMPlOYER DETAilSPreferred plan name

Employer name

ABN

Street address

Suburb State Postcode

If your postal address is different from your registered address, please provide details below.

Postal address


Title Contact name

Position

Email

Telephone Facsimile

Plan commencement date

Employer: Application agreementUse this form to apply to join Aon Master Trust Corporate Super as a participating employer, if you have five or more employees who will be joining the Plan. Employers with less than five employees should direct their employees to join Aon Master Trust Personal Super.If you have any questions, call us on 1300 880 588.

cORPORATE SuPERAOn MASTER TRuST

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cATEGORiES AnD cOnTRibuTiOnSYou can specify up to five categories and contribution designs – eg senior managers, staff, casuals etc. Categories B, C, D and E are only required if contributions or benefits differ between categories. Please contact us if you require more than five categories.

category ADescription/contributions

When are employees eligible to join this category?

category b (optional)Description/contributions


category c (optional)Description/contributions


category D (optional)Description/contributions


category E (optional)Description/contributions


invESTMEnTSEach member may choose an investment strategy from the options described in the Aon Master Trust Corporate Super – Employer Guide Product Disclosure Statement. The default option is Pre-mixed Balanced – Index. Please indicate your choice below if you wish to nominate another option.

Nominated default investment option:

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RESiGnATiOn AnD RETiREMEnT bEnEfiTSEquals total account balance.

DEATh-OnlY OR DEATh AnD TPD inSuRAncEPlease complete applicable categories below indicating the basis of insured benefits (1A, 2C or 3E). If an option is not selected, the minimum level of death and TPD insurance will apply.

Regardless of the formula selected, if the formula results in a sum insured for your members which is less than the minimum level of death and TPD cover, then the minimum level of death and TPD cover will apply.

basis of insured benefitsSelect one option per category.

The insured benefit in addition to total account balance, is calculated as:

1A = (Variable) x annual salary x future service (years and complete months) to age 65 2C = (Variable) x annual salary 3E = (Variable) (fixed dollar amount)

category A

1. Please tick one option.

Death-only

Death and TPD

2. Choose basis of insured benefits (1A, 2C or 3E)

3. Variable $

category b (optional)


Death-only

Death and TPD


3. Variable $

category c (optional)


Death-only

Death and TPD


3. Variable $

category D (optional)


Death-only

Death and TPD


3. Variable $

category E (optional)


Death-only

Death and TPD


3. Variable $

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incOME PROTEcTiOn inSuRAncEIncome protection insurance of 75% of taxable salary payable up to selected benefit period, as selected below, is to apply to the following categories:

Category A yes no

Category B yes no

Category C yes no

Category D yes no

Category E yes no

The income protection waiting period can be one of the following: (please tick one)

30 days 60 days 90 days

The minimum benefit period can be one of the following: (please tick one)

up to two years up to five years to age 65

AuTOMATic AccEPTAncE liMiT EliGibiliTYAn Automatic Acceptance Limit (AAL) is only available where 75% or more of your eligible employees have insurance cover through the Aon Master Trust. (Select the box that applies to the number of eligible employees you have.)

Death and TPDDefault minimum death and TPD cover of $210,000 applies to plans with 5–9 employees.

income protection

number of employees AAl (per month) number of employees AAl (per month)

10–19 $300,000 5–9 Nil

20–49 $400,000 10–19 $4,000

50–99 $550,000 20–49 $5,000

100–199 $650,000 50–99 $6,000

200–249 $750,000 100–499 $8,000

250–499 $800,000 500–999 $10,000

500–999 $900,000 1,000+ $12,000

1,000+ $1,100,000

fEESFees must be within the trustee’s minimum and maximum prescribed amounts. Fees applying to the Plan are as follows:

Member fee $63 pa PluS

Asset administration fee (0%-1.1%) %

Asset based commission included in above (0%-0.6%) %

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Insurance brokerage rate (0%-30%) %

Percentage of insurance brokerage as commission to adviser (0%-70%) %

Death-only, death and TPD and income protection premiums that differ from the standard rates shown in this Product Disclosure Statement will be shown in an attached schedule.

cOSTSWill the employer pay administration and/or insurance costs in addition to the contributions listed in section 2?*

Member fee yes no

Asset administration fee yes no

Death-only and death and TPD insurance premium yes no

Income protection insurance premium yes no

* additional contributions paid by employers for the payment of fees and/or premiums will count towards members’ contributions reported to the Australian Taxation Office.

POlicY cOMMiTTEEIs a policy committee to be established? yes no

If yes, please provide representatives’ names if known (equal numbers of employer and member representatives are required on a policy committee).

Employer representatives

Member representatives

PRivAcY

Personal informationThe personal information that the Aon Master Trust collects is used to process your application, administer your account and provide you with benefits and options and conduct research about how to improve Aon Master Trust services and products.

Unless required or authorised by law, we will only provide your personal information to authorised service providers and other Aon companies who use the information to administer your account and provide services to you.

Marketing materialThe Aon Master Trust may send marketing material to members and participating employers about exclusive offers and promotions.

If you do not want to receive this material please cross this box

For more information about privacy, including a copy of the Aon Master Trust privacy policy, call us on 1300 880 588 or visit aonmastertrust.com.au.

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Send your completed form to: Aon Master Trust, GPO Box 9819, Sydney NSW 2001

DEclARATiOn AnD AGREEMEnTTo Aon Superannuation Pty Limited, trustee of the Aon Master Trust:

the employer applies to participate in the Trust º

the employer intends to join five or more employees as members of the Aon Master Trust º

the employer acknowledges that it has received and understood the º Aon Master Trust Corporate Super – Employer Guide Product Disclosure Statement dated 1 July 2008

in consideration of being admitted to participate in the Trust the employer agrees with the trustee and with each of the members to observe and ºperform each of the relevant provisions of the trust deed and this agreement

I/we consent to the fee outlined to be paid to the adviser I/we have nominated, if any. º

for use when the employer is a companyThe common seal of the employer was affixed in the presence of:

Director/secretary 1 signature Director/secretary 2 signature

Common seal Date

for use when the employer is a sole trader/partnershipSigned By Date

Print name

Signature of witness Date

Name of witness

ADviSER DETAilS – ADviSER TO cOMPlETE (OPTiOnAl)If you have appointed a financial adviser who has negotiated with the product issuer on your behalf, to obtain Plan information and receive remuneration your adviser must complete this section.

Adviser code Adviser name

Adviser dealer group Telephone

Postal address


Adviser’s signature Date

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cORPORATE SuPER – EMPlOYER: cuSTOMiSED SuPER APPlicATiOn AGREEMEnT DATE iSSuED: 1 julY 2008


EMPlOYER DETAilSPreferred plan name

Employer name

ABN

Street address


If your postal address is different from your residential address, please provide details below.

Postal address


Title Contact name

Position

Email

Telephone Facsimile

Plan commencement date

cATEGORiES AnD cOnTRibuTiOnSRefer to attached schedule.

invESTMEnTSRefer to attached schedule.

Employer: customised super application agreementUse this form to apply to join Aon Master Trust Customised Corporate Super as a participating employer if you have five or more employees joining the Plan after discussing your customised requirements with us. Employers with less than five employees should direct their employees to join Aon Master Trust Personal Super. Attached schedules may vary conditions described in the Product Disclosure Statement.If you have any questions, call us on 1300 880 588.

cORPORATE SuPERAOn MASTER TRuST

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RESiGnATiOn AnD RETiREMEnT bEnEfiTSRefer to attached schedule.

DEATh-OnlY OR DEATh AnD TPD inSuRAncERefer to attached schedule.

incOME PROTEcTiOn inSuRAncERefer to attached schedule.

AuTOMATic AccEPTAncE liMiT EliGibiliTYRefer to attached schedule.

fEESRefer to attached schedule.

POlicY cOMMiTTEEIs a policy committee to be established? yes no

PRivAcY

Personal informationThe personal information that the Aon Master Trust collects is used to process your application, administer your account and provide you with benefits and options and conduct research about how to improve Aon Master Trust services and products.

Unless required or authorised by law, we will only provide your personal information to authorised service providers and other Aon companies who use the information to administer your account and provide services to you.

Marketing materialThe Aon Master Trust may send marketing material to members and participating employers about exclusive offers and promotions.

If you do not want to receive this material please cross this box

For more information about privacy, including a copy of the Aon Master Trust privacy policy, call us on 1300 880 588 or visit aonmastertrust.com.au.

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Send your completed form to: Aon Master Trust, GPO Box 9819, Sydney NSW 2001

DEclARATiOn AnD AGREEMEnTTo Aon Superannuation Pty Limited, trustee of the Aon Master Trust:

the employer applies to participate in the Trust º

the employer intends to join five or more employees as members of the Aon Master Trust º

the employer acknowledges that it has received and understood the º Aon Master Trust Corporate Super – Employer Guide Product Disclosure Statement dated 1 July 2008

in consideration of being admitted to participate in the Trust the employer agrees with the trustee and with each of the members to observe and ºperform each of the relevant provisions of the trust deed and this agreement

I/we consent to the fee outlined to be paid to the adviser I/we have nominated. º

The employer has received and approved the benefit design as outlined in the attached schedule. º

for use when the employer is a companyThe common seal of the employer was affixed in the presence of:

Director/secretary 1 signature Director/secretary 2 signature

Common seal Date

for use when the employer is a sole trader/partnershipSigned By Date

Print name

Signature of witness Date

Name of witness

ADviSER DETAilS – ADviSER TO cOMPlETE (OPTiOnAl)If you have appointed a financial adviser who has negotiated with the product issuer on your behalf, to obtain Plan information and receive remuneration your adviser must complete this section.

Adviser code Adviser name

Adviser dealer group Telephone

Postal address


Adviser’s signature Date

This page has been left blank intentionally.

Trustee: Aon Superannuation Pty Limited

Aon has always valued the privacy of personal information. If you would like a copy of our Privacy Policy, you can contact us or access it from our website at www.aon.com.au.

email [email protected]

1 July 2008

To whom it may concern

AON MASTER TRUST – CORPORATE SUPER COMPLIANCE ADVICE

This letter confirms that Aon Master Trust – Corporate Super, is part of the Aon Master Trust (‘the Trust’) (ABN 68 964 712 340, RSE R1000566). It is a complying, resident regulated superannuation fund as defined under Section 10(1) of the Superannuation Industry (Supervision) Act 1993. The trustee of the Aon Master Trust is Aon Superannuation Pty Limited (ABN 83 057 982 822, AFSL 237465, RSE L0000437).

The Aon Master Trust was established by a trust deed dated 25 June 1990 and is able to accept contributions from employers, members and spouses, government co-contributions and rollovers/transfers from other complying funds.

In the event that the Fund’s complying status is revoked the trustee would receive notice to that effect under section 63 of the Superannuation Industry (Supervision) Act 1993. The trustee confirms that it has not received nor does it expect to receive any such notice.

Yours sincerely

Jennifer Dean Fund Secretary

For and on behalf of the trustee of the Aon Master Trust, Aon Superannuation Pty Limited

Superannuation Fund Numbers (SFNs) are no longer used and the relevant identifiers for the Trust are given below.

ABN: 68 964 712 340 SPIN: AON0201AU

This page has been left blank intentionally.

65

DiREcTORY

relationship between the trustee and some service providers to the Trust The administrator, Aon Consulting Pty Limited, owns all shares in the trustee, Aon Superannuation Pty Limited. Aon Corporation Inc. is the ultimate owner of Aon Consulting Pty Limited.

Aon Consulting Pty Limited is paid fees for its services to Aon Master Trust Corporate Super. These services include administration, investment and general consulting and form part of the management fees described on page 45.

The trustee undertakes that it will not deal with service providers who are associates of the trustee more favourably than it would deal with any other independent service providers.

The trustee advises that under the law, where the trustee invests, it must deal with the other party to the investment transaction at arm’s length or on arm’s length terms.

Aon Master Trust Aon Master Trust GPO Box 9819 Sydney NSW 2001 Phone 1300 880 588 Fax 1800 010 435 ABN 68 964 712 340 RSE R1000566

Administrator Aon Consulting Pty Limited ABN 48 002 288 646 AFSL 236667

Trustee Aon Superannuation Pty Limited ABN 83 057 982 822 AFSL 237465 RSE L0000437

custodian services BNP Paribas Funds Services Australasia Pty Ltd ABN 71 002 655 674 AFSL 241080

insurer American International Assurance Company (Australia) Limited, trading as AIG Life ABN 79 004 837 861 AFSL 230043

Eligible Rollover fund Aon Eligible Rollover Fund GPO Box 9819 Sydney NSW 2001 Phone: 1300 880 588 Fax: 1800 010 435 ABN 54 338 733 881 RSE R1000573

67

ACON284A 0708

© 2008 This work is copyright. Apart from any use permitted under the Copyright Act 1968, no part may be reproduced by any process nor may any other exclusive right be exercised without the permission of Aon Consulting Pty Limited.

aonmastertrust.com.au

Administrator Aon Consulting Pty Limited

Aon Master Trust GPO Box 9819 Sydney NSW 2001 phone 1300 880 588 fax 1800 010 435 [email protected] aonmastertrust.com.au

™ is a registered trademark of Aon Consulting Pty Limited.

is an employee benefits program owned and administered by Aon Consulting Pty Limited.

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