1. AOn MASTER TRuST
cORPORATE SuPER
Employer Guide
Trust
Aon Master Trust
Product Disclosure Statement
ABN 68 964 712 340
RSE R1000566
phone 1300 880 588
fax 1800 010 435
Please read this document before making a decision to invest.
email contactcentre@aon.com.au
web aonmastertrust.com.au
Trustee and Issuer
Aon Superannuation Pty Limited
ABN 83 057 982 822
AFSL 237465
RSE L0000437
date issued 1 July 2008
TODAY. TOMORROW. READY.

2. ThE AOn
MASTER TRuST
product ratings
SuPERAnnuATiOn iS A lOnG-TERM invESTMEnT.
ThE AOn MASTER TRuST OffERS YOu invESTMEnT
AnD inSuRAncE OPTiOnS TO SuiT YOuR nEEDS. Aon Master Trust Corporate Super has been awarded a five
star rating for 2008/2009 by The Heron Partnership (for
more information on the ratings system used and to view
The Aon Master Trust is a registered superannuation fund
the Heron Financial Services Guide for superannuation fund
which invests for the benefit of members.
ratings services see heronpartners.com.au) and a Platinum
At 1 July 2008, the Trust has over $1.6 billion in assets, over rating for 2008 by SuperRatings (for more information on
60,000 members, and over 600 participating employers. the rating system used, see superratings.com.au). References
to The Heron Partnership and SuperRatings in this PDS have
The Aon Master Trust is managed by Aon Superannuation been authorised by the trademark holders.
Pty Limited, an approved trustee regulated by the Australian
Prudential Regulation Authority (APRA). Aon Superannuation The analysis and information upon which ratings are based is
Pty Limited (‘the trustee’) is a wholly owned subsidiary of Aon considered accurate at the time a particular product is rated.
Consulting Pty Limited part of the Aon group of companies. However, ratings agencies give no guarantee or warranty and
make no representation as to the product or accuracy of the
Financial planning services are not provided by Aon third party information provided to them. Ratings are produced
Superannuation Pty Limited. without taking into account any individual’s financial needs,
circumstances and objectives – any person should assess the
AIG Life is the insurer of certain benefits of most, but not
appropriateness of the advice in regard to their own financial
all members.
situation and consult a licensed financial adviser.
AIG Life has agreed to this Product Disclosure Statement (PDS)
containing information about AIG Life in Insurance options on
cooling off period
pages 26 to 41 and has not withdrawn its consent. AIG Life
has not issued this PDS and has not approved any statements
in this PDS that do not refer to AIG Life.
Employers may have cooling-off rights in respect of
an application to participate in the Aon Master Trust.
The right must be exercised by notifying the trustee
about this PDS within 14 days from the date of confirmation of the
transaction or 19 days from the date of issue. This right
This PDS describes the main features of the Aon Master Trust does not apply in the case of a ‘successor fund’ transfer.
for Corporate Super employers. It will help you compare the
Aon Master Trust with other corporate superannuation funds.
Additional information is available if required – see Other
important information on page 51.
If a person needs more information about a financial services
licensee, they will need to contact the financial services licensee.
The Aon Master Trust also offers Personal Super for individual
and self-employed members, spouses, or organisations with
less than five employees, a Pension for those interested
in purchasing a retirement income stream and a non-
commutable pension for those transitioning to retirement.
Contact us for more information.
If you (the employer) are not a financial services licensee or
an authorised representative of a financial services licensee,
you must not give financial product advice about the Trust or
recommend a superannuation product.
Our formal complaints resolution procedure is described on
page 53.
TODAY. TOMORROW. READY. 2

3. cOnTEnTS
summary of features ................................. 4
services for employers ............................... 7
employer contributions made easy ........... 8
benefits for your employees ...................... 9
my ebenefits program .............................10
member contributions ............................. 11
the nuts and bolts of investing ................. 13
investment options summary ................... 15
investment options pre-mixed ................. 16
investment options sector ........................ 18
information on SRI option ........................24
insurance options ....................................26
insurance costs ........................................36
tax and super...........................................42
fees and other costs .................................44
accessing super benefits...........................48
other important information .................... 51
what to do next .......................................54
forms .......................................................55
note
Fees and conditions in this PDS apply to employers
who join Aon Master Trust Corporate Super on or
after 1 July 2008. Fees and conditions will change
over time and we will notify you of material changes.
Existing members’ fees and conditions are as notified.
The trustee reserves the right to correct any
omissions in this PDS. If there is a discrepancy
between this PDS and the trust deed, the trust deed
will be the final authority.
Member forms are available on our website aonmastertrust.com.au.
The information in this document is general in nature. Your personal objectives, needs or financial situation were not taken into account when preparing this information.
You should consider the appropriateness of any general advice before acting on it, having regard to your own objectives, financial situation and needs. If the information
relates to a financial product, you should obtain and consider the relevant Product Disclosure Statement before making any decision to purchase that financial product.
This document has been prepared by Aon Consulting Pty Limited (ABN 48 002 288 646, AFSL 236667) a related body corporate of the trustee of the Aon Master Trust
(ABN 68 964 712 340, RSE R1000566), Aon Superannuation Pty Limited (ABN 83 057 982 822, AFSL 237465, RSE L0000437). This is a relationship that might reasonably
be expected to be capable of influencing Aon Consulting Pty Limited when the company provides financial product advice to clients in respect of the Aon Master Trust.
3

4. SuMMARY
Of fEATuRES
investment options
AOn MASTER TRuST cORPORATE SuPER iS fOR
cOMPAniES AnD ORGAniSATiOnS WiTh fivE
EMPlOYEES OR MORE ThAT SElEcT ThE AOn MASTER You can nominate a default investment option. Your
TRuST fOR ThEiR EMPlOYEES’ SuPER AnD/OR employees can choose investment options that suit them.
inSuRAncE ARRAnGEMEnT.
There are over 30 options to choose from, arranged in two
categories – see pages 15 to 23.
The standard Corporate Super options shown in this
document can be customised at cost for large employers or pre-mixed options
º
those requiring defined benefit solutions – see page 47 or
sector options.
º
call us for more information.
insurance options
contributions You can nominate a default level of insurance. Your
employees can choose the type and level of insurance that
The Aon Master Trust can accept the following contributions
suits them. There is a minimum level of death and total and
on behalf of members:
permanent disablement cover of $210,000* (indexed) on
employer contributions, including Superannuation
º joining the fund.
Guarantee (SG) contributions
personal contributions
º
options to suit your employees
super benefits rolled over from other funds
º
You can choose from three types of insurance cover and can
government co-contributions
º combine cover (see pages 26 to 41):
spouse contribution splits and payments made under
º
death
º
family law arrangements
death and total and permanent disablement
º
spouse contributions.
º
income protection.
º
Members’ spouses can also join Aon Master Trust Personal Super.
Provision of all insurance cover is subject to acceptance of
cover by the insurer, AIG Life.
super benefits * Minimum cover reduces from $210,000 at age 42 to nil at age 65 – see graph
on page 26.
Super benefits may be payable to members in a range
of circumstances:
my ebenefits
retirement
º
total and permanent disablement
º Your employees get the benefit of an online one-stop shop
designed to save them time and money. my ebenefits offers
total and partial disability
º
quality financial and lifestyle products and services including:
death.
º
free tax and legal advice
º
In addition members can choose to transfer their benefits
insurance – including car, health, home and contents
º
within the Aon Master Trust or roll over their benefits in
some circumstances. lending – from over 40 different providers
º
options for great leisure activities, gift ideas,
º
entertainment and travel.
See page 10 for more information.
TODAY. TOMORROW. READY. 4

5. fees summary boost their balance
Members can make personal contributions to their super,
by completing and sending us a Lump sum contribution form
compare our value with other super funds available on our website. If you, as the employer, allow for
establishment fee it, members can salary sacrifice or make personal (after-tax)
contributions by payroll deductions.
none.
contribution fee For insurance-only plans, members can still elect to make
personal contributions or have employer SG contributions
none.
(under choice of fund) paid into their account.
transfer fee
For more information see the factsheet Salary sacrifice on
none.
our website.
investment switching fee
none.
spouses can join too
member fee
Member spouses can join the Aon Master Trust (see page
$63 pa indexed.
53). They should obtain a copy of the Aon Master Trust
Personal Super PDS and complete the Personal Super: Member
asset administration fee
application form.
up to 1.1% pa as negotiated with you or your adviser,
if applicable.
plan their investment strategy
management fee
Members can switch their current and/or future investments
between 0.43% and 1.32% pa depending on investment
at no cost. They can do it online once they receive their
options chosen (default option fee is 0.46% pa), plus any
user name and password or they can send us a completed
performance fees which may be earned.
Switching investment options – current members form or a
withdrawal fee Change member details and options form.
$80 per payment.
choose the insurance cover that
adviser service fee
suits them
up to 2% pa or up to $10,000 pa, as negotiated between
members and their advisers, where applicable.
Members can customise insurance cover and premiums
according to their needs and the insurance calculator on our
See Fees and other costs on pages 44 to 47.
website aonmastertrust.com.au may help them make a
choice. They can also transfer existing insurance cover (from
a retail policy or super fund) to Aon Master Trust. See pages
your employees get more 26 to 41 for more information on insurance options and
from their membership forms that members need to complete.
nominate their beneficiaries
get their super together
To choose a binding death benefit nomination, members
Members can roll their super into one account and it
can complete and send us the Binding death benefit
may save them fees. They can send us a completed
nomination form. To make a non-binding nomination,
Request to transfer whole balance of superannuation benefits
members must complete the relevant section in the Change
between funds form. Copies are available on our website
member details and options form. Both forms are available on
aonmastertrust.com.au. our website aonmastertrust.com.au. The Trust makes anti-
detriment payments to eligible dependants of members.
For more information see the factsheet Rollover options on
For additional information on death benefit nominations
our website.
see pages 34 and 52 and the factsheet Binding death benefit
nomination on our website.
5

6. plan ahead for retirement
website and online services
The Aon Master Trust offers a pension and a transition to
retirement pension – see page 45. Members can download
Forms for change of details, voluntary contributions,
a Pension PDS from our website or call us on 1300 880 588
spouse membership, investments switches and
to have a copy mailed to them.
super transfers are available on our website
aonmastertrust.com.au.
financial planning services
Employers can log onto their account details once
For details of a qualified adviser, call us on 1300 880 588.
access to Aon’s online services has been established
(see page 8).
Once your employees become members of the
Aon Master Trust they will receive secure online
access to view their account, including personal
details, transaction history, beneficiary information
and investments. They will also be able to switch
investments, change their personal details including
their non-binding beneficiary nomination and obtain
benefit quotations online with complete security.
Employers and members can call 1300 880 588. Our
contact centre is open Monday to Friday, 7am to 7pm
Eastern Standard Time (excluding NSW public holidays).
TODAY. TOMORROW. READY. 6

7. SERvicES
fOR EMPlOYERS
administration services financial planning services
When you join the Aon Master Trust as a participating If your employees require individual financial advice, we can
employer, your super services consultant and, if required, a arrange a consultation with a licensed planner. If a financial
specialist transition team can coordinate the transfer of data plan is required, our licensed planners* can develop a plan
from a previous super plan. If you have any questions about at a cost negotiated with the member, reflecting the level of
the Aon Master Trust or superannuation in general, contact advice required.
your super services consultant for assistance.
* Financial planning services are not provided by Aon Superannuation Pty Limited.
Superannuation statements, newsletters, annual reports and
online services access information (see pages 6 and 10) will
annual member information
be delivered to each member’s home address on your behalf
sessions
– just provide us with contact details and we’ll do the rest.
Aon Consulting can arrange information sessions to explain
consulting services superannuation, investment performance and other relevant
information for members. Please contact us for more
information.
Your super services consultant can provide the following
services at no cost:
Annual information sessions can include financial planning
information for members. These sessions typically run for
assist in up to two policy committee meetings per year
º
around an hour. If you want to offer your employees more
where requested, present the investment options
º
detailed financial education or advice (eg seminars covering
and structure of your plan to members at your
tax and social security, or pre-retirement counselling) we can
workplace through introductory and ongoing annual
also provide services at a negotiated cost.
information sessions
answer technical questions on the Aon Master Trust or
º
on super in general.
Consultants are also available to complete any assignments
agreed with the employer on a time-cost basis.
policy committees
If you have more than 49 employees in the Aon Master
Trust, the Trustee is required to set up a policy committee
for your employees. If you have fewer than 50 members, a
policy committee is only required at the request of at least
five members.
Aon Consulting will keep in regular contact with your policy
committee, or you if a policy committee is not established.
Your super services consultant can attend meetings of the
policy committee to discuss the following agenda items:
investment update
º
administration update
º
developments in superannuation
º
developments within the Aon Master Trust
º
other issues affecting the employers, the policy
º
committee and members.
7

8. EMPlOYER cOnTRibuTiOnS
MADE EASY
AOn’S OnlinE SERvicES PROviDE A SEcuRE SuPER
SOluTiOn fOR EMPlOYERS TO TAkE ThE hASSlE OuT
Of SuPERAnnuATiOn ADMiniSTRATiOn AnD fREE uP
TiME fOR YOuR PAYROll STAff. OncE OnlinE SERvicE
AccESS hAS bEEn SET uP, MAkinG PAYMEnTS,
ADDinG nEW EMPlOYEES AnD MODifYinG MEMbER
DETAilS cAn All bE DOnE OnlinE.
Aon’s online services include a ‘clearing house’ that allows
employers to pay all their superannuation contributions by
direct debit to the Aon Master Trust or any other eligible
super fund that your employees nominate.
To access Aon’s secure online service, new employers should
complete and return a registration form. When your account
is established, we will send your nominated employees user
names and passwords which can be used to complete a
Westpac PayDeduct authority form.
Once you are registered, you can start making contributions,
as summarised in the diagram at right. Your payroll staff
can enter your employees’ choices and other contribution
data through a series of menu-driven screens. They can
select from a list of complying super funds to ensure your
employees’ choices are valid. The contribution file is then
loaded onto Aon’s administration platform and reviewed
online. Once you approve the summary report, the
contributions are processed.
Contributions are managed through our streamlined
‘straight-through processing’ system. In conjunction with
daily unit pricing, this means that contributions are allocated
and records are updated as soon as possible on receipt via
the banking system.
Aon’s secure online services give employers online access to:
electronic funds transfer
º
choice of fund services
simplified payments via authorised direct debit
º
new member additions and member record
º Under our standard service terms, employers are responsible
modifications, taking the hassle out of administration for processing any completed Choice of fund forms. This
real-time validation, ensuring only valid data is
º includes checking the eligibility of chosen funds, resolving
transferred any errors or problems, updating fund choices, and
maintaining compliance records.
integration of information with our super administration
º
system to avoid double-handling
straight-through processing of contributions from payroll
º
to employees’ super accounts
superannuation fund compliance status checking
º
encrypted data protection to ensure confidentiality.
º
TODAY. TOMORROW. READY. 8

9. bEnEfiTS fOR
YOuR EMPlOYEES
competitive fees and insurance benefits on leaving
premiums When an employee leaves your company, they have the option
to keep their super benefit in the Aon Master Trust. The benefit
The Aon Master Trust has a competitive fee structure.
will be transferred to Aon Master Trust Personal Super, where
Employers can negotiate employees’ fees and options – see
the employee can continue their insurance and investment
Fees and other costs on page 44.
options, subject to some changes in fees. See Leaving an
employer on page 49 for more information.
Every three years, we review the competitiveness of premium
rates and terms and conditions offered by the group insurance
policy taken out by the trustee. Employers with five or more
in summary
employees gain the advantages of group insurance premiums
with automatic acceptance levels for members joining the
Trust when first eligible. See pages 36 to 41 for indicative The Aon Master Trust can offer your employees:
premium rate options, subject to loading depending on the
member investment choice with over 30 options to
º
characteristics of your employees and workplace.
choose from
a range of insurance options with competitive
º
investment and insurance premium rates
choice and flexibility my ebenefits access by phone, email or on the web
º
(see page 10)
personal service for employers from our super services
º
With over 30 investment options to choose from, your
consultants and for members from our contact
employees can invest according to their needs – see pages
centre staff
15 to 23.
security – all assets are held by an independent custodian
º
The Aon Master Trust offers insurance options to cover most
clear, flexible and competitive administration fees
º
employee needs – see pages 26 to 41.
public offer status – members can move from employer-
º
Concessional and non-concessional contributions can sponsored plans to personal plans.
be made regularly from your employees’ salary. One-off
We aim to give you the most appropriate level of service at
contributions (eg a bonus payment) can be accepted as well.
the right price.
We accept spouse contributions and rollovers from other
complying funds.
my ebenefits
Aon’s flexible my ebenefits program offers your employees
online, phone and email support for financial, health and
lifestyle service providers at no additional cost. For more
information, see page 10.
9

10. MY EbEnEfiTS
PROGRAM
ThE AOn MASTER TRuST cAn GivE YOuR EMPlOYEES my ebenefits can offer your employees benefits including:
MORE ThAn juST OnlinE AccESS TO ThEiR
free telephone and email-based tax and legal advice
º
SuPERAnnuATiOn infORMATiOn.
private health insurance
º
online shopping with thousands of well-known products
º
Aon’s my ebenefits program offers online, phone and
at wholesale prices
email support for the other things in life, including health
full travel service
º
and wealth services, legal and tax advice, shopping and
entertainment discounts and resources including online flowers, adventure and leisure
º
calculators, tip sheets and other tools.
entertainment links
º
access to financial planning
º
my ebenefits is a flexible employee benefits program
designed to help satisfy the work-life balance and benefit life insurance, critical illness and income protection
º
needs of your workforce. The program can help employees
home, contents, car, travel and boat insurance
º
finance a home purchase, buy a big-screen plasma TV, send
home, investment and commercial loans.
º
flowers or arrange the perfect holiday quickly and easily.
my ebenefits referrals are free to participating Aon Master
Trust employers and their employees who are members of
the Trust.
Designed to assist employers to be the destination of choice
for key talent, the program is adaptable for individual
company requirements, including integrating company-
specific benefits or packaged programs.
For more information on my ebenefits, contact your super
services consultant.
my ebenefits case studies
shopping for a better deal
An Aon Master Trust member was looking to buy a
new flat-screen television from a well-known dealer
but wasn’t happy with the price. He called the
my ebenefits buying service and they helped him
source a better deal.
saving money on a home loan
The my ebenefits home page offers password-protected access to super, health,
Another member was saving to go overseas and
shopping, wealth and entertainment options and more and can be customised to
wanted to convert his mortgage to interest only. He
meet employers’ needs.
visited the my ebenefits site and found information
on a loan product that could reduce repayments by
$100 a month.
TODAY. TOMORROW. READY. 10

11. MEMbER
cOnTRibuTiOnS
concessional contributions
ThE AOn MASTER TRuST cAn AccEPT cOnTRibuTiOnS
fROM EMPlOYERS, SElf-EMPlOYED MEMbERS,
MEMbERS AnD ThEiR SPOuSES, AS WEll AS employer contributions
TRAnSfERS fROM OThER SuPERAnnuATiOn funDS. Under Superannuation Guarantee (SG) laws, employers must
make super contributions based on a percentage of salary
or wages for most employees aged 18 to 70 who earn $450
making their super grow
or more (before tax) in a calendar month. This percentage
is currently 9%. These contributions will count towards a
member’s concessional contribution cap.
Members can keep their benefits in super as long as they
like and earnings will be taxed at concessional tax rates. Under choice of fund legislation, employers choose
They can also contribute to super until they turn 75 as long a ‘default fund’ but members can choose which super fund
as they are gainfully employed on at least a part-time basis employers pay these contributions into. This is called their
(members must work for at least 40 hours in 30 consecutive ‘chosen fund’.
days in the financial year in which they contribute) after they
If an employer nominates the Aon Master Trust as the default
reach age 65.
fund, but at a later stage a member’s chosen fund is not
Making personal super contributions is optional but even the Aon Master Trust, any existing account balance may be
small contributions may make a big difference to members’ transferred to the Trust’s ‘retained’ category. In this category
benefits over time. fees may change, and the member may lose any insurance
cover. Contact us for more information.
contribution < 65 years 65 but 70 but 75 years
type < 70 years < 75 years or more Members can elect to have employer SG payments made to
their insurance-only plan under choice of fund legislation.
employer SG no restriction no restriction no restriction no restriction
salary sacrifice contributions
It is possible for members to arrange personal (before-tax)
voluntary no restriction must be must be cannot be
contributions to their super (by way of ‘salary sacrifice’) if
employer gainfully gainfully accepted
employed employed
you, as the employer, agree to this method of contributing.
on at least a on at least a
Members can also choose to have their bonus or pay rise
part-time basis part-time basis
paid into their super fund before tax is deducted, subject to
member no restriction must be must be cannot be
employer approval. These contributions can be regular or
gainfully gainfully accepted
employed employed
one-off and may allow for members to pay less income tax
on at least a on at least a
than if they made the same amount of personal (after-tax)
part-time basis part-time basis
contributions. Contact us for more details. Contribution caps
eligible spouse no restriction must be cannot be cannot be
apply – see next page.
gainfully accepted accepted
employed
on at least a
self-employed contributions
part-time basis
Members who are self-employed or substantially self-
employed are able to claim a full deduction for personal
Regulation 7.04(6) of the SIS Regulations allows a regulated superannuation
fund to accept a contribution in respect of a member if the trustee is reasonably
contributions they make to super until age 75. Contribution
satisfied that the contribution is in respect of a period during which the fund
caps apply – see next page.
could have accepted the contribution, notwithstanding that the contribution is
made after that period.
Concessional and non-concessional caps apply to contributions. See next page
for more information.
11

12. non-concessional contributions rolling over money from other funds
If members have had different jobs, they may have money
personal contributions
in a number of different super funds. Moving or rolling
Members can make personal (after-tax) contributions if they over these balances into one account may reduce fees and
are aged under 65. They can also make personal (after-tax) paperwork and will make it easier to keep track of their
contributions between age 65 and 75, as long as they are super. To roll over balances from other funds to the Aon
gainfully employed on at least a part-time basis (members must Master Trust, members must complete the Request to transfer
work for at least 40 hours in 30 consecutive days in the financial whole balance of superannuation benefits between funds form
year in which they contribute). Contribution caps apply. available on our website aonmastertrust.com.au.
One-off contributions can be made at any time using a Members will need to provide a certified copy of a photo ID
Lump sum contribution form available from our website or by with each request. See Completing proof of identity on page 2
contacting us. If you, as the employer, allow for it, members of the form for more information.
can make personal (after-tax) payments by payroll deductions.
contribution caps
Members can contribute to an insurance-only plan as well.
Tax concessions will be available only up to the concessional
eligible spouse contributions
and non-concessional contribution caps, unless members
Members can contribute to the Aon Master Trust on behalf
qualify under transitional rules.
of their spouse if their spouse is aged under 65. A spouse
between 65 and 70 must be gainfully employed on at least Members can make up to $150,000 per year in
a part-time basis to be eligible for spouse contributions. This non-concessional contributions or up to $450,000 averaged
could mean that as a couple they may pay less lump sum over three years by bringing forward future annual limits
tax. The spouse must already be a member of, or must join, (if they are under age 65 in the financial year).
the Aon Master Trust – see page 53.
Concessional contributions to superannuation will be limited
Spouses may also contribute to the Aon Master Trust on the to $50,000 per person per year.
member’s behalf subject to the conditions outlined above.
These caps are indexed in line with movements in Average
See Tax rebates for spouse contributions on page 42 or contact
Weekly Ordinary Time Earnings (AWOTE). For more
us for further details.
information refer to the factsheet Tax on super on our
website, contact the Australian Taxation Office on 13 10 20
government co-contribution or visit ato.gov.au/super.
The Government may pay a superannuation co-contribution
To help with retirement planning, a transitional period
of up to $1,500 on a member’s behalf. The maximum
will apply to members who are 50 or above and for those
co-contribution amount is $1.50 for every $1.00 a member
members turning 50 before 1 July 2012. During the
adds to their super as a personal (after-tax) contribution, as
transitional period, the cap on concessional contributions will
long as their income is below the minimum threshold for
be $100,000 from the financial year the member turns 50
that financial year. Self-employed members may also qualify
until 30 June 2012.
for the co-contribution.
For more information, including the current thresholds, refer
to the Government co-contributions factsheet on our website
aonmastertrust.com.au, contact the Australian Taxation
Office on 13 10 20 or visit ato.gov.au/super.
TODAY. TOMORROW. READY. 12

13. ThE nuTS AnD bOlTS
Of invESTinG
bEfORE lOOkinG AT invESTMEnT OPTiOnS, hERE fixed interest investments are typically a loan between a
º
ARE SOME kEY invESTMEnT PRinciPlES. borrower and a lender. The borrower (eg a government,
bank or company) promises to pay the lender specific
‘fixed’ interest payments over the term of the investment
and return the initial investment at the end of the loan.
key principles Although prices for fixed interest assets vary and may
occasionally be negative, they typically offer lower risk
and return than property or shares.
risk, return and asset classes cash is typically defined as short-term securities with a
º
A basic rule of investing is that the bigger the investment maturity date of less than one year. Cash investments
risk, the bigger the potential return over the long term. offer a low level of risk, but are likely to provide the
Investors typically structure investments across five asset lowest return of all asset classes over the long term.
classes. Each asset class has a different level of risk/return as
See the factsheet Introduction to asset classes on our website
outlined below:
aonmastertrust.com.au for more information.
shares represent part ownership of a company.
º
Typically, all investments in this asset class are ‘listed’
diversification
shares – ie traded on stock exchanges. Owning shares
can provide both capital growth and a proportion of Diversification means spreading investments across different
profits, called dividends. Share prices change frequently asset classes, managers’ products and/or investment
and share investments typically offer a high level of risk strategies. The aim is to reduce the overall portfolio risk
and return. while enhancing investment returns. A well-diversified
property trusts and managed property funds invest portfolio facilitates smoothing of the fluctuations in returns
º
of particular asset classes.
in commercial, retail, industrial, hotel and residential
real estate. Property investments offer returns based on
A diversified investment portfolio typically falls into one of
property valuations and a rental income stream. Property
three categories:
trusts can either be listed (ie a security tradeable on a
stock exchange) or unlisted. Property returns are cyclical
growth – invests mainly in assets aiming to provide a
º
and typically have a higher risk/return profile than fixed
higher return but with higher risk. Typical asset classes
interest and cash.
include shares, property and alternative assets.
alternative assets typically include hedge funds,
º
balanced – invests in a mix of all major asset classes
º
private equity and infrastructure. Hedge funds use
aiming to deliver a moderate return with a moderate
specialist investment strategies to trade shares and fixed
risk level.
interest assets. Private equity investments are made in
defensive – invests mainly in assets aiming to provide
º
companies not listed on a stock exchange. Infrastructure
a moderate return with lower risk. Typical asset classes
investments include utilities and other physical assets.
include fixed interest and cash. Defensive investments
These funds aim to achieve positive returns in both
may also include some growth assets.
rising and falling markets and are typically included in
diversified portfolios to reduce exposure to risk over
longer time frames.
note
If you do not select a default investment option for
your employees, the standard Corporate Super default
investment option is Pre-mixed Balanced – Index.
13

14. index and active investments application of unit prices
Major considerations when investing include how a fund Unit prices are derived and applied in an equitable manner
manager can add value to exceed an underlying market that values members’ benefits and distributes investment
index or benchmark, the risk undertaken by the manager, earnings and losses equally. The trustee applies a forward
and the management fees. pricing mechanism to process transactions to/from the
Trust. This means that all transactions are processed using
Index fund managers seek to track the performance of a a unit price calculated after the Trust has received the
stock index. For example, the Australian Shares – Index transaction request. The practical implications for members
option is designed to closely match the performance of the are as follows:
S&P/ASX 200 Accumulation Index for Australian shares.
contributions – we process contributions within time
Index managers typically charge less than active managers. º
limits that conform to standards maintained by the
Active fund managers aim to outperform their benchmark trustee, using the price applicable on the date of
by using research, active portfolio management and trading processing. This is normally within five working days of
strategies. There is a risk, especially over short time horizons, receipt of a contribution and appropriate paperwork.
that an active manager may underperform the relevant
benefit payments – we use the unit price on the day
º
market index. Active fund managers typically charge more
benefit payments are processed. Benefits are normally
for taking this approach, but believe potential improved
processed within three to five business days after all
investment performance will justify the cost.
required information is received.
investment switches – we process investment switches
º
unit pricing policy and procedures no earlier than the third business day after receipt
of the completed request and normally within five
The trustee has adopted a formal unit pricing policy for the
working days. You will receive the unit price applicable
Trust. The trustee can change this unit pricing policy and any
to the date the switch is processed.
underlying procedures at any time. The calculation of the
unit price for each investment option is:
Unit prices fluctuate from day to day but in extraordinary
market conditions the price variations can be significant.
Net asset value* (of the relevant investment option)
Unit price =
The variations can also be significant in options which own
The number of units on issue for members
relatively small levels of assets compared to cash flows in and
for that investment option.
out. The trustee does not accept liability for any losses that
* The net asset value is equal to the gross asset value (ie market value of the
a member may perceive that he or she has suffered except
underlying investments and cash at bank for that investment option) as at the
where it is established that the published unit pricing policy
close of business on a given day, plus accrued income minus indirect expense
recoveries minus investment income tax provisions.
has not been applied.
The trustee reserves the right to suspend unit pricing
activities at its discretion in exceptional circumstances.
note
This includes the right to suspend unit prices (and therefore
processing contributions to/from the Trust) in extreme
market conditions. The unit pricing policy conforms to Investment returns are not guaranteed and can
standards issued by government regulators and relevant fluctuate over time. Past earnings are not an
industry bodies. indication of future earning rates.
TODAY. TOMORROW. READY. 14

15. invESTMEnT OPTiOnS
SuMMARY
AOn MASTER TRuST MEMbERS MAY chOOSE OnE OPTiOn OR A Mix Of OPTiOnS fROM ThE liST bElOW
(MiniMuM 5% PER chOSEn OPTiOn). MEMbERS cAn MAkE A DiffEREnT chOicE fOR ThEiR cuRREnT SuPER
bAlAncE AnD fOR ThEiR fuTuRE cOnTRibuTiOnS.
Members can log into their account online once they receive their user name and password or send us a completed
Change member details and options or Switch investment options – current members form available from our website. For the latest
investment returns, members can visit our website aonmastertrust.com.au or call us on 1300 880 588.
PRE-MixED SEcTOR
º High Growth – Index Australian Shares – Index
º
º High Growth – Active Australian Shares – Diversified
º
Australian Shares – Core*
º
º Growth – Index Australian Shares – Socially Responsible*
º
º Growth – Active Australian Shares – Opportunities*
º
º Balanced – Index International Shares – Index
º
º Balanced – Active International Shares – Index ($A hedged)
º
International Shares – Diversified
º
º Capital Stable – Index International Shares – Core*
º
º Capital Stable – Active International Shares – Core ($A hedged)*
º
International Shares – Emerging Markets*
º
º Secure – Index International Shares – Opportunities*
º
º Secure – Active
Property – Australian Index
º
Property – Diversified
º
Property – Direct
º
Property – Global Listed ($A hedged)*
º
º Alternative – Diversified
Fixed Interest – Australian Index
º
Fixed Interest – International Index ($A hedged)
º
Fixed Interest – Diversified
º
Fixed Interest – Australian*
º
Fixed Interest – International ($A hedged)*
º
º Cash
º Diversified – Maple-Brown Abbott
* Option available from October 2008. Depending on the timing and size of initial cashflows, the investment performance of a new option may vary from the
underlying product.
The trustee reserves the right to close or terminate the options (either to refuse to accept new money or enforce reduction of assets) or change underlying products at any
time. The trustee will inform you as soon as possible if this affects your nominated choice.
TODAY. TOMORROW. READY. 15

16. invESTMEnT OPTiOnS
PRE-MixED
high Growth high Growth Growth Growth balanced
– index – Active – index – Active – index
objective To provide a return To provide a return To provide a return To provide a return To provide a return
at least 5% above at least 5.5% above at least 4.5% above at least 5% above at least 4% above
CPI over rolling CPI over rolling CPI over rolling CPI over rolling CPI over rolling
five-year periods. five-year periods. five-year periods. five-year periods. five-year periods.
investment strategy Invests 100% of Invests 100% of Invests 85% of the Invests 85% of the Invests 70% of the
the portfolio in the portfolio in portfolio in growth portfolio in growth portfolio in growth
growth assets. growth assets. assets and 15% in assets and 15% in assets and 30% in
defensive assets. defensive assets. defensive assets.
risk/return profile Returns can be very Share market Returns are Returns are There is likely to
volatile over the investments can generally less generally less be volatility in
short to medium be very volatile volatile than the volatile than the returns in the short
term. Historically, over the short to High Growth High Growth term but they tend
shares have medium term but, portfolio but can portfolio but can to stabilise over
offered the highest historically, these still be very volatile still be very volatile longer periods.
long-term returns. investments have over the short to over the short to
offered the highest medium term. medium term.
long-term returns.
strategic asset
allocation1
32%
37.5%
46% 44% 39%
Australian shares
32%
37.5%
46% 44% 39%
International shares
6% 6%
8% 7% 7%
Property
4%
5%
0% 0% 0%
Alternative – growth
5%
0%
0% 0% 0%
Alternative – defensive
0% 0% 7.5% 12.5%
5%
Aust. fixed interest
12.5%
0% 0% 7.5% 5%
Int’l fixed interest
0% 5%
0%
0% 0%
Cash
management fee2 0.46% pa. 0.90% pa. 0.46% pa. 0.85% pa. 0.46% pa.
performance fee3 Nil. 0% to 0.20% pa. Nil. 0% to 0.20% pa. Nil.
Asset allocations shown are strategic benchmarks. Actual allocations may vary.
1
See Management fee in the table on page 45 for details.
2
Provided as a range of possible outcomes. Performance fees are paid only when an investment manager or product outperforms an agreed benchmark.
3
The fee is a small proportion of the overall outperformance and if returns fall short of benchmarks, no performance fees are paid.
TODAY. TOMORROW. READY. 16

17. balanced capital Stable capital Stable Secure Secure
– Active – index – Active – index – Active
objective To provide a return To provide a return To provide a return To provide a return To provide a
at least 4.5% above at least 3% above at least 3.5% above at least 2% above return at least
CPI over rolling CPI over rolling CPI over rolling CPI over rolling 2.25% above
five-year periods. three-year periods. three-year periods. two-year periods. CPI over rolling
two-year periods.
investment strategy Invests 70% of the Invests 30% of the Invests 30% of the Invests 100% of Invests 100% of
portfolio in growth portfolio in growth portfolio in growth the portfolio in the portfolio in
assets and 30% in assets and 70% in assets and 70% in defensive assets. defensive assets.
defensive assets. defensive assets. defensive assets.
risk/return profile There is likely to Relatively low but Relatively low but The most stable The most stable
be volatility in stable returns. stable returns. returns. Generally returns. Generally
returns in the short There may be some There may be some lower returns than lower returns than
term but they tend short-term volatility. short-term volatility. the other options. the other options.
to stabilise over
longer periods.
strategic asset
allocation1
30% 12% 12% 0% 0%
Australian shares
30% 12% 12% 0% 0%
International shares
Property 6% 6% 6% 0% 0%
0%
4% 0%
0% 0%
Alternative – growth
5% 10% 5%
0%
Alternative – defensive 0%
30% 30%
25%
Aust. fixed interest 27.5%
10%
25%
10%
Int’l fixed interest 30% 30% 27.5%
Cash 5% 10% 10% 40% 40%
management fee 0.80% pa. 0.46% pa. 0.70% pa. 0.46% pa. 0.55% pa.
2
performance fee3 0% to 0.15% pa. Nil. 0% to 0.10% pa. Nil. 0% to 0.05% pa.
Asset allocations shown are strategic benchmarks. Actual allocations may vary.
1
See Management fee in the table on page 45 for details.
2
Provided as a range of possible outcomes. Performance fees are paid only when an investment manager or product outperforms an agreed benchmark.
3
The fee is a small proportion of the overall outperformance and if returns fall short of benchmarks, no performance fees are paid.
17

18. invESTMEnT OPTiOnS
SEcTOR
Australian Shares Australian Shares Australian Shares Australian Shares
– index – Diversified – core* – Socially Responsible*
objective To provide a return that To provide a return that To provide a return that To provide a return that
closely matches the exceeds the benchmark exceeds the benchmark exceeds the benchmark
benchmark return before index (before fees and index (before fees and index (before fees
fees and tax. tax) by 2% pa over tax) by 1.5% pa over and tax) over rolling
rolling five-year periods. rolling five-year periods. five-year periods.
benchmark index S&P/ASX 200 S&P/ASX 300 S&P/ASX 300 S&P/ASX 300
Accumulation Index. Accumulation Index. Accumulation Index. Accumulation Index.
investment strategy Fully replicates the Invests in shares listed Invests in shares listed Predominantly exposed
benchmark holdings in on the Australian Stock on the Australian Stock to shares or unit trusts
order to closely match Exchange and unlisted Exchange and unlisted listed or about to be
the benchmark risk and shares that will be shares that will be listed on the Australian
return characteristics. listed within six months listed within six months Stock Exchange. In
or related securities. or related securities. selecting shares or unit
trusts, consideration is
given to one or more
socially responsible
standards (eg social,
ethical or environmental
standards).
risk/return profile Returns can be very Returns can be very Returns can be very Returns can be very
volatile over the short volatile over the short volatile over the short to volatile over the short to
to medium term. to medium term. medium term. medium term.
Historically, shares have Historically, shares have
offered the highest offered the highest
long-term returns. long-term returns.
benchmark asset 100% Australian shares. 100% Australian shares. 100% Australian shares. 100% Australian shares.
allocation1
management fee2 0.45% pa. 0.90% pa. 0.80% pa. 1.32% pa.
performance fee3 Nil. 0% to 0.35 % pa. 0% to 0.20 % pa. Nil.
Asset allocations shown are strategic benchmarks. Actual allocations may vary.
1
See Management fee in the table on page 45 for details.
2
Provided as a range of possible outcomes. Performance fees are paid only when an investment manager or product outperforms an agreed benchmark.
3
The fee is a small proportion of the overall outperformance and if returns fall short of benchmarks, no performance fees are paid.
* Option available from October 2008 – see summary on page 15.
TODAY. TOMORROW. READY. 18

19. Australian Shares international Shares international Shares international Shares
– Opportunities* – index – index ($A hedged) – Diversified
objective To provide a return that To provide a return that To provide a return that To provide a return that
exceeds the benchmark closely matches the closely matches the exceeds the benchmark
index (before fees and benchmark return before benchmark return before index (before fees and
tax) by 2.5% pa over fees and tax. fees and tax. tax) by 1.5% pa over
rolling five-year periods. rolling five-year periods.
benchmark index S&P/ASX 300 MSCI World ex Australia MSCI World ex Australia MSCI World ex Australia
Accumulation Index. Index (unhedged AUD, Index (hedged AUD, net Index (unhedged AUD,
net dividend reinvested). dividend reinvested). net dividend reinvested).
investment strategy Invests in shares listed Fully replicates the Fully replicates the Invests in shares listed
on the Australian Stock benchmark holdings in benchmark holdings in on stockmarkets around
Exchange and unlisted order to closely match order to closely match the world with partial $A
shares that will be the benchmark risk and the benchmark risk and hedging (generally less
listed within six months return characteristics. return characteristics. than 50%).
or related securities.
risk/return profile Returns can be very Returns can be very Returns can be very Returns can be very
volatile over the short to volatile over the short volatile over the short volatile over the short
medium term. to medium term. to medium term. to medium term.
Historically, shares have Historically, shares have Historically, shares have
offered the highest offered the highest offered the highest
long-term returns. long-term returns. long-term returns.
benchmark asset 100% Australian shares 100% international 100% international 100% international
including unlisted shares shares. shares. shares, including
allocation1
that will be listed within emerging markets.
six months or related
securities.
management fee2 1.05% pa. 0.47% pa. 0.47% pa. 0.90% pa.
performance fee3 0% to 0.70% pa.** Nil. Nil. 0% to 0.20% pa.
Asset allocations shown are strategic benchmarks. Actual allocations may vary.
1
See Management fee in the table on page 45 for details.
2
Provided as a range of possible outcomes. Performance fees are paid only when an investment manager or product outperforms an agreed benchmark.
3
The fee is a small proportion of the overall outperformance and if returns fall short of benchmarks, no performance fees are paid.
* Option available from October 2008 – see summary on page 15.
** Three of the six managers in the fund, managing 35% of the fund, are subject to performance fees. On average, this could result in an increase in fees of
approximately 0.14%.
19