warning on the use of this guide - willis …warning on the use of this guide the core benefits...

WARNING ON THE USE OF THIS GUIDE The core benefits described in this Guide are generally correct. However, the Guide is not being updated for changes to taxes, superannuation laws, fees, investments or asset allocations, nor for any changes to the Fund’s insurance policies.

For information about how tax and superannuation law changes affect your benefits, you should seek advice from a licensed financial adviser. For the latest information about the Fund, call the Jamestrong Super Helpline on 1800 253 134.

The Fund’s latest Annual Report includes up-to-date information on the Fund’s investment options. All documents are available from the website http://jamestrongsuper.com.au or by calling the Helpline.

Superannuation can be complex. So before making any important decisions about your super, we recommend you first discuss your personal situation with a licensed financial adviser. You can find licensed advisers by contacting the Financial Planning Association of Australia on 1300 626 393 or visiting their website at www.fpa.com.au. Information on seeking financial advice and tips on choosing a financial adviser are provided on the Australian Securities & Investments Commission’s website at www.moneysmart.gov.au.

Impress Australia Superannuation Fund

Guide to Your Super

Benefits Plan Section (Category CB)

Inside… Impress Super at a glance 4 Putting your super to work 5 Contributory members 8 Key super terms 11 Non-Contributory members 12 Additional features and benefits for all members 14 Changing between Contributory and Non-Contributory membership 21 Investing your super 22 Taxes, fees and your super 34 Connecting you with your super 41 How Impress Super is managed 46 Who to contact 48 Super Choices Form for Benefits Plan (Category CB) Members

Product Disclosure Statement This booklet, Guide to Your Super, is the Product Disclosure Statement (PDS) for Category CB of the Benefits Plan Section of the Impress Australia Superannuation Fund.

This PDS describes the main features and benefits provided by the Fund, based on the Trust Deed (the legal document that governs the Fund). If there are any differences between the information provided in this PDS and the Trust Deed, then the Trust Deed is the final authority.

The information provided is general information only and does not take into account your particular objectives, financial circumstances or needs. It is not personal or tax advice. You should consider obtaining professional advice about your particular circumstances before making any financial or investment decisions based on the information contained in this document.

Information contained in this booklet that is not materially adverse may be updated if it changes. Updated information can be found on, and/or downloaded from, the Fund’s MySuper website at www.impresssuper.com.au. A hard copy will also be provided free of charge on request by contacting the Impress Super Helpline on 1800 253 154.

Issued on 1 November 2007 by Watson Wyatt Superannuation Pty Ltd (ABN 56 098 527 256, Australian Financial Services Licence No. 236049, RSE Licence No. L0000185), as Trustee for the Impress Australia Superannuation Fund (ABN 65 546 653 068, RSE Registration No. R1071450).

Guide to Your Super: Benefits Plan Section (Category CB) 3

About this Section of the Fund The Impress Australia Superannuation Fund (“Impress Super”) is managed by Watson Wyatt Superannuation Pty Ltd for employees of Impress Australia Pty Limited.

The Fund offers two main styles of superannuation – defined benefit and accumulation-style super.

This Guide has been prepared to help you understand your benefits and conditions of membership of Category CB in the Fund’s Benefits Plan Section. You are a member of the Benefits Plan (Category CB) Section if, prior to joining Impress Super, you were a Category CB member of the Benefits Plan Section of the Amcor Superannuation Fund. Permanent employees can choose whether to be Contributory (see page 21) or Non-Contributory members at 1 July each year. All other employees who are members of this Section are Non-Contributory members.

There are different benefits for Contributory and Non-Contributory members. Contributory members receive defined benefits, while Non-Contributory members receive accumulation benefits.

If you decide to change from Contributory to Non-Contributory membership or vice versa, your benefits will be based on the period of time that you were a Contributory or Non-Contributory member. See page 21 for further information.

The Benefits Plan Section is closed to new members.


Impress Super at a glance The choices you make for your super now will impact on how much you have to live on and the quality of your lifestyle when you eventually want to access your benefit. However, your personal situation and what you want from your super fund is likely to be very different to those of your working colleagues, even someone who works right alongside you. That’s why Impress Super provides a range of choices for contributions, investments and insurance. A summary of the Fund’s features and benefits is shown in the table below.

Contributions • Employer contributions to super on your behalf (see page 8 or 12, depending on whether you are a Contributory or Non-Contributory member).

• Make personal voluntary contributions to super from your before-tax1 (by salary sacrifice) or after-tax salary and change your contribution rate twice each year. (Note: If you are a Contributory member, any personal voluntary contributions you make are in addition to your compulsory member contributions.)

• Roll over super from other funds into Impress Super at any time at no cost to you.

• Split your own eligible before-tax contributions to super with your spouse.

Investment choice • Invest your personal voluntary contributions and rollovers in one or a combination of two of the Fund’s five investment options – Assertive Plus, Assertive, Active Balanced, Conservative or Cash.

• If you want to, invest your existing account balance and your future contributions in different ways.

Your benefits • Receive a benefit on:

○ Leaving service.

○ Death.

○ Total and Permanent Disablement (TPD).

○ Total and Temporary Disablement (TTD) or optional Salary Continuance.

Insurance cover • Death Cover.

• TPD Cover.

• Additional Voluntary Cover.

• TTD or optional Salary Continuance Cover2.

Options for your Death Benefit

• Choose either a binding or non-binding nomination for your Death Benefit.

Your choices on leaving

• Leave your super invested in the Fund (in your chosen investment option) on leaving your employer3.


Accessing your super

• On retirement, take a cash lump sum or roll over your benefit into an Impress Super Allocated Pension.

• Access your super on reaching your preservation age by rolling over your benefit into an Impress Super Allocated Pension under the “transition to retirement” laws – see page 44.

1 Subject to Company approval. 2 To be eligible for Salary Continuance Cover, you need to be a permanent full-time employee, or part-time employee who works more than 15 hours per week, and have TPD Cover through the Fund. Cover is not available to casual employees, part-time employees who work less than 15 hours per week or members with out TPD Cover in the Fund. 3 Provided you have $2,000 or more in your account.

Putting your super to work Your super may well be your most important financial asset. After all, it will probably be your main source of income in retirement. So taking an active interest in growing your super during your working years makes sense.

To put your super to work, begin by taking the time to:

• Learn how your super works;

• Understand what you want from your super by looking at your personal situation and identifying your specific needs; and

• Match your needs to the many flexible features and benefits that Impress Super provides to financially protect yourself and your family, and grow your super.

If you need help, speak to a licensed financial adviser. See page 7 to find out how.

Once you’ve been through this process, you’ll be better placed to make informed choices and put your super to work for a better financial future.

This Guide explains the important things you should know about your super. It explains how your super works, your benefits in the Fund, your insurance options and your choices for investing your personal voluntary contributions (if any). It also tells you the taxes and fees that may apply to your super, how to stay in touch with the Fund and how your super is performing.

Your accounts in the Fund As a member of the Benefit Plan (Category CB) Section, part or all of your super may be held in several accounts in your name within the Fund. The accounts you have will depend on whether you are a Contributory or Non-Contributory member, as well as the choices you have made for your super. For example:

• if you make personal voluntary contributions to the Fund, you will have a Voluntary Account;

• if you have rolled over amounts into Impress Super from other super funds, you will have a Rollover Account;

• if you were classified as a ‘high income earner’ prior to 1 July 2005 and were subject to the superannuation surcharge, you will have a Surcharge Account;

and so on.

The accounts containing your accumulation-style super benefits, such as your Voluntary Account and Rollover Account, are referred to in this PDS as your Additional Accounts.


Your Benefit Statement (sent to you after 30 June each year) will show you the balance of all your accounts in the Fund.

Choice of Fund and portability Under the “Choice of Fund” laws, you are able to choose a complying super fund other than Impress Super for your employer’s contributions at any time. You can also choose to transfer part or all of your benefit to another complying super fund – this is known as a “portability transfer”. However, if you choose another fund, or if you transfer any part of your benefit other than your Additional Accounts (see page 5 for information on your accounts in Impress Super) to another fund, you will no longer be eligible for defined benefits. Your benefit will be calculated up to the end of the period for which contributions were paid, as if you had ceased employment on that date. It will then be transferred to Impress Super’s Retained Benefits Section and be invested in the Active Balanced investment option until you provide alternate instructions to the Fund Administrator.

You will not be able to return to the Benefits Plan Section of Impress Super if you later change your mind. This means that you will lose the option to transfer between Contributory (see page 21) and Non-Contributory membership each year, and you will no longer have access to other features of the Benefits Plan (Category CB) Section, such as the Children’s Pension.

Choosing another super fund also has other implications for your benefits:

• Your insurance cover for death and disablement (including any Additional Voluntary Cover and Salary Continuance Cover) through the Fund will cease. You will need to make your own insurance arrangements, at your own cost, through your new fund or take out your own personal insurance cover. The level of cover and/or terms and conditions provided under a personal policy may not match those provided by your cover in Impress Super.

• If you later return to Impress Super as a member of the Accumulation Section, you will not automatically be provided with insurance cover and will have to provide evidence of good health and be assessed and accepted by the Insurer before any cover commences.

• The fees charged by another fund may be different to those that apply in Impress Super.

• If you wish to make a partial “portability transfer” to another fund, you must retain a minimum balance of $2,000 in Impress Super.

For more information about Choice of Fund and portability, call the Impress Super Helpline on 1800 253 154.

The risks of membership Like any superannuation fund, there are certain risks associated with membership of Impress Super. These are investment and non-investment risk, and insurance risk. For information on investment and insurance risk, see pages 23 and 19 respectively.

Some of the non-investment risks associated with joining Impress Super are common to all superannuation funds, including the risk that:

• The employer may cease making contributions to the Fund, or wind up the Fund, in the future. The Trust Deed determines how the Trustee must react if this happens.

• Impress Super may lose its compliance status and, as a result, its tax concessions. The Trustee manages this risk by ensuring that the Fund is administered professionally, and that it operates in accordance with the requirements of the Trust Deed and law.

• Changes to superannuation law may affect a member’s ability to access their super benefits.

• Changes to the taxation of super may affect the value of a member’s super benefits.


Getting financial advice If you need advice about your super, the Impress Super Trustee recommends that you speak to a licensed financial adviser.

The Fund’s Consultant and Actuary, Watson Wyatt Australia Pty Ltd, has arrangements in place to offer Fund members financial planning services through qualified financial planners. Watson Wyatt has financial planners in its Melbourne office. In Sydney, Watson Wyatt has engaged ipac securities limited (ABN 30 008 587 595) to provide financial planning services. You can take advantage of these arrangements at any time, including when you leave the Fund. To speak with a licensed financial adviser from Watson Wyatt in Melbourne, contact Susan Rio on (03) 9655 5222. Alternatively, to speak with a licensed financial adviser from ipac in Sydney, contact ipac on 1800 080 494.

If you live outside Melbourne or Sydney and wish to find a licensed adviser in your area, the Financial Planning Association (FPA) can refer you to a licensed financial adviser in your area. Call them on 1800 337 301 or visit the FPA’s website at www.fpa.asn.au.

If you’re unsure of what to look for in a financial adviser, here are some tips to help you find one:

• Deal only with professional financial advisers and planners who hold an Australian Financial Services Licence (AFSL), which is provided by ASIC, the Government regulator. You can check if an adviser is licensed, at no cost, by visiting ASIC’s consumer website, FIDO (www.fido.gov.au), or by phoning ASIC’s Infoline on 1300 300 630.

• Speak to a few financial advisers from different firms and ask each one to send you their Financial Services Guide, which they must produce by law. Check if the services offered suit your needs.

• Ask about the financial adviser’s experience and qualifications.

• Ask what the advice will cost. Do they charge a flat fee for service or rely on commissions from the products you invest in?

• Find out whether there are any restrictions on the products that the financial adviser can recommend.


Contributory members Your contribution choices Employer contributions to super Your employer makes contributions to Impress Super to provide you with defined benefits. These contributions also cover the cost of administration and insurance (other than Additional Voluntary Cover and optional Salary Continuance Cover).

Employer contributions vary according to the anticipated financial demands on the Fund. The Fund’s actuary undertakes a review of the Fund every three years and determines the amount the Company must contribute in order to keep the Fund financially secure. The benefits provided comply with the Superannuation Guarantee requirements. See below for more information about the contributions your employer makes to your super.

Compulsory member contributions As a Contributory member, you can choose to contribute either 5.0% of your superannuation salary (see page 11) as an after-tax contribution, or 5.88% on a before-tax basis (i.e. by salary sacrifice), provided this is not contrary to the Award or agreement that covers your employment. Contributions are calculated on your base salary as at 1 July each year and do not change for the next 12 months regardless of any salary adjustments during this time.

Personal voluntary contributions As well as compulsory member contributions, you have the option of making personal voluntary contributions to your super, either from your before-tax (i.e. by salary sacrifice) or after-tax salary. See page 14 for more information.

“Notional” employer contribution The Government has established limits which determine how much you can contribute to super at concessionally taxed rates (see pages 34 and 35 for more information). A “notional” amount must be determined each year to reflect the cost of the contributions your employer makes to provide you with your defined benefits. This “notional” contribution, along with any before-tax member contributions you make (see below), count towards your $50,000 p.a. concessional contributions cap. A higher cap of $100,000 p.a. applies to each tax year until July 2012 for members who reach age 50 during that period. Your “notional” contribution is determined by the Fund’s actuary using a formula set by the Government. This “notional” contribution is only used for the purpose of the contributions cap and is not necessarily the actual amount paid by the Company to the Fund. If your “notional” contribution is greater than the concessional contributions cap the law provides that, in certain circumstances, you may be entitled to have your “notional” contribution deemed equal to the cap. If this applies to you, you will not pay excess contributions tax on your notional contribution, although any voluntary salary sacrifice contributions you make will cause you to exceed the cap and you will have to pay excess tax on those contributions.


However, if you change from Contributory to Non-Contributory membership (see page 21) or vice versa at any time in the future, then this advantage will no longer apply. Other conditions may also apply. Contact the Impress Super Helpline on 1800 253 154 for more information.


Your benefits in the Fund Impress Super will pay you a benefit on:

• Leaving service;

• Death;

• Total and Permanent Disablement (TPD); or

• Total and Temporary Disablement.

Your Leaving Service Benefit If you leave your employer before age 65 for any reason other than death or disablement, your benefit is calculated as:

17.5% X period of Contributory membership X Final Average Salary X Age Factor This benefit is paid in addition to your Additional Accounts (see page 5), less the balance of your Surcharge Account. For a definition of the key terms used in this formula, see page 11.

This benefit is always subject to a minimum as required under the Superannuation Guarantee legislation. Your benefit may also be subject to one or more other minimum amounts depending on your category of membership in the Containers Packaging Superannuation Benefits Plan prior to joining the Amcor Superannuation Fund. The Benefit Statement you receive from Impress Super each year (after 30 June) will set out the additional amount payable to you if a minimum benefit, including the Superannuation Guarantee minimum, applies. If you would like any further information regarding the calculation of your benefits, contact the Impress Super Helpline on 1800 253 154.

If you leave your employer for any reason on or after age 65, your benefit will be equal to your leaving service benefit at age 65, as calculated above, together with any contributions made by you or your employer after age 65 and investment earnings on those amounts up to the date your benefit is paid.

Here’s an example…

Graeme joined the Containers Packaging Superannuation Benefits Plan after 1 July 1995 at age 27 (before moving to the Amcor Superannuation Fund and then to Impress Super). He leaves his employment at age 49, having always been a Contributory member. Graeme’s Final Average Salary is $50,000 and he does not have any Additional Accounts or a Surcharge Account. At age 49, his Age Factor is equal to 94%. No minimum benefits apply.

Graeme’s leaving service benefit would be equal to:

17.5% X 22 years X $50,000 X 94% = $180,950 If Graeme’s category of membership provided a minimum benefit greater than this amount, or if his Superannuation Guarantee minimum was greater than this amount, he would receive the higher benefit.

Your Benefit on Death or Total and Permanent Disablement If you die or become totally and permanently disabled before age 65 while employed* by your employer and a member of the Benefits Plan (Category CB) Section of Impress Super, you or your dependants may be entitled to a benefit. The amount of this benefit depends on your age when you die or become totally and permanently disabled. If this happens:

• On or after age 65, you or your dependants may receive a lump sum benefit calculated as if you had left service on the date you died or became totally and permanently disabled. See page 13 for details of this benefit.


• Before age 65, you or your dependants may receive a lump sum benefit equal to the benefit that would have applied if you had retired on your 65th birthday, but calculated using your base salary (instead of your Final Average Salary) at the date you died or became totally and permanently disabled. Your Additional Accounts, less your Surcharge Account, would be paid in addition to this benefit.

* Note: Permanent employees working less than 15 hours per week are only eligible for Death Cover.

Example… Continuing our previous example, if Graeme had reached age 65, he would have completed 38 years of membership. If he had died at age 42 with a superannuation salary (see page 11) of $45,000, his Death Benefit would have been equal to:

17.5% X 38 years X $45,000 = $299,250

If you die on or after age 65, while employed by your employer and a member of the Benefits Plan (Category CB) Section, a benefit will be payable to your nominated dependants or your estate equal to the amount that would have been payable to you had you retired on the date that you died or became totally and permanently disabled.

What total and permanent disablement means You will be considered to be totally and permanently disabled if:

• you have been absent from work due to sickness or injury for at least six consecutive months, and

• the Fund’s Insurer and Trustee are satisfied that, after considering all relevant medical opinions and advice, you are unlikely to ever be able to engage in your own occupation or any other occupation for which you are reasonably suited by education, training or experience.

The lump sum TPD Benefit will be payable immediately if you suffer the total and permanent loss of use of two hands, two feet, one hand and one foot, the sight of both eyes, one hand and the sight of one eye, or one foot and the sight of one eye. In this case, part or all of the benefit may be required to be preserved.

Children’s Pension Benefit If you die or become totally and permanently disabled before age 65, a pension may also be payable to up to four of your children who have not reached age 20. This benefit is payable in addition to the lump sum benefit described in the previous section. It is payable until the earlier of:

• The child’s 20th birthday;

• The date you reach (or would have reached) your 65th birthday; or

• The date you are no longer deemed to be totally and permanently disabled.

The benefit is equal to the total of:

• 20% of your Prospective Final Average Salary for your youngest child; plus

• 15% of your Prospective Final Average Salary for each other child;

subject to a maximum total benefit of 65% of your Prospective Final Average Salary.


Your Temporary Total Disablement Benefit If you are a Contributory member and a permanent employee who works at least 15 hours per week, you are covered for Temporary Total Disablement to provide you and your family with extra financial protection if you are temporarily ill or injured and cannot work. See page 16 for more information.

Optional Salary Continuance Benefit If you are a permanent employee working at least 15 hours per week, you have the option of purchasing Salary Continuance Cover in the Fund. This benefit works in a similar way to the Temporary Total Disablement Benefit, however, if you take out optional Salary Continuance Cover:

• You will have a choice of waiting periods (i.e. the period from when you leave work because of disablement to when you can make a claim); and

• You may be eligible for a higher benefit (depending on your salary and TPD benefit).

However, the premium for optional Salary Continuance Cover will be at cost to you and you will also need to complete and submit a Personal Statement about your health to the Insurer before the cover will commence. See page 18 for more information on optional Salary Continuance Cover and how to apply.

Key super terms • Your Age Factor is different for service before and after 1 July 1995. For that part of your benefit

relating to your service up to 30 June 1995, it is equal to 70% plus 1.5% for each year (with complete months counting proportionately) after age 35. The maximum age factor is 100% at age 55 or later. For your benefit relating to service after 30 June 1995, it is equal to 80% plus 1% for each year (with complete months counting proportionately) after age 35. The maximum age factor is 100% at age 55 or later. Some sample age factors are set out in the table below:

Age Service up to 30 June 1995

Service after 30 June 1995

Up to 35 70% 80%

40 77.5% 85%

45 85% 90%

50 92.5% 95%

55 or over 100% 100%

• Final Average Salary is the average of your three highest consecutive superannuation salaries at1 July in the last five years before you leave employment.

• Prospective Final Average Salary is equal to your Final Average Salary that would have applied at age 65, assuming that your superannuation salary (see below) remained unchanged from the date of your death or disability to age 65. If you are under age 62 at the date of your death or disability, then your Prospective Final Average Salary will be equal to your superannuation salary.

• Contributory Membership is the period of your membership during which you make compulsory member contributions to super. It is measured in years and complete months.

• Superannuation salary means your salary before any deductions for superannuation are made. It excludes allowances, overtime, commissions, bonuses and other special payments.


Non-Contributory members Your contribution choices Employer contributions to super For each year that you choose Non-Contributory membership, your employer will contribute the amount required under the Superannuation Guarantee (SG), equal to 9% of Ordinary Time Earnings*, to your super. This amount will accumulate in an account in your name in the Fund. The earnings of your chosen investment option (see page 22 for more information on the Fund’s investment options) will be applied to your account (net of investment fees and tax). Investment earnings may be positive or negative from time to time. * Ordinary Time Earnings is generally your salary or pay for ordinary hours worked, excluding overtime. While it includes payments such as commissions and bonuses, it excludes payments such as a Christmas bonus or the reimbursement of out-of-pocket expenses.

Compulsory member contributions As a Non-Contributory member, you are not required to make compulsory member contributions.

Personal voluntary contributions If you wish, you have the option of making personal voluntary contributions to your super, either from your before-tax (i.e. by salary sacrifice) or after-tax salary. See page 14 for more information.

Your benefits in the Fund Impress Super will pay you a benefit on:

• Leaving service;

• Death;

• Total and Permanent Disablement (TPD); or

• Total and Temporary Disablement.

Your Leaving Service Benefit Your benefit on leaving service for any reason will be equal to the balance of your accounts in the Fund.

Your Death or TPD Benefit Impress Super offers Non-Contributory members optional cover for Death and TPD. Casual employees and permanent employees working less than 15 hours per week are not eligible for disablement cover. See page 13 for more information about this benefit.

Your account balance would be paid in addition to any insurance benefit if you died or became totally and permanently disabled while a Non-Contributory member.

Your Temporary Total Disablement Benefit Non-Contributory members who are permanent employees and working at least 15 hours per week are covered for Temporary Total Disablement. This benefit will provide you and your family with extra financial protection if you are temporarily ill or injured and cannot work. See page 16 for more information.


Optional Salary Continuance Benefit If you are a permanent employee working at least 15 hours per week, you have the option to take out Salary Continuance Cover in the Fund. This benefit works in a similar way to the Temporary Total Disablement Benefit, however, if you take out optional Salary Continuance Cover:

• You will have a choice of waiting periods (i.e. the period from when you leave work because of disablement to when you can make a claim); and

• You may be eligible for a higher benefit (depending on your salary and TPD benefit).

However, the premium for optional Salary Continuance Cover will be at cost to you. You will also need to complete and submit a Personal Statement about your health to the Insurer before the cover will commence. See page 18 for more information on optional Salary Continuance Cover and how to apply.

Your insurance cover

The premium for your Death and TPD Cover will depend on your age and the level of cover you have chosen. You may choose one or two units of cover, or no cover. Each unit costs $1 per week for Death and Total and Permanent Disablement Cover, or 50 cents per week for Death Only Cover, for the amount of insurance cover shown below. These amounts provide insurance cover for Death and Total and Permanent Disablement up to age 60. After age 60, Death Only Cover is available. Death and Total and Permanent Disablement Cover

Age at next birthday* One unit of cover Two units of cover Up to 35 $40,800 $81,600 36 to 40 $35,700 $71,400 41 to 45 $30,600 $61,200 46 to 50 $25,500 $51,000 51 to 55 $20,400 $40,800 56 $18,100 $36,200 57 $16,200 $32,400 58 $14,500 $29,000 59 $12,600 $25,200 60 $10,800 $21,600

Death Only Cover Age at next birthday* One unit of cover Two units of cover

61 $9,100 $18,200 62 $7,200 $14,400 63 $5,400 $10,800 64 $3,600 $7,200 65 $1,800 $3,600

* Note: The age scale refers to your age next birthday at 1 July.

Here’s an example…


Sam turns age 59 in January. At the following 1 July, Sam’s age next birthday is 60, so his level of Death and Total and Permanent Disablement Cover is either $10,800 if he chooses one unit of cover for a premium of $1 per week or $21,600 if he chooses two units of cover and pays $2 per week.


Additional features and benefits for all members Your contribution choices Personal voluntary contributions As a member, you have the option of making personal voluntary contributions to your super from either your before-tax salary (by salary sacrifice) subject to employer approval, or after-tax salary. If you are a Contributory member, these contributions will be in addition to your compulsory member contributions. What’s best for you depends on your personal circumstances. Speak to a licensed financial adviser if you need help in making your decision (see page 7).

If you make personal voluntary contributions, you will have the opportunity to choose how these contributions are invested by choosing one or more of five investment options offered by the Fund. See page 22 for more information.

The level of personal voluntary contributions you make can be changed twice each year – at 1 January or 1 July.

On leaving the Fund, or on your death or total and permanent disablement, any personal voluntary contributions you have made (plus/minus investment earnings, and less fees and taxes) will be payable to you in addition to any other benefit you receive from the Fund.

Any contributions you make are subject to contribution caps set by the Government (see pages 34 and 35).

To make personal voluntary contributions to your super, or change the amount you currently contribute, complete the relevant section of the Super Choices Form for Benefits Plan (Category CB) Members. This form is available from the MySuper website at www.impresssuper.com.au or on request by calling the Impress Super Helpline on 1800 253 154.

The Government co-contribution If you earn less than $58,980 p.a.* and make personal voluntary contributions from your after-tax salary (and/or after-tax compulsory member contributions if you are a Contributory member), you may be eligible to receive a super co-contribution from the Government. The Government will contribute $1.50 to your super fund for every $1.00 contribution that you make. The maximum co-contribution payment is $1,500 for members earning less than $28,980 p.a.* who make contributions of $1,000 or more.

The maximum co-contribution payment of $1,500 reduces by five cents for every dollar that a member’s income exceeds $28,980 p.a.* and phases out completely for those with an annual income of $58,980 p.a.* or more.

The Australian Taxation Office (ATO) automatically determines your eligibility for the co-contribution following the end of each financial year. If you are eligible, the ATO will make the relevant co-contribution payment directly to Impress Super on your behalf. * These thresholds apply to the 2007/08 financial year. They are generally indexed at 1 July each year.

Rollovers into Impress Super If you have super in one or more other funds, perhaps relating to your previous employment, you can roll over these amounts into your account in Impress Super.

There are advantages to having all your super in one fund. For example:

• Your super will be easier to keep track of;

• The amounts you roll into the Fund can be invested in your preferred investment option(s); and

• You’ll be paying administration and management fees to only one fund.


Impress Super charges no fees to roll over amounts into the Fund; however, you should check to see whether your other fund(s) charges an exit or withdrawal fee.

To roll over amounts into Impress Super, you will need to complete a Rollover Form for each amount that you wish to transfer into the Fund. This form is available from the MySuper website at www.impresssuper.com.au or on request from the Impress Super Helpline on 1800 253 154.

Contribution splitting You can split your before-tax personal voluntary contributions with your spouse. You cannot split amounts you have rolled over into the Fund or overseas transfers.

If you’re a Non-Contributory member, splitting applies to both contributions your employer makes and any personal voluntary contributions you make to your super.

If you’re a Contributory member, you can only split any before-tax personal voluntary contributions you make. You cannot split employer contributions or any before-tax compulsory member contributions, as these contributions are used to fund your defined benefit.

You can split up to 85% of eligible before-tax contributions each year.

Once a financial year has ended, you can apply to the Trustee to split the eligible contributions you have made to your super during that financial year. If you are leaving the Fund, you may apply at the time you exit. You can split your eligible contributions once in relation to any financial year.

Split contributions must be paid into an account in your spouse’s name with another complying super fund (nominated by your spouse unless your spouse is also a member of Impress Super). They cannot remain in Impress Super.

Split contributions become the property of your spouse and must be preserved in the superannuation system until your spouse reaches their preservation age (see page 44) or satisfies certain conditions (for example, financial hardship or compassionate grounds).

A withdrawal fee applies each time a splitting application is processed on your behalf by the Fund Administrator.

To apply to the Trustee to split your before-tax contributions, you need to complete a Contribution Splitting Form which is available from the MySuper website at www.impresssuper.com.au or on request from the Impress Super Helpline on 1800 253 154.

There may be disadvantages to contribution splitting in certain circumstances. So, if you are thinking splitting your before-tax contributions with your spouse, the Trustee recommends that you speak to a licensed financial adviser (see page 7).

Super contributions and bankruptcy If you are declared bankrupt, contributions to super (excluding Superannuation Guarantee contributions) made by you, or on your behalf, may be recoverable by your creditors. This applies to contributions (excluding Superannuation Guarantee contributions) made on or after 27 July 2006 if these contributions are demonstrated to have been made with the specific intention of defeating creditors. You will be advised if this affects you.

Family Law and your super Under superannuation law, divorcing or separating couples can split the superannuation entitlements of one or both of the partners as part of their property settlement. This can be done either by Court Order or by agreement between the separating couple after legal advice has been sought. If this applies to you, your super benefits will be reduced accordingly.

More information can be obtained by contacting the Impress Super Helpline on 1800 253 154. See page 40 for details of the fees that apply.


Your benefits in the Fund Your Temporary Total Disablement Benefit If you are a permanent employee who works at least 15 hours per week, you are covered for Temporary Total Disablement to provide you and your family with extra financial protection.

This means that if you were to be injured or become ill and were absent from work for at least six consecutive months (this is called the “waiting period”) and (in the opinion of the Fund’s Insurer and the Trustee) you were unable to perform one or more of the important duties of your occupation and were earning less than your pre-disability income, you would be entitled to receive a regular monthly income from the Fund for up to two years (or to age 65, whichever is earlier). The maximum income is equal to the lower of:

• 12.5% per annum of your total and permanent disablement benefit; and

• 75% of your superannuation salary,

and the benefit is reduced by any other sickness or accident benefits such as Workers’ Compensation, any other income insurance benefits, or any sick leave payments that you receive. No benefit is paid if your claim is caused by you attempting to harm yourself, or as a result of normal pregnancy or childbirth. Payments will stop before the two year period if you recover, become totally and permanently disabled, die or reach age 65.


Providing for your family Impress Super gives you the choice of a binding or non-binding nomination for your Death Benefit:

• A binding nomination obliges the Trustee to pay your Death Benefit according to your stated wishes (provided that the nomination is valid at the time of your death). It is your responsibility to update your nomination every three years, or more often if your personal circumstances change.

To make a binding nomination, you need to have your nomination witnessed by two adults (i.e. over 18 years of age) who are not nominated as beneficiaries. Your witnesses must see you signing the Death Benefit Nomination Form and must sign and date the form at the same time you do.

You must ensure that the shares of your Death Benefit allocated to your nominated dependants and/or your estate total 100%. If not, your nomination will be invalid.

• A non-binding nomination acts as a guide to the Trustee to the payment of your Death Benefit. If you die, the law requires the Trustee to investigate your personal circumstances prior to death and pay your benefits to your legal dependants (see below for more information).

In both cases, it’s important to ensure that your Death Benefit nomination is always up-to-date, especially if your circumstances change, such as if you marry or have a child.

For more information on binding and non-binding nominations, refer to the Nominating Your Preferred Dependants flyer (available from the MySuper website at www.impresssuper.com.au or on request from the Impress Super Helpline on 1800 253 154). To make or update your binding or non-binding nomination, including the shares you want each dependant and/or your estate to receive, complete the Death Benefit Nomination Form attached to this flyer and return it to the Fund Administrator as directed.

Who you can nominate Under the law, your Death Benefit can be paid only to your dependants or your legal personal representative (i.e. your estate). Your dependants are your spouse (including de facto partner), your children, any person who is financially dependent on you, or a person with whom you had an “interdependency” relationship.

The law includes details of various matters that the Trustee must consider in deciding whether two people have an “interdependency” relationship.

“Interdependency” is defined as where:

• Two people have a close personal relationship;

• They live together;

• One or each of them provides the other with financial support; and

• One or each of them provides the other with domestic support and personal care.

However, if two people have a close personal relationship but they do not satisfy the other conditions because one or both of them suffer from a physical, intellectual or psychiatric disability, then their relationship still meets the definition of interdependency.


Your insurance cover Additional Voluntary Cover If you need more insurance cover, you have the option of applying for Additional Voluntary Cover. This additional cover is purchased in units of $50,000.

Your eligibility to purchase this cover is subject to approval by the Fund's Insurer, and if required, to you providing evidence of good health. The costs of any additional cover that you purchase are also deducted from your Impress Super account.

For more information on Additional Voluntary Cover, refer to the Additional Voluntary Cover in Impress Super brochure which is available from the MySuper website at www.impresssuper.com.au. To apply for Additional Voluntary Cover, contact the Impress Super Helpline on 1800 253 154 to obtain the relevant application form and Personal Statement.

Salary Continuance Cover If you are a permanent full-time or part-time employee* and you have TPD Cover in the Fund, you are eligible to apply for optional Salary Continuance Cover. Salary Continuance Cover works in a similar way to the Temporary Total Disablement Benefit (see page 16), with the following differences:

• the maximum Benefit is equal to 75% of your superannuation salary; and

• you can choose the waiting period that applies before benefits are payable. You can choose from 60 days, 90 days, or 180 days. Depending on your occupation, you may also be able to choose a 30 day** waiting period. Generally the shorter the waiting period, the higher the premium payable.

The premium for the optional Salary Continuance Cover will be deducted from your benefit in the Fund.

Your eligibility for this cover is subject to approval by the Fund’s Insurer, and if required, to you providing evidence of good health. If you choose to apply for this cover, and your application is accepted, you will no longer be eligible to receive the Temporary Total Disablement Benefit described on page 16.

For more information on Salary Continuance Cover, including cover conditions and the premiums that apply, refer to the Salary Continuance Cover in Impress Super brochure which is available from the MySuper website at www.impresssuper.com.au or by calling the Impress Super Helpline on 1800 253 154. To apply for Salary Continuance Cover, you will need to complete the application form at the back of the brochure and return it as directed.

You will also need to complete and submit a Personal Statement about your health, which will be provided to you once you have returned your completed application form. The Insurer will assess the health information you provide in your Personal Statement before accepting your application and, if appropriate, may request additional medical evidence. If your application is not accepted, you will still keep your cover for Temporary Total Disablement. Notes:

* Salary Continuance Cover is not available to casual employees, any permanent employee who works less than 15 hours a week, or members who do not have TPD Cover in the Fund.

** The 30-day waiting period is not available to all occupations. If you choose this waiting period, the Insurer will advise if it is available to you.


General insurance information Continuation of cover for Death and Total and Permanent Disablement When you leave your employment (other than as a result of total and permanent disablement), the Fund’s Insurer may offer you a personal life insurance policy at your own expense for death (only) without requiring you to provide health evidence. This continuation option is available provided you are under age 60 and apply for the personal policy within 60 days of leaving your employment.

The level of Death Cover under the personal life insurance policy will be the same as the Death Cover provided under the Fund at the time you leave employment.

The premiums for this policy will be based on the Insurer's current retail premium rates and will be different from those you paid while you were a member of the Fund. Any loadings, restrictions or other conditions that applied to your insurance in the Fund will continue under the personal policy. Other conditions also apply. Contact the Impress Super Helpline on 1800 253 154 for more information.

If you qualify for this continuation option, the Insurer will temporarily maintain the level of Death Cover you have in the Fund, subject to the same conditions and restrictions that applied to your cover, at no cost to you. This temporary Death Cover will apply for up to 60 days after you leave your employment while you decide whether or not to take advantage of the continuation option.

Insurance risk Insurance benefits are subject to the terms and conditions of the policy issued by the Insurer and the Trustee. As a result, there are a number of risks associated with the insurance benefits. These include the risk that:

• You may suffer an injury or illness such that you cannot work but your condition does not satisfy the relevant definition of disablement. If so, the Total and Permanent Disablement Benefit, Temporary Total Disablement Benefit or Salary Continuance Benefit (as applicable) will not be paid.

• Even if your insurance claim is accepted, it may take some time for payment to be made. For example, it can take some time to obtain all the required information to assess the claim.

• The Insurer may refuse to provide cover in certain circumstances, for example, if you make a claim caused by war. In this case, an insurance benefit may not be paid.

• Part-time employees working less than 15 hours per week, and casual employees, are not eligible for disablement (Total and Permanent Disablement, Temporary Total Disablement or Salary Continuance) cover. For these members, the amount of their benefit may be insufficient to meet their needs if they become disabled.

• The maximum amount of cover available under the policy may be insufficient for your needs.

• The Insurer may decline your cover, which may also affect your ability to obtain insurance cover in the future.

• The Insurer may not provide cover if you are required to work overseas.


Leave of absence and part-time employment If you take leave of absence or are employed on a part-time basis, the employer and the Trustee may determine that special terms and conditions apply to your benefits. Your benefits may also be adjusted. You should confirm this with the Trustee prior to taking leave or reducing your working hours by calling the Impress Super Helpline on 1800 253 154.

You remain a Fund member while you are absent on approved leave without pay. During this time, you are not required to contribute, but can choose to do so. If you decide not to contribute, the time absent will not be included as part of your Fund membership in the calculation of your benefit.

Insurance cover for Death and Disablement is generally maintained for up to one year while you are on approved leave of absence.


Changing between Contributory and Non-Contributory membership If you are a permanent employee, you have the option of choosing whether to be a Contributory or Non-Contributory member at 1 July each year.

Each year that you are a Contributory member, your benefit will accrue in the Fund as explained in the “Contributory members” section of this Guide.

Each year that you are a Non-Contributory member, the Company’s Superannuation Guarantee contributions (and your own personal voluntary contributions, if any) will accumulate in accounts in your name. When you leave Impress Super, you will receive the total of these two benefits.

If you change between Contributory and Non-Contributory membership, or vice versa, your Death and Total and Permanent Disablement Benefits will change. If the insured part of your Death and Total and Permanent Disablement Benefit increases as a result of this change, you will need to provide evidence of good health to the Fund’s Insurer before the increase in cover will apply.

You should review how you are affected by the contribution caps (refer to pages 34 and 35) before changing between Contributory and Non-Contributory membership, as this may have an impact on whether the caps apply to you.

If you change from Contributory to Non-Contributory membership, it is possible that your insurance cover will decrease. Further, no Children’s Pension Benefits are available if you die or become totally and permanently disabled while a Non-Contributory member.

You should consider your options carefully, and if necessary, seek assistance from a licensed financial adviser before deciding to become a Non-Contributory member.


Investing your super Your investment choice If you make personal voluntary contributions to the Fund or you roll over amounts from other funds into Impress Super, you can have a say in how these contributions (i.e. your Additional Accounts) are invested. Investment choice also applies to all of your accounts as a Non-Contributory member.

You can choose from five investment options:

• Assertive Plus;

• Assertive;

• Active Balanced;

• Conservative; and

• Cash.

You can choose one option or a combination of two options – whatever best suits your investment style and needs. You can also choose up to two different options for your existing account balance and your future contributions and split the percentage invested across each option in a different way.

If you choose a combination of options, you must specify whole percentages (e.g. 10%, 25% etc.) and your total investment must equal 100%.

If you don’t make an investment choice, your account balance will be invested in the Fund’s default option. This is the Active Balanced option.

The earnings (net of investment fees and tax) achieved by your chosen investment will be applied to your accounts in the Fund.

You cannot make an investment choice for your defined benefits in the Fund. Your defined benefit accounts (holding your compulsory member contributions as a Contributory member, and any Surcharge Account) will receive the investment returns (net of investment fees and taxes) achieved by the Fund’s defined benefit assets.

How do I know what’s right for me? There are some simple steps you can take to help you decide which investment option, or combination of options, is right for you:

Step 1: Discover your investment style;

Step 2: Learn some investment basics;

Step 3: Understand the investment options that are available to you; and

Step 4: Decide which option is best for your personal situation.

What’s involved in each step is explained below.

Step 1: Discover your investment style Before making your investment choice you should consider your investment style.


Begin by asking yourself these three important questions:

• What type of lifestyle do I want in retirement?

Think about how you want to live when you finally give up work. Obviously, you will need enough money to meet your day-to-day living expenses and pay off any debts you may have, but what about those extras that make life so enjoyable? You may want to travel, buy a property or start a business. You’ll probably want to be able to afford a good car, quality clothes and household goods and be able to engage in a broad range of leisure activities, such as sport, the occasional night out or a hobby. To find an estimate of how much annual income you may need to support the lifestyle you want in retirement, you may find it helpful to refer to the latest Westpac/ASFA Retirement Standard Report which is available at www.superannuation.asn.au/RS.

In considering the lifestyle you want in retirement, you also need to consider how long your super will need to last. As a guide, if you retire at age 60, on average you are likely to live another 22* years if you’re male and just over 25* years if you’re female. But you could live longer than that. * Source: Australian Life Tables 2000-02, Life Expectation at Selected Ages, Australian Government Actuary.

• How long before I need to access my super?

If you have many years before you will need to access your super, you may be prepared to invest in an option that aims to achieve higher long-term returns, as you will have the time to ride out any short-term fluctuations in value.

On the other hand, if you will need to access your super in the next few years, you may prefer a lower-risk investment option that protects the value of your existing super and has less chance of being affected by any losses in the short term.

• What’s my attitude to investment risk?

As with all investments, there are risks associated with a decision to invest in superannuation and in choosing a particular investment option. Different asset classes perform differently at different times. Since each investment option has a different investment mix, the risks of investing in each option are different.

The main investment risks are outlined below:

Inflation risk

The rate of inflation may exceed the rate of return achieved on your investment and hence your investment would not retain its purchasing power. This risk can be considered significant for the Cash option if investing over long periods.

Individual investment risk

Individual investments can (and do) fall in value. This risk mainly affects investments in shares and property, although it can also affect investments in fixed interest. As a result, there are varying degrees of risk associated with the Assertive Plus, Assertive, Active Balanced and Conservative options.

Market risk

Changes in investment markets resulting from changes in economic, political and legal conditions or market sentiment can affect the value of the investments. This risk affects investments in shares, property and fixed interest. So, it can be considered a significant risk (to varying degrees) for all of the investment options except the Cash option.


Interest rate risk

Changes in interest rates can have a positive or a negative impact directly or indirectly on investment value or returns. This risk affects all investments and can therefore be considered a significant risk for all investment options.

Currency risk

Some investments are made in other countries. If their currencies change in value relative to the Australian dollar, the value of the investment can change. This risk affects only overseas investments so it can only be considered a significant risk for options where a proportion of the assets are invested overseas. Therefore, currency risk can potentially affect Impress Super’s Assertive Plus, Assertive, Active Balanced and Conservative options.

Derivatives risk

There are a number of risks associated with investing in derivatives contracts which include:

○ the value of the derivative failing to move in line with the underlying asset;

○ the risk that the derivative may not readily be converted to cash;

○ the risk that the Fund may not be able to meet payment obligations as they arise; and

○ counterparty risk, where the other party to the derivative contract cannot meet its obligations under the contract.

Step 2: Learn some investment basics

There are some general investment principles that you should understand so you can make an informed decision about which investment option is right for you.

About investment assets

Investments are generally grouped into income assets or growth assets.

• Income assets are investments like cash and fixed interest. These types of investments typically provide income from interest earned and the money you invest is repaid at a fixed rate. Income assets generally provide a lower expected return than growth assets over the long term. They are also less likely to fluctuate, or go up or down in value, in the short term.

• Growth assets are investments like property and shares. They provide income from rent, dividends or capital growth. Growth assets generally provide a higher expected return than income assets over the long term. They are also more likely to fluctuate in value in any one year.

The table below explains the different asset classes and their respective risk and return levels. By knowing the typical risk and return levels for each asset class, you will have a better understanding of how the Fund's investment options are structured.


Growth assets

Shares Shares give you part ownership in a company. If the company or share market performs well, the value of your shares may increase. If the company or market does poorly, the value of your shares may decrease.

Shares provide potential for growth in their share price, as well as income from dividends. They have historically been the best performing asset class when measured over a long period. However, the value of shares fluctuates on a daily basis and can be volatile in the short term.

Investment can be in either Australian or overseas shares. Investing in overseas shares provides access to industries and companies that may not be available in Australia.

Property Property investments include commercial, industrial and residential real estate. They provide income through rent payments and also have a potential for capital gains. Property is considered a moderate to higher-risk investment, and property values are subject to cyclical changes. However, in the past and over the long term, property has tended to provide higher long-term returns than cash or fixed interest investments.

Income assets

Fixed interest Within Australia, the main fixed interest securities available to investors are government bonds and investment grade corporate bonds. Investors lend money to a government or corporation in exchange for an agreement to receive fixed regular interest payments and a return of their capital on a certain future date.

Global fixed interest markets provide the opportunity to diversify investment exposure, by investing in alternative investments, including emerging markets debt, high yield corporate bonds and mortgage securities. Fixed interest securities are primarily income-producing investments. They provide a relatively secure form of investment as the interest payments and the final loan repayment are fixed.

However, the value of a fixed interest security can increase or decrease as interest rates change. Fixed interest investments tend to provide higher returns than cash over the long term. They are generally not as stable as cash.

Cash

Cash refers to money invested in banks, term deposits or bank bills for short periods of time. The return on cash comes from interest.

Although the most stable of the asset classes, cash investments do not generate any capital growth. After inflation, a cash investment may decrease in value. For this reason, a cash investment may not be appropriate for a long-term superannuation investment, depending on your circumstances. People often use cash as a temporary “safe-haven” in times of uncertainty.


The Fund may also invest in Alternative assets. These are investments that may be considered as alternatives to “traditional assets” such as shares, property and fixed interest.

They include:

• Traditional but less liquid assets, such as infrastructure;

• Traditional assets that use non-traditional investment techniques, such as Absolute Return Funds; and

• Non-traditional investments.

Different alternative assets have different risk and return characteristics. Their performance displays a low correlation with traditional asset classes (shares, property and bonds). They therefore provide a greater level of diversification within an investment portfolio.

Alternative asset managers tend to focus on producing absolute returns (e.g. protecting your capital) rather than relative returns (e.g. the ASX 200 Index + 2%). Some use techniques that allow them to profit from falling markets as well as rising markets. The risk of investing in alternative asset classes may be less than that of an investment in a traditional asset class. However, the actual level of risk involved will be dependent on the fund manager selected and the investment strategy employed.

Alternative asset investments may be made both within Australia and overseas.

Step 3: Understand your investment options Take the time to learn about the five investment options offered by the Fund and the differences between them, including their investment objectives and how the assets in each option are invested. See the table on pages X to X for more information.

Step 4: Decide which option is best for your personal situation Based on the information you’ve discovered about yourself in Steps 1 to 3, make a decision about which of the Fund’s investment options best suits your personal situation. If you need help, speak to a licensed financial adviser – see page 7 to find out how.

Making and changing your investment choice The decision about which investment option, or combination of options, is right for you is your decision alone. So make sure you understand the investment options and how they differ, and relate this information to your particular needs.

In making your choice, you should also remember that investment earnings may be either positive or negative in any year, depending on how investment markets are performing. If earnings are positive the value of your super will increase, but the value of your super will decrease if earnings are negative. These highs and lows are a normal part of investing. The amount that investment earnings will fluctuate will vary from option to option.

As your needs change, from time to time you may also consider changing your investment option. The first switch you make each year is free; however, subsequent switches will incur a fee. A transaction cost incurred by the Fund’s investment managers may also apply. See page 38 for more information.

Be aware that switching options frequently may work against you. As well as being costly, it may adversely impact on your super balance.

To make or change your investment choice, simply complete the relevant section of the Super Choices Form for Benefit Plan (Category CB) Members, which is available from the Fund’s website at www.impresssuper.com.au or on request by calling the Impress Super Helpline on 1800 253 154.


How your super is invested Investment objectives The investment objectives established by the Trustee and the Fund’s investment adviser assist in managing the Fund’s assets. There are general investment objectives, as well as specific investment objectives for each investment option.

The general investment objectives are to:

• invest the assets as permitted by the Trust Deed and by superannuation law, and exercise those investment powers prudently;

• ensure that the Fund’s assets are adequately diversified;

• ensure that there are sufficient assets to meet benefit payments when they are due; and

• ensure that investment managers appointed by the Fund exercise integrity, prudence and professional skill in fulfilling the investment tasks that are delegated to them.

The specific investment objectives for each of the Fund’s investment options are shown in the table on pages 29 to 31.

The Trustee has also established specific investment objectives for the Fund’s defined benefit assets, namely to:

• achieve a return (after tax and fees) of 3.0% p.a. above the Consumer Price Index (CPI) over rolling three-year periods.

• out-perform the median return for similar investment funds in recognised industry surveys over rolling three-year periods.

Investment strategy Assisted by the Fund’s investment adviser, the Trustee also establishes an investment strategy for each investment option.

The investment strategy for each of Impress Super’s five investment options along with their benchmark asset allocations is shown in the table on pages 29 to 31.

The specific investment strategy established by the Trustee for the Fund’s defined benefit investments is to invest around 70% in Australian and international shares and property, with around 30% in fixed interest, cash and alternative investments (see page 33 for more information).

The Fund’s investment managers Impress Super’s investment adviser is JANA Investment Advisers Pty Ltd (JANA) (ABN 97 006 717 568, AFSL 230693). A specialist provider of tailored investment advice to major superannuation funds and other institutional investors, JANA is part of the National Australia Bank Group.

The majority of the Fund’s assets are managed through an MLC Life insurance policy.

JANA assists the Trustee in setting appropriate long-term investment objectives and strategies for the Fund and is responsible for implementing the Fund’s investment strategies. This includes appointing, monitoring, and where appropriate, terminating, the professional investment management companies who manage the Fund’s assets. The Trustee may change the underlying managers or products of any of the options at any time without prior notice to, or consent from, members.


As at 1 November 2007, the investment managers used by the Fund were:

Australian Shares Acadian Asset Management Balanced Equity Management Concord Capital Cooper Investors GMO Australia Maple-Brown Abbott Investment Managers Paradice Investment Management Perpetual Investment Management Renaissance Asset Management State Street Global Advisors Wallara Asset Management

International Shares Acadian Asset Management Baillie Gifford BIAM Australia Capital International Goldman Sachs Asset Management Marathon Asset Management Marvin & Palmer Associates Pzena Investment Management State Street Global Advisors Wellington International Management Company, LLP

Absolute Return Funds Harris Alternatives GMO Australia

Diversified Fixed Interest Blackrock Investment Management PIMCO Australia UBS Asset Management

Property AMP Capital Investors Charter Hall DB Real Estate Australia

Cash National Specialist Investment Management

Additional investment information Actuarial review At least every three years, the Fund’s actuary conducts a review of the Fund to ensure that it has sufficient assets to meet its liabilities, including benefit payments to members.

An actuarial review must be conducted within 12 months of Impress Super’s inception (i.e. by 1 November 2008).


Derivatives

The Fund’s professional investment managers who invest directly in derivative investments (such as futures, options and swaps) do so to manage investment risk. Because of this, legislation requires the managers to adopt a Derivatives Risk Statement. The Statement outlines the controls in place to protect against their improper use.

The Trustee does not invest directly in any derivative investments.

Socially responsible investments

The Trustee does not take into account social, ethical or environmental considerations or labour standards for the purpose of selecting, retaining or realising the Fund’s investments. When the Fund’s investment managers were selected, the Trustee did not consider whether the managers took these factors into account.

Impress Super’s investment options

Investment objectives Investment strategy

How this option is invested

Assertive Plus

This option aims to maximise long-term returns while tolerating a very high level of variability of returns over short periods.

The objectives are:

• To provide full exposure to Australian and overseas share markets and property. While this provides the opportunity for strong long-term growth, variability from year to year may also be high.

• To achieve a return (after tax and fees) of 5% p.a. above the Consumer Price Index (CPI) over rolling seven-year periods.

• To out-perform the median return for similar investment funds in recognised industry surveys over rolling five-year periods.

• Over shorter periods, the option’s return should be in line with the option’s strategic benchmark.

To invest totally in growth assets, with about 50% in Australian shares, 35% in international shares and 15% in property.

Australian shares 50% International shares 35% Property 15%


Investment objectives Investment

strategy How this option

is invested

Assertive

This option aims to maximise long-term returns while tolerating a fairly high level of variability of returns over short periods.

The objectives are:

• To achieve a return (after tax and fees) of at least 4% p.a. above inflation, as measured by CPI, over rolling five-year periods.

• To out-perform the median return for similar investment funds in recognised industry surveys over rolling five-year periods.


To invest about 85% in growth assets, and about 15% in income assets (see pages 14 and 15 for more information on asset types).

Australian shares 45% International shares 25% Property 15% Defensive alternative assets 5% Diversified fixed interest 10%

Active Balanced

This option aims to achieve high returns in the long term while tolerating a reasonably high degree of variability of returns over short periods.

The objectives are:

• To achieve a return (after tax and fees) of at least 3.0% p.a. above inflation, as measured by CPI, over rolling three-year periods.

• To out-perform the median return for similar investment funds in recognised industry surveys over rolling three-year periods.



Australian shares 40% International shares 15% Property 15% Defensive alternative assets 5% Diversified fixed interest 20% Cash 5%


Investment objectives Investment

strategy How this option

is invested

Conservative

This option aims to provide reasonable investment returns in the long term while maintaining stable returns over short periods.

The objectives are:

• To achieve a return (after tax and fees) of at least 1.0% p.a. above inflation, as measured by CPI, over rolling three-year periods.

• To out-perform the median return for similar investment funds in recognised industry surveys over rolling three-year periods.



Australian shares 15% International shares 5% Property 10% Defensive alternative assets 5% Diversified fixed interest 40% Cash 25%

Cash

This option aims to maintain the invested capital and achieve returns similar to those available from short-term cash investments.

The objectives are:

• To provide a stable return on a consistent basis, with very low variability in returns from year to year.

• To out-perform the median return for similar investment funds in recognised industry surveys over rolling one-year periods.

To invest only in short-term income investments, such as bank deposits and government bonds.

Cash 100%

Benchmark asset allocation The Trustee has established a benchmark asset allocation for each of the Fund’s investment options. The investment adviser has the discretion to change the asset weightings of the investment options from time to time (except the Cash option) within the asset allocation ranges based on their view of market conditions and forecasts.

The asset allocation range for each option is shown in the table on the next page.


Asset type Benchmark allocation Asset allocation range

Assertive Plus

Australian shares 50% 35% to 65%

International shares 35% 25% to 45%

Property 15% 5% to 20%

Growth alternative assets 0% 0% to 10%

Assertive





Defensive alternative assets 5% 0% to 10%

Diversified fixed interest 10% 5% to 15%

Cash 0% 0% to 15%

Active Balanced







Cash 5% 0% to 25%

Conservative







Cash 25% 10% to 40%

Cash

Cash 100% 100%


The Fund’s defined benefit investments The investments in the Fund’s Defined Benefit Section are allocated across various asset classes. How these assets are invested is determined by the Trustee, who nominates a long-term neutral or benchmark asset allocation position for these assets.

The investment adviser has the discretion to change the asset weightings of these investments from time to time within the asset allocation ranges based on their view of market conditions and forecasts.

Asset class Benchmark allocation Asset allocation range



Direct property 10% 5% to 20%




Cash 10% 0% to 20%

The benchmark asset allocation is reviewed by the Trustee from time to time and may change.


Taxes, fees and your super How taxes affect your super A number of taxes may apply to your super. These are:

1. Contributions tax at the rate of 15%, which is deducted from all concessional contributions – that is, employer contributions and any contributions you make from your before-tax salary (by salary sacrifice).

If you have not provided your Tax File Number (TFN) to the Fund, the rate of tax that applies to your concessional contributions increases substantially to the top marginal personal tax rate (plus the 1.5% Medicare Levy).

2. Tax on investment earnings at the rate of 15% less any applicable deductions and imputation credits that may be available to the investment managers of the Fund. This tax is deducted from the Fund’s investment earnings before being applied to your accounts.

3. Excess contributions tax may apply if your contributions exceed certain caps set by the Government. See below for more information.

4. Tax on benefits that are paid in cash. The amount of tax payable depends on a number of factors including:

• What type of benefit is paid (retirement, disability or death);

• Who receives the benefit;

• How you receive the benefit (e.g. lump sum amount or pension); and

• Your age when you receive the benefit. For example, if you are age 60 or over, all lump sum payments and pensions paid to you from a taxed super fund (such as the Impress Super Superannuation Fund) will be tax free. If you are less than age 60, any lump sum amounts paid to you will consist of only two tax components – a tax-free component and a taxable component.

5. The superannuation surcharge was an additional tax of up to 15% levied against the employer and before-tax (salary sacrifice) contributions of high-income earners. This surcharge was abolished from 1 July 2005; however, the Fund may still receive assessments from the ATO for members affected by the surcharge in prior years. If so, any surcharge amounts will be applied to a Surcharge Account in your name. This account reduces all of your benefits in the Fund. For more information about the surcharge, contact the Impress Super Helpline on 1800 253 154.

Tax limits A number of limits – which are generally indexed annually as at 1 July – affect how super contributions and benefits are taxed. The limits that apply for the period 1 July 2007 to 30 June 2008 are shown below.

Cap on employer and before-tax (concessional) contributions A flat $50,000 p.a. cap applies to concessional contributions, including employer contributions and any contributions you make to super from your before-tax salary (i.e. by salary sacrifice). Contributions in excess of the cap will be taxed at the top marginal personal tax rate (45%), plus the Medicare Levy (1.5%).

A higher transitional limit of $100,000 p.a. (not indexed) applies from 1 July 2007 to 30 June 2012 for anyone who reaches age 50 during that period (i.e. the higher limit applies from the year in which a member reaches age 50).


The ATO determines whether any excess tax applies and, if so, will forward a tax assessment and a release authority directly to the affected member. It is then up to the member to either pay the excess tax directly to the ATO, or arrange with their super fund to pay the tax on their behalf and deduct it from their benefit by giving the release authority to the fund. Time limits apply to the payment of the tax.

Cap on after-tax (non-concessional) contributions Any non-concessional contributions you make to super are subject to a cap of $150,000 p.a. Non-concessional contributions include any amounts you contribute from your after-tax salary.

They also include:

• Any contributions made for you by your spouse;

• Amounts you transfer from overseas funds (except to the extent an election applies for them to be taxed in the Fund); and

• Excess concessional contributions.

If necessary, limits for the following two years can be brought forward to enable members under age 65 to make larger one-off payments to a maximum limit of $450,000 (but then make no further contributions for the next two years). Super funds are unable to accept individual lump sum amounts in excess of the maximum limits ($450,000 if you are aged less than 65, $150,000 if not), and any such payments will be returned to you. If you exceed the cap, the excess will be taxed at the top marginal personal tax rate (45%), plus the Medicare Levy (1.5%).

The same ATO assessment process applies as for concessional contributions (see [above] for more information). However, the excess non-concessional contributions tax must be paid from your super fund. Excess contributions cannot be paid from your defined benefit.

Providing your TFN Providing your TFN to your super fund is optional; however, doing so ensures that you don’t pay any more tax on your contributions and benefits than you need to.

Significant consequences apply if you have not provided the Fund with your TFN. These include:

• Taxing your concessional (employer and before-tax) contributions at the top marginal rate of 45%, plus the Medicare Levy;

• Taxing the taxable part of your benefit at the top marginal rate, plus the Medicare Levy; and

• Prohibiting the Fund from accepting any non-concessional (including after-tax) contributions from you.

If you provided your TFN to the Trustee of the Amcor Superannuation Fund before you joined Impress Super, then the Amcor Fund Trustee will have passed it on to the Trustee of Impress Super. You do not need to provide it again.

Contact the Impress Super Helpline on 1800 253 154 to obtain the appropriate form if you have not previously provided your TFN and wish to do so.


Fees and other costs

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 fee calculator to help you check out different fee options.

Note: The Trustee has already negotiated the fees and costs of the Fund on your behalf. There is no scope to negotiate lower fees and costs on an individual basis. The ASIC fee calculator does not apply to defined benefits.

This section shows fees and other costs that you may be charged. These fees and costs may be deducted from your money, from the returns on your investment or from the Fund assets as a whole. Taxes and insurance costs are set out in the notes on page 39.

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

Type of fee or cost Amount How and when paid

Fees when your money moves in or out of the Fund

Establishment fee: The fee to open your investment.

Nil Not applicable

Contribution fee: The fee on each amount contributed to your investment – either by you or your employer.

Nil Not applicable

Withdrawal fee: The fee on each amount you take out of your investment.

$80 Deducted from each benefit payment made to you to cover administrative costs.

Termination fee: The fee to close your investment.

Nil Not applicable


Type of fee or cost Amount How and when paid

Management costs

The fees and costs for managing your investment.

The amount you pay for specific investment options is also shown to the right1.

Contributory members: Nil Non-Contributory members: 75 cents per week (or $39 p.a.2)

Assertive Plus option – 0.69% p.a. to 0.89% p.a. ($6.90 to $8.90 per $1,000)

Assertive option – 0.69% p.a. to 0.89% p.a. ($6.90 to $8.90 per $1,000)

Active Balanced option – 0.67% p.a. to 0.85% p.a. ($6.70 to $8.50 per $1,000)

Conservative option – 0.56% p.a. to 0.72% p.a. ($5.60 to $7.20 per $1,000)

Cash option – 0.18% p.a. to 0.26% p.a. ($1.80 to $2.60 per $1,000)

Not applicable

Deducted weekly from your account in the Fund.

The investment management fee that applies to you depends on the investment option you have chosen for your super. The relevant fee is deducted from the investment return achieved by your chosen option before it is applied to your super account. Notes:

• If you did not choose an investment option when you joined the Fund, the fee for the Active Balanced option will apply. This is the Fund’s default option.

• This is an estimated fee and may vary depending on the composition of the underlying investment portfolio. It will also vary because a number of the Fund’s appointed managers are paid performance-based fees.

Service fees3

Investment switching fee: The fee for changing investment options.

$26 (excluding the first switch each year)

The first switch in any one year is free.

Each additional switch will be charged this fee, which will be deducted from your super account.

1 The lower limit of the above fee ranges assume that no performance fees are payable to the investment managers. The upper limits make allowance for high “potential” out-performance by investment managers who charge performance fees, and therefore provide a reasonable indication of the maximum investment management fee that may apply for each investment option. 2 This amount is increased annually in line with changes in Average Weekly Ordinary Time Earnings. 3 Details of other service fees are described in the ‘Additional explanation of fees and costs’ section on the following pages.


Additional explanation of fees and costs 1. Buy-sell spread This is a fee charged by the Fund to reflect any costs charged by the investment managers when you change investment options. This fee does not apply to members of Impress Super.

However, the Trustee reserves the right to charge a buy-sell spread when you switch between investment options. You will be given 30 days’ notice if a buy-sell spread is introduced.

2. Management costs These costs include administration, consulting, audit, legal and other fees incurred by the Fund.

The fees shown in the table on the previous page are gross of tax.

Any management costs not covered by deductions from your accounts are met by additional employer contributions to the Fund.

If your total accumulation account balances are less than $1,000, the Fund will ensure that these expenses do not exceed the investment earnings applied to your accounts. This is designed to protect small account balances from erosion by fees. This protection does not apply to any other fees, taxes or insurance premiums deducted from your accounts.

3. Investment fees The investment fees shown in the table on page 37 are deducted from the investment returns earned by each option before they are applied to your Additional Accounts in the Fund.

Tax is deducted from the Fund’s investment earnings at the rate of 15%, less any applicable deductions and imputation credits available to the investment managers or the Fund.

Some of Impress Super’s investment managers charge performance-based fees. These managers, and a summary of how their fees are determined, are shown in the table on the next page. Estimated performance fees have been included in the management cost ranges shown in the table on page 39 and are in the following table. It is not possible to determine the exact fees in advance, as they depend on Impress Super’s actual investment performance in any financial year.


Investment manager Basis for determining performance fee

Estimated fee

Acadian Asset Management 15% of gross return above benchmark.

0.45%

BIAM Australia 0.04% of funds under management once an agreed target has been achieved.

0.04%

Charter Hall 15% to 20% of any performance above an agreed benchmark.

0.50%

Cooper Investors 20% of out-performance above the relevant Index.

0.60%

GMO Australia 20% of out-performance above the manager’s benchmark.

1.00%

Goldman Sachs Asset Management

20% of the excess performance above benchmark.

0.60%

Harris Alternatives 10% of new earnings. 1.00%

Paradice Investment Management

10% of out-performance above the relevant benchmark.

0.30%

Perpetual Investment Management

20.5% of out-performance above a return equal to the relevant Index.

0.62%

Renaissance Asset Management

10% of out-performance above the relevant benchmark. Total fee is capped at 2.5% p.a.

0.30%

State Street Global Advisors 20% of the excess performance above benchmark.

0.60%

4. Taxes and insurance premiums The following taxes and premiums are deducted from your accounts in the Fund:

• For Non-Contributory members, the premium for Death and Total and Permanent Disablement Cover (see page 13).

• For all members, the premiums for Additional Voluntary Cover and optional Salary Continuance Cover (if applicable).

• Contributions tax at the rate of 15% from employer contributions and any salary sacrifice contributions (collectively known as concessional contributions) to your accounts. Any deductions available to the Fund, such as expenses and insurance premiums, reduce the amount of tax deducted.

• Excess contributions tax if your contributions exceed the concessional or non-concessional contributions caps and you request to have the excess tax deducted from your benefit.


• Additional tax if you have not provided your TFN to the Fund by the end of the financial year.

• Any superannuation surcharge assessed by the ATO as being applicable to you. This is applied to a Surcharge Account in your name when the assessment is received by the Fund. The Surcharge Account reduces all of your benefits in the Fund. The surcharge was abolished with effect from 1 July 2005. However, assessments may still be received for you for previous years.

5. Other service fees A processing fee of $80 is deducted each time you split your super contributions with your spouse or take a “transition to retirement” pension. This fee is deducted from your accounts when your application is approved by the Trustee.

If you, or your spouse, require information on your benefit in relation to a Family Law matter, a fee of $220 will be charged for each date at which information is required. You, or your spouse, are required to pay this fee at the time of any request for information – it is not deducted from your accounts.

Further, if your super is split under a Family Law agreement or Court Order, fees will apply for the splitting of your super and the payment of an amount to your former spouse. These fees are normally shared evenly between you and your former spouse. The fees may be paid by you and your spouse by cheque, or otherwise will be deducted from the applicable benefits. The fee for the establishment of a base amount and payment to your spouse is $165.

The Fund Administrator receives a commission of 0.25% per annum ($2.50 per $1,000) of the assets held in the Fund’s bank account. This fee is neither negotiable nor rebatable.

All fees include GST where applicable.

6. Fee changes Some of the fees are dependent on the fees charged by the Fund’s service providers. Some of these fees may be indexed annually (e.g. in line with increases in Average Weekly Ordinary Time Earnings); others depend on the services provided to the Fund each year. The Trustee reserves the right to increase the fees without your consent if necessary in order to manage the Fund. You will be given at least 30 days’ notice of any fee increases.

The fees shown are effective from 1 November 2007.

The fees charged may depend on your employment status or category of membership in the Fund. If you change categories, you will be advised of any changes to the fees that apply to you.


Connecting you with your super Keeping you informed Staying in touch with your super and the Fund is easy. Simply access the information sources and tools below for the latest news about super and the Fund:

• The Fund’s MySuper website at www.impresssuper.com.au provides information about the Fund’s features and benefits from wherever and whenever you have internet access, including tracking the performance of your super. Using your Personalised Identification Number (PIN), you can also enter the Access MySuper section of the site for information on your personal super benefit.

• The Impress Super Helpline on 1800 253 154 is available during normal business hours to assist you and answer your queries.

• Impress Super’s regular member newsletter, What’s new in super, keeps you up-to-date with the latest news about super and the Fund.

• The Annual Report tells you about the Fund’s investment performance during the year under review, who manages your super and how, the Fund’s fees and charges, recent and proposed changes to superannuation law and the taxes that impact on your super. Impress Super’s Annual Report is distributed to members after 30 June each year.

• Your Benefit Statement, which accompanies the Annual Report, provides specific information about your super benefit, including the balance of your account at the end of the year under review, your benefit entitlements, the transactions in and out of your account during the year and your dependant nomination(s). Your annual Benefit Statement is distributed after 30 June each year.

MySuper helps you stay in touch – www.impresssuper.com.au Impress Super’s MySuper website at www.impresssuper.com.au makes it easy to stay in touch with your super and the Fund. You can access MySuper at any time from any computer that has internet access.

Here’s how:

• The Access My Super section lets you keep track of the value of your existing benefit in the Fund. You can also calculate how much your benefits may be worth on retirement using the benefit projection tool. You will need your Member Number and PIN to enter this section of MySuper; these will be provided to you soon after you join the Fund.

• The About the Fund section lets you:

○ Check how Impress Super’s investments are performing;

○ Learn all about the Fund including the features and benefits that are available to you as a member;

○ Download publications and forms to change your super choices; and

○ Ask any questions you have about your super and the site by email to the Fund Administrator.

• The Help & feedback section helps you find your way around the site and tells you how the Fund protects your personal information.

So log on to MySuper today!


Enquiries and complaints Initial enquiries and complaints, including privacy-related enquiries, should be directed to the Impress Super Helpline on 1800 253 154. In most cases, your enquiry can be dealt with over the phone.

If you are not satisfied with the response you receive, there is a formal process through which the Trustee reviews enquiries and complaints. To make a formal enquiry or complaint, you can do so in writing to:

The Fund Secretary Impress Super Watson Wyatt Australia Pty Ltd Level 4, 1 Collins Street Melbourne VIC 3000

The Fund Secretary will usually respond within 30 days. If you are not happy with the Fund Secretary’s response, you can submit a written enquiry or complaint for consideration at a meeting of the Trustee. The Trustee will respond within 90 days.

If you are not happy with the Trustee’s handling of your complaint, you may then contact the Superannuation Complaints Tribunal (except for privacy-related matters). The Tribunal is an independent body set up by the Federal Government to deal with certain enquiries or complaints that the Trustee has not dealt with to your satisfaction. You can contact the Tribunal on 1300 780 808.

There are some complaints that the Tribunal cannot consider, such as those relating to the management of the Fund as a whole. In addition, time limits apply to certain complaints relating to total and permanent disability claims and to complaints about objections to the payment of death benefits. If your complaint is in relation to one of these areas, please contact the Fund Administrator or refer to the Tribunal’s website at www.sct.gov.au as soon as possible for further information.

For privacy-related matters, the Federal Privacy Commissioner may review your complaint. You can contact the Privacy Commissioner on 1300 363 992.

Protecting your privacy The Fund keeps precise records about you to ensure that you receive the correct superannuation benefit and insurance. This requires the Fund to hold a great deal of information about you, such as your contact details, date of birth, TFN, and so on.

Under the privacy legislation, you have the right to know what personal information the Fund holds about you.

If you believe that the information is inaccurate or incomplete, you are entitled to request the Fund to amend your personal information. The privacy legislation also requires your consent before your sensitive information is collected and passed to third parties.

The Trustee believes your privacy is important and so has developed a privacy policy to protect your personal information. The policy outlines how the Fund collects and manages your personal information. A copy of the policy is available by calling the Impress Super Helpline on 1800 253 154.

If you would like to access or update your personal information, please contact the Fund Administrator:

CitiStreet Australia Pty Limited Locked Bag 14 Collins Street East VIC 8003 Helpline: 1800 253 154


Your options on leaving the Fund When you leave your employer, the Fund Administrator will send you an Exit Statement showing the balance in your Impress Super accounts and the amount of your benefit. You will also receive information about the options you have for your super and a Benefit Payment Form to enable you to provide your instructions to the Fund Administrator. You will have 90 days to provide your instructions to the Fund Administrator about the payment of your benefit.

Your defined benefit will cease accruing on your last day of work. The following day, it will be transferred to the Fund’s Retained Benefits Section where it will become an accumulation account. The balance of any Additional Accounts you may have (e.g. if you have made personal voluntary contributions or rollovers to the Fund) will also be transferred to the Fund’s Retained Benefits Section.

In the Retained Benefits Section, earnings will be applied to the whole of your benefit (which includes any Additional Accounts) at the rate earned by the Fund's Active Balanced investment option (net of investment fees and tax), which is the default option. You may at any time change your investment option(s) while a member of the Retained Benefits Section.

Your benefit will stay in the Retained Benefits Section until you provide written instructions to the Fund Administrator to transfer your benefit to another complying superannuation fund and the transfer is fully processed.

When your benefits are transferred to the Retained Benefits Section, you will have the option of continuing your existing Death Only Cover without needing to provide health evidence. However, no continuation option will be provided when you subsequently leave the Fund. For more information, refer to the PDS, Guide to Your Super: Retained Benefits Section, which is available from the MySuper website at www.impresssuper.com.au or on request by calling the Impress Super Helpline on 1800 253 154.

If you have less than $2,000 in your account, your benefit will be transferred to the Eligible Rollover Fund (ERF) nominated by the Trustee. The ERF appointed by the Trustee of Impress Super is:

AUSFund PO Box 2468 Kent Town SA 5071 Tel: 1300 361 798 Contact: The Administrator

If your benefit is transferred to the ERF you will no longer be a member of, or have any rights under, the Fund and you will need to contact the ERF directly in relation to your benefit.

You can also obtain a Product Disclosure Statement (PDS) from the ERF using the contact details above. You should note that the fees, and investment and crediting rate policy of the ERF may be different to those that apply under the Fund. The ERF may not be suitable as a long-term vehicle for your super, as the investment returns may be lower than those available from other products.


If you’re retiring If you are age 55 or over and are retiring, you can take your super as a lump sum or roll it over into an Impress Super Allocated Pension or similar product offered by another super fund or financial institution.

An Allocated Pension will pay you a regular monthly income, subject to a minimum limit set by the Government.

If you have reached your preservation age (see page 44) and are still working, you can also roll your super into an Impress Super Allocated Pension under the Government’s “transition to retirement” laws. Under these laws, you will receive a regular income from your Allocated Pension (subject to a minimum and maximum annual limit), but your balance generally cannot be converted into a lump sum before your retirement.

For more information about Impress Super’s Allocated Pension, refer to the PDS, Guide to the Impress Super Allocated Pension, which is available from the MySuper website at www.impresssuper.com.au or on request by calling the Impress Super Helpline on 1800 253 154.

About preservation and accessing your super Any contributions paid into your super since 1 July 1999 are preserved. This means that they must stay in the superannuation system until you:

• Reach age 65;

• Retire on or after your preservation age (see below);

• Leave your employment at age 60 or over;

• Die or become totally and permanently disabled;

• Satisfy a condition of release on “compassionate grounds” or due to “financial hardship” (as defined under law); or

• Leave your employment and your benefit entitlement is less than $200 (the minimum limit under the law).

Your preservation age is based on your date of birth, as shown in the table below.

Date of birth Preservation age*

Before July 1960 55

July 1960 to June 1961 56




July 1964 or later 60 * Note: If you reach your preservation age and are unemployed, your preservation age will be deemed to be age 65.


Loan security Your benefit in the Fund cannot be used as security for a loan or signed over to another party.

Anti-money laundering and counter-terrorism financing The Trustee does not permit the use of the Fund for money laundering or the funding of terrorist or criminal activities.

All superannuation fund trustees are required to comply with the Anti-Money Laundering and Counter-Terrorism Financing (AML/CTF) legislation.

One of the obligations on the Trustee is to perform a formal “identity check” (including obtaining identification and verification information such as a copy of your driver’s licence etc) on members and other benefit recipients before any superannuation benefit is withdrawn from, or rolled out of, the Fund.

As with other important information required to be completed by members upon withdrawing their superannuation from the Fund, withdrawals will not be able to be processed until all of the applicable identification and verification documentation has been supplied. Any nominated representative acting on your behalf will also need to undergo the identification and verification checks.

The Trustee may need to obtain additional identification information and to re-verify your identity from time to time.

In some circumstances the Trustee may be required to disclose information about you to the regulator of AML/CTF – Australian Transactions Reports and Analysis Centre (AUSTRAC). Due to the sensitive nature of this information, the Trustee is not permitted to inform you if it discloses suspicious-matter information to AUSTRAC.


How Impress Super is managed About the Fund’s Trustee The Trustee of the Impress Australia Superannuation Fund is Watson Wyatt Superannuation Pty Ltd (ABN 56 098 527 256, AFSL 236049, RSE Licence No. L0000185). This Company is approved and licensed to act as a trustee of superannuation funds by the principal regulator of super funds in Australia, the Australian Prudential Regulation Authority (APRA). The Trustee is responsible for:

• Protecting your rights and interests as a member;

• Operating Impress Super in line with the Trust Deed and superannuation law;

• Investing Impress Super’s assets prudently according to the Fund’s investment objectives;

• Paying benefits when they are due; and

• Keeping you informed of relevant details. Watson Wyatt Superannuation Pty Ltd is a subsidiary of Watson Wyatt Australia Pty Ltd (ABN 45 002 415 349, AFSL 229921), a company that also acts as administrator (in partnership with CitiStreet Australia Pty Limited), actuary and secretary to Impress Super.

Policy Committee A Policy Committee is being established to represent the interests of members and employees in the management of the Fund. The Committee will consist of an equal number of members who are appointed by Impress Australia Pty Limited and members who are elected periodically by members of Impress Super. Full details of the structure of the Policy Committee election policy will be distributed to members of the Fund in early 2008. In the meantime, should you have any questions on the operation of the Policy Committee, please contact the Impress Super Helpline on 1800 253 154.

Rules for operating the Fund The Trustee is responsible for managing the Fund in accordance with the Trust Deed – the legal document that sets out the rules and operating requirements of the Fund – and with the laws and regulations governing superannuation in Australia.

Indemnity insurance The Fund Trustee is currently covered by a Professional Indemnity insurance policy that protects the Fund’s assets from a legal liability to the extent permitted by law and the policy conditions.


Specialist advisers to the Fund The following organisations have been retained by the Trustee to provide specialist services to the Fund:

Consultant, Actuary and Fund Secretary Watson Wyatt Australia Pty Ltd Fund Administrator Watson Wyatt Australia Pty Ltd (outsourced to CitiStreet Australia Pty Limited) Investment consultant JANA Investment Advisers Pty Ltd Legal advisers Mallesons Stephen Jaques Insurer CommInsure

The Trustee does not receive commissions or other similar payments from any of its specialist advisers.


Who to contact For more information about Impress Super and/or your benefits in the Fund, or to obtain up-to-date copies of the Fund’s publications and forms:

• Visit the MySuper website at www.impresssuper.com.au; or

• Call the Impress Super Helpline on 1800 253 154.

If you have queries about the Fund, or this PDS, please contact:

The Fund Administrator Impress Super CitiStreet Australia Pty Limited Locked Bag 14 Collins Street East VIC 8003 Tel: 1800 253 154

Current members of the Fund can also request copies of the Trust Deed, actuarial review summary and Risk Management Plan by contacting the Fund Administrator.

Issued by Watson Wyatt Superannuation Pty Ltd (ABN 56 098 527 256, AFSL No. 236049, RSE Licence No. L0000185), as Trustee of the Impress Australia Superannuation Fund (ABN 65 546 653 068, RSE Registration No. R1071450). Issued 1 November 2007.


Super Choices Form for Benefits Plan (Category CB) Members Use this form to CHANGE your super choices in Impress Super.

How to complete this form To change one or more of your super choices, complete Sections A and E together with:

• Section B to change your choices for your personal voluntary contributions; and/or

• Section C to change your investment choice; and/or

• Section D to change your insurance choice (for Death and Total and Permanent Disablement Cover).

When you have completed and signed your form, return it to the Fund in the reply-paid envelope in your Information Kit or mail it to the Fund Administrator (see back page for contact details).

Section A: Your details (please print) Title (please circle): Mr / Mrs / Ms / Miss / Other (please state): _________

Membership number: ___________________________

Given name(s):______________________________ Surname:_________________________

Home address:____________________________________________________________________

____________________________________State:______________ Postcode:_____________

Telephone (BH):_____________________________ Date of birth:_____/_____/_____

Section B: Your contribution choices Personal voluntary contributions Tick ONE of the boxes below to tell us if you would like to MAKE personal voluntary contributions to your super, CHANGE the amount of your existing personal voluntary contributions or CEASE making personal voluntary contributions altogether. You can vary the amount of your personal voluntary contributions at 1 January or 1 July each year.

Please tick ONE box below.

I want to make personal voluntary contributions to Impress Super.

I want to change the amount of personal voluntary contributions I currently make to Impress Super.

I wish to cease making personal voluntary contributions to Impress Super.

If you ticked either of the first two boxes, please tell us how much you wish to contribute and whether you wish your contributions to be deducted from your before-tax* or after-tax salary.

I wish to contribute ______% of my salary OR $___________ each pay period.

Please turn over >


I wish to make my contributions from my (please tick ONE box only):

Before-tax salary* OR After-tax salary

* Note: Before-tax contributions are subject to Company approval.

Important Your compulsory member contributions If you are a permanent employee*, you have the option of choosing whether to be a Contributory or Non-Contributory member at 1 July each year.

Each year, in the lead up to 1 July, you will receive information from the Trustee giving you the option to change your category of membership in the Benefits Plan Section (Category CB). Your decision has implications for your benefit, so you should consider your options carefully.

See the Product Disclosure Statement, Guide to Your Super: Benefits Plan Section (Category CB), for more information about the implications of changing your membership category, or call the Impress Super Helpline on 1800 253 154. * A permanent full-time or part-time employee who works more than 15 hours each week.

Section C: Your investment choice How would you like your Additional Accounts (if any) to be invested? Complete this section to make your investment choice for your Additional Accounts (i.e. your personal voluntary contributions and rollovers, and employer SG contributions if you are a Non-Contributory member). You can choose from five investment options – Assertive Plus, Assertive, Active Balanced, Conservative and Cash – for these amounts.

You can choose one option or a combination of two options – whatever best suits your investment style and needs. You can also choose up to two different options for your existing account balance and your future contributions and split the percentage invested across each option in a different way.

If you choose a combination of options, you must specify whole percentages (e.g. 10%, 25% etc.) and your total investment must equal 100%.

Existing balance % Future contributions %

Assertive Plus Assertive Plus

Assertive Assertive

Active Balanced Active Balanced

Conservative Conservative

Cash Cash

Total 100% Total 100%

If you don’t make an investment choice for your personal voluntary contributions and rollovers, your account balance will be invested in the Active Balanced option. This is the default option.


Section D: Your insurance choice 1) Death and Disablement Cover (Non-Contributory members only)

As a member of the Benefits Plan Section, the Fund provides you with insurance cover for Death, Total and Permanent Disablement (TPD) and Temporary Total Disablement. The cost of this Cover is provided at no cost to Contributory members.

If you’re a Non-Contributory member, Death and TPD Cover is optional. You can purchase one or two units of cover or no units of cover, depending on your needs. Each unit of cover costs $1 per week (or 50 cents per week for Death Only Cover). After age 60, Death Only Cover is available. See the Product Disclosure Statement, Your Guide to Super: Benefits Plan Section (Category CB), for more information on the amount of cover these premiums provide).

If you’re a Non-Contributory member, tick ONE box below to tell us how many units of cover you want; or if you don’t wish to purchase Death and TPD cover (i.e. tick “Nil” units).

Nil units. I do not wish to purchase Death and TPD Cover through the Fund.

I wish to purchase one unit of cover.

I wish to purchase two units of cover.

2) Additional Voluntary Cover (All members) If you have chosen the maximum level of Death and TPD Cover and you need more cover, you may apply to purchase Additional Voluntary Cover. This additional cover is purchased in multiples of $50,000 (lower for members age 61 or over).

Do you want to purchase Additional Voluntary Cover*?

Yes No

If you selected “yes”, you will be supplied with a separate brochure, application form and Personal Statement to complete. Your eligibility to purchase this additional cover is subject to approval by the Insurer and proof of good health may be required. * Note: Cover for Death and TPD is available only to permanent full-time or part-time employees who work at least 15 hours each week. Casual employees and permanent employees who work less than 15 hours per week are eligible for Death Cover only.

3) Salary Continuance Cover (All members) Do you want to purchase Salary Continuance Cover*?

Yes No

If you selected “yes”, you will be supplied with a separate brochure, application form and Personal Statement to complete. Your application will then be assessed by the Insurer, and your insurance cover will only start once it has been accepted by the Insurer. * Note: Salary Continuance Cover is available only to permanent full-time or part-time employees who work at least 15 hours each week and have TPD Cover in the Fund.


Section E: Your approval Please sign and date your approval of the instructions provided on this form. I hereby acknowledge and understand that:

• I have received and read the Product Disclosure Statement (PDS), Guide to your Super: Benefits Plan Section (Category CB), and understand the contribution and investment choices that are available to me. (Note: This PDS is available from the MySuper website at www.impresssuper.com.au or on request by calling the Impress Super Helpline on 1800 253 154).

• Contributions will be made into my accounts with Impress Super in accordance with my stated wishes.

• Investment returns are based on the actual earnings (net of investment fees and taxes) of the investment option(s) I have selected.

• If I have made an investment choice for my personal voluntary contributions and rollovers, and my employer SG contributions (if a Non-Contributory member), these amounts will be invested in the investment option(s) of my choice and returns can be positive or negative.

• If I did not make an investment choice, these amounts (along with any rollovers, and employer SG contributions if a Non-Contributory member) will be invested in the Active Balanced option.

• I can change my investment option(s) at any time, subject to any fees imposed by the Fund.

• Any insurance options I have selected are subject to any health requirements being met.

• Fees for administration, taxes and insurance premiums (if applicable) will be deducted from my Impress Super account.

• Any section of this form that is not completed signifies that I wish to maintain my existing arrangement.

• I have read the information in the PDS, Guide to your Super: Benefits Plan Section (Category CB), about the protection of my privacy and agree to the use of my personal information as disclosed therein.

• I declare that the information I have provided on this form is correct and complete to the best of my knowledge.

• The Trustee may provide certain information to other entities for the purpose of administering my benefits in the Fund.

I also declare that the information provided on this form is true and correct and supersedes any previous advice provided by me.

Signature:_____________________________________ Date:_____/_____/_____

Return your completed form to: The Fund Administrator Impress Super CitiStreet Australia Pty Limited Locked Bag 14 Collins Street East VIC 8003

Issued by Watson Wyatt Superannuation Pty Ltd (ABN 56 098 527 256, AFSL No. 236049, RSE Licence No. L0000185), as Trustee of the Impress Australia Superannuation Fund (ABN 65 546 653 068, RSE Registration No. R1071450). Issued 1 November 2007.

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