1. AOn MASTER TRuST
PERSOnAl SuPER
Member 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
SuPERAnnuATiOn iS A lOnG-TERM invESTMEnT. Aon Master Trust Personal Super is for individual and
self-employed members, spouses and organisations with
ThE AOn MASTER TRuST OffERS YOu invESTMEnT
less than five employees. The Aon Master Trust also offers
AnD inSuRAncE OPTiOnS TO SuiT YOuR nEEDS.
Corporate Super (for organisations with five employees or
more), a pension option for those interested in purchasing
The Aon Master Trust is a registered superannuation fund
an income stream and a non-commutable pension for those
which invests for the benefit of members.
transitioning to retirement. Contact us for more information.
At 1 July 2008, the Trust had over $1.6 billion in assets, over
To become a member, read this PDS then mail us your
60,000 members, and over 600 participating employers.
completed Personal Super: Member application form and
initial deposit or rollover instructions – see forms at the
The Aon Master Trust is managed by Aon Superannuation
back of this PDS. We recommend you consult a licensed
Pty Limited, an approved trustee regulated by the
adviser if required. Your membership will begin on the date
Australian Prudential Regulation Authority (APRA). Aon
the trustee sends you notification that your application has
Superannuation Pty Limited (‘the trustee’) is a wholly
been accepted.
owned subsidiary of Aon Consulting Pty Limited, part of the
Aon group of companies.
To protect consumers, a cooling-off period applies to
investments in this product. We also have a formal complaints
Financial planning services are not offered by Aon
resolution procedure should you have a complaint about this
Superannuation Pty Limited.
product. Refer to page 45 for more information.
AIG Life is the insurer of your death, total and permanent
disablement (TPD) and income protection benefits.
product ratings
AIG Life has agreed to this Product Disclosure Statement Aon Master Trust Personal Super has been awarded a five
(PDS) containing information about AIG Life in the star rating for 2008 by The Heron Partnership (for more
‘Insurance’ section on pages 21 to 33 and has not information on the ratings system used and to view
withdrawn its consent. AIG Life has not issued this PDS and the Heron Financial Services Guide for Superannuation
has not approved any statements in this PDS that do not Ratings see heronpartners.com.au). References to The
refer to AIG Life. Heron Partnership in this PDS have been authorised by the
trademark holder.
about this Product Disclosure Statement The analysis and information upon which ratings are based
is considered accurate at the time a particular product
This PDS describes the main features of Aon Master Trust
is rated. However, ratings agencies give no guarantee or
Personal Super. It will help you compare the Aon Master
warranty and make no representation as to the product or
Trust with other superannuation funds.
accuracy of the third party information provided to them.
Additional information is available if required – see Other Ratings are produced without taking into account any
important information on page 43. individual’s financial needs, circumstances and objectives
– any person should assess the appropriateness of the
If a person needs more information about a financial advice in regard to their own financial situation and consult
services licensee, they will need to contact the financial a licensed adviser.
services licensee.
TODAY. TOMORROW. READY. 2

3. cOnTEnTS
summary of features ................................. 4
your contributions .................................... 6
the nuts and bolts of investing .................. 8
investment options summary ...................10
investment options pre-mixed ................. 11
investment options sector ........................ 13
information on SRI option ........................ 19
insurance options .................................... 21
insurance costs ........................................28
tax and super...........................................34
fees and other costs .................................36
accessing your super benefits................... 41
other important information ....................43
what to do next .......................................46
forms .......................................................47
note
Fees and conditions in this PDS apply to members
who join Aon Master Trust Personal 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 also 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
insurance options
AOn MASTER TRuST PERSOnAl SuPER iS
fOR inDiviDuAlS, ThE SElf-EMPlOYED AnD
ORGAniSATiOnS WiTh lESS ThAn fivE EMPlOYEES. You can choose the type and level of insurance that suits
you. There is no default level of insurance.
contributions
options to suit you
The minimum balance required to open a Personal Super You can choose from three types of insurance cover and can
account is $1,500 per member. combine cover (see pages 21 to 33):
The Aon Master Trust can accept the following contributions death

on your behalf:
total and permanent disablement

employer contributions, including Superannuation
 income protection.

Guarantee (SG) contributions
Provision of all insurance cover is subject to acceptance
personal contributions

of cover by the insurer, AIG Life.
super benefits rolled over from other funds

In the event of your death or total and permanent
government co-contributions

disablement, the benefit payable is your account balance,
spouse contribution splits and payments made under

plus your insurance benefit (if any) less taxes and fees
family law arrangements
(if any), subject to approval by the trustee/insurer.
eligible overseas pension transfers

spouse contributions.

my ebenefits
super benefits A one-stop shop designed to save you time and money
offering quality financial and lifestyle products and
Benefits may be payable to you in a range of circumstances: services including:
retirement
 free tax and legal advice

total and permanent disablement
 insurance – including car, health, home and contents

total and partial disability
 lending – from over 40 different providers

death.
 options for great leisure activities, gift ideas,

entertainment and travel.
In addition you can choose to transfer your benefits
within the Aon Master Trust or roll over your benefits in
fees summary
some circumstances.
compare our value with other super funds
investment options establishment fee
none.
You can choose an investment option or mix of
options that suits you. If you do not make a choice contribution fee
the current default Personal Super investment is the up to 5% pa as negotiated between you and your adviser.
Pre-mixed Balanced – Index option.
transfer fee
There are over 30 options to choose from, arranged in two up to 5% pa as negotiated between you and your adviser.
categories – see pages 10 to 18.
investment switching fee
 pre-mixed options none.
 sector options.
TODAY. TOMORROW. READY. 4

5. choose the right insurance cover
member fee
$63 pa indexed.
You can customise insurance cover and premiums according
to your needs and the insurance calculator on our website
asset administration fee
aonmastertrust.com.au may help you make a choice. You
up to 1.3% pa as negotiated between you and your adviser.
can also transfer existing insurance cover (from a retail policy
portfolio rebate or super fund) to Aon Master Trust. See pages 21 to 33 for
more information on insurance options and forms that you
for high account balances.
need to complete.
management fee
between 0.43% and 1.32% pa depending on investment
nominate your beneficiaries
options chosen (default option fee is 0.46% pa), plus any
performance fees which may be earned. To choose a binding nomination, complete and send us the
Binding death benefit nomination form at the back of this
withdrawal fee PDS. To make a non-binding nomination, complete the
$80 per payment.
relevant section in the Personal Super: Member application
form at the back of this PDS. The Trust makes anti-detriment
adviser service fee
payments to eligible dependants. For additional information
up to 2% pa or up to $10,000 pa, as negotiated between
on death benefit nominations see pages 27 and 44 and the
you and your adviser, where applicable.
factsheet Binding death benefit nomination on our website.
See Fees and other costs on pages 36 to 40.
plan ahead for retirement
make the most of your The Aon Master Trust offers you the option to purchase
a pension and a transition to retirement pension – see
membership page 41. You can download a Pension PDS from our website
or call us on 1300 880 588 to have a copy mailed to you.
get your super together
financial planning services
Rolling your super into one account may save you fees.
Send us a completed Request to transfer whole balance of
For details of a qualified adviser near you, call us on
superannuation benefits between funds form at the back of
1300 880 588.
this PDS. See page 7 for more information.
boost your balance
website and online services
To make personal contributions to your super, send us a
completed Personal Super: Super contributions form, or for
regular contributions complete a Personal Super: Direct debit
Forms for change of details, voluntary contributions,
request and agreement form. Both forms are at the back of
direct debits, spouse membership and super transfers
this PDS.
are available on our website aonmastertrust.com.au.
your spouse can join too Once you become a member of the Aon Master Trust
you will receive secure online access to view your
Your spouse can join the Aon Master Trust (see page 46).
account, including personal details, transaction history,
They should obtain a separate copy of this PDS and
beneficiary information and investments. You will also be
complete the Personal Super: Member application form.
able to switch investments, change your personal details
including your non-binding beneficiary nomination and
plan your investment strategy obtain benefit quotations online with complete security.
You can switch your current and/or future investments at no
Call 1300 880 588. Our contact centre is open
cost. You can do it online once you receive your user name
Monday to Friday, 7am to 7pm Eastern Standard Time
and password or you can send us a completed Switching
(excluding NSW public holidays).
investment options – current members form or a Change
member details and options form.
5

6. YOuR
cOnTRibuTiOnS
concessional contributions
ThE AOn MASTER TRuST cAn AccEPT
cOnTRibuTiOnS fROM YOu, YOuR EMPlOYER (OR
employer contributions
YOuR cOMPAnY if YOu ARE SElf-EMPlOYED) AnD
Under Superannuation Guarantee (SG) laws, employers must
YOuR SPOuSE, AS WEll AS TRAnSfERS fROM OThER
make super contributions based on a percentage of salary
SuPERAnnuATiOn funDS.
or wages for most employees aged 18 to 70 who earn $450
or more (before tax) in a calendar month. This percentage
is currently 9%. These contributions will count towards a
making your super grow member’s concessional contribution cap.
Under choice of fund legislation, you can choose which
You can keep your benefits in super as long as you like and
super fund your employer pays these contributions into.
earnings will be taxed at concessional tax rates. You can
This is called your ‘chosen fund’.
also contribute to super until you turn 75 as long as you are
gainfully employed on at least a part-time basis (you must
salary sacrifice contributions
work for at least 40 hours in 30 consecutive days in the
financial year in which you contribute) after you reach age 65. It is possible to arrange personal (before-tax)
contributions to your super (by way of ‘salary sacrifice’)
Making your own super contributions is optional but even
if your employer agrees to making these contributions.
small contributions may make a big difference to your
You can also choose to have your bonus or pay rise paid
benefits over time.
into your super fund before tax is deducted, subject to
employer approval. These contributions can be regular or
contribution < 65 years 65 but 70 but 75 years one-off and may allow you to pay less income tax than
type < 70 years < 75 years or more
if you made the same amount of personal (after-tax)
contributions. Contact us or ask your employer for more
employer SG no restriction no restriction no restriction no restriction
details. Contribution caps apply – see next page.
voluntary no restriction must be must be cannot be
self-employed contributions
employer gainfully gainfully accepted
employed employed
If you are self-employed or substantially self-employed, you
on at least a on at least a
are able to claim a full deduction for personal contributions
part-time basis part-time basis
you make to super until age 75. Contribution caps apply
member no restriction must be must be cannot be
– see next page.
gainfully gainfully accepted
employed employed
on at least a on at least a
part-time basis part-time basis
non-concessional contributions
eligible spouse no restriction must be cannot be cannot be
personal contributions
gainfully accepted accepted
employed
You may make personal (after-tax) contributions if you
on at least a
part-time basis
are aged under 65. You may also make personal (after-
tax) contributions between 65 and 75, as long as you are
Regulation 7.04(6) of the SIS Regulations allows a regulated superannuation
gainfully employed on at least a part-time basis (you must
fund to accept a contribution in respect of a member if the trustee is reasonably
work for at least 40 hours in 30 consecutive days in the
satisfied that the contribution is in respect of a period during which the fund
could have accepted the contribution, notwithstanding that the contribution is
financial year in which you contribute). Contribution caps
made after that period.
apply – see next page.
Concessional and non-concessional caps apply to contributions. See next page
for more information.
Personal (after-tax) contributions can be made regularly by
direct debit from your bank account using a Personal Super:
Direct debit request and agreement form at the back of this
PDS. One-off contributions can be made at any time using
a Personal Super: Super contributions form at the back of this
PDS. These forms are also available from our website or by
contacting us.
TODAY. TOMORROW. READY. 6

7. uK pension transfers
eligible spouse contributions
You can contribute to the Aon Master Trust on behalf The Aon Master Trust is a qualifying recognised overseas
of your spouse if your spouse is aged under 65. A spouse pension scheme (QROPS) for UK pension transfers. UK
between 65 and 70 must be gainfully employed at least pension benefits under the UK lifetime allowance receive
on a part-time basis to be eligible for spouse contributions. concessional UK tax treatment when transferred to the
This could mean that as a couple you will pay less lump sum Aon Master Trust.
tax. Your spouse must already be a member of, or must
This contribution will be fully preserved until a condition
join, the Aon Master Trust – see page 46.
of release is met. The overseas fund must transfer the
Your spouse may also contribute to the Aon Master Trust benefit in your name directly to the Aon Master Trust and
for you subject to the conditions outlined above. See Tax all foreign exchange clearance charges will be deducted
rebates for spouse contributions on page 34 or contact us for from the value of the benefit.
further details.
These benefits are held in a QROPS Personal Super account
and quarantined from other monies. See the Transferring
government co-contribution your UK pension benefits to the Aon Master Trust guide on our
The Government may pay a superannuation website for more information.
co-contribution of up to $1,500 for you. The maximum
co-contribution amount is $1.50 for every $1.00 you add
contribution caps
to your super as a personal (after-tax) contribution, as long
Tax concessions will be available only up to the concessional
as your income is below the minimum threshold for that
and non-concessional contribution caps, unless you qualify
financial year. Self-employed members may also qualify for
under transitional rules.
the co-contribution.
You can make up to $150,000 per year in non-concessional
For more information, including the current thresholds, refer
contributions or up to $450,000 averaged over three years
to the Government co-contributions factsheet on our website
aonmastertrust.com.au, contact the Australian Taxation by bringing forward future annual limits (if you are under
age 65 in the financial year).
Office on 13 10 20 or visit ato.gov.au/super.
Concessional contributions to superannuation will be
rolling over money from other funds limited to $50,000 per person per year.
If you have had different jobs, you may have money in a
These caps are indexed in line with movements in Average
number of different super funds. Moving or rolling over
Weekly Ordinary Time Earnings (AWOTE). For more
these balances into one account may reduce fees and
information refer to the factsheet Tax on super on our
paperwork and will make it easier to keep track of your
website, contact the Australian Taxation Office on 13 10 20
super. To roll over balances from other funds to the Aon
or visit ato.gov.au/super.
Master Trust, complete the Request to transfer whole balance
of superannuation benefits between funds form at the back of To help with retirement planning, a transitional period
this PDS. will apply to members who are 50 or above and for those
members turning 50 before 1 July 2012. During the
If you wish to transfer your super from more than one fund,
transitional period, the cap on concessional contributions
to the Aon Master Trust, you can download additional copies
will be $100,000 from the financial year the member turns
of the form from our website aonmastertrust.com.au. You
50 until 30 June 2012.
will need to provide a certified copy of a photo ID with each
request. See Completing proof of identity on page 2 of the
form for more information.
7

8. ThE nuTS AnD bOlTS
Of invESTinG
bEfORE lOOKinG AT YOuR invESTMEnT OPTiOnS,  fixed interest investments are typically a loan between a
hERE 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
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.
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
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
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,
 balanced – invests in a mix of all major asset classes
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
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.
TODAY. TOMORROW. READY. 8

9. 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.
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
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
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.
This includes the right to suspend unit prices (and therefore
processing contributions to/from the Trust) in extreme
market conditions. The unit pricing policy conforms to
standards issued by government regulators and relevant
industry bodies.
9

10. 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). YOu cAn MAKE DiffEREnT chOicES fOR YOuR cuRREnT SuPER bAlAncE
AnD YOuR fuTuRE cOnTRibuTiOnS.
Log in to your account online once you receive your 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. If you do not choose an
investment option when you complete your Personal Super: Member application form, your superannuation will be invested in
the default option – currently Pre-mixed Balanced – Index (see next page). For the latest investment returns, visit our website
aonmastertrust.com.au or call us on 1300 880 588.
PRE-MixED SEcTOR
 High Growth – Index Australian Shares – Index

 High Growth – Active Australian Shares – Diversified

Australian Shares – Core*

 Growth – Index Australian Shares – Socially Responsible*

 Growth – Active Australian Shares – Opportunities*

 Balanced – Index International Shares – Index

 Balanced – Active International Shares – Index ($A hedged)

International Shares – Diversified

 Capital Stable – Index International Shares – Core*

 Capital Stable – Active International Shares – Core ($A hedged)*

International Shares – Emerging Markets*

 Secure – Index International Shares – Opportunities*

 Secure – Active
Property – Australian Index

Property – Diversified

Property – Direct

Property – Global Listed ($A hedged)*

 Alternative – Diversified
Fixed Interest – Australian Index

Fixed Interest – International Index ($A hedged)

Fixed Interest – Diversified

Fixed Interest – Australian*

Fixed Interest – International ($A hedged)*

 Cash
 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. 10

11. 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 37 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.
11

12. 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 37 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. 12

13. 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 37 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 10.
13

14. 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 37 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 10.
** 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%.
TODAY. TOMORROW. READY. 14

15. international Shares international Shares international Shares international Shares
– core* – core ($A hedged)* – Emerging Markets* – Opportunities*
objective To provide a return that To provide a return that To provide a return that To provide a return that
exceeds the benchmark exceeds the benchmark exceeds the benchmark exceeds the benchmark
index (before fees and index (before fees and index (before fees and index (before fees and
tax) by 1.5% pa over tax) by 1.5% pa over tax) by 2% pa over tax) by 2% pa over
rolling five-year periods. rolling five-year periods. rolling five-year periods. rolling five-year periods.
benchmark index MSCI World ex Australia MSCI World ex Australia MSCI Emerging MSCI World ex Australia
Index (unhedged AUD, Index (hedged AUD, net Markets Index. Index (unhedged AUD,
net dividend reinvested). dividend reinvested). net dividend reinvested).
investment strategy Invests in shares listed on Invests in shares listed on Invests in shares listed Invests in shares listed
stockmarkets around the stockmarkets around the on stockmarkets in on stockmarkets
world. No $A hedging. world. Full $A hedging. emerging markets. No in developed and
$A hedging. emerging markets. No
$A hedging.
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 volatile over the short
to medium term. to medium term. to medium term. to medium term.
Historically, shares have Historically, shares have Historically, shares have Historically, shares have
offered the highest offered the highest offered the highest offered the highest
long-term returns. long-term returns. long-term returns. long-term returns.
benchmark asset 100% international shares 100% international 100% emerging markets. 100% international
including emerging shares, including shares, including
allocation1
markets. emerging markets. emerging markets.
management fee2 0.80% pa. 0.80% pa. 1.15% pa. 1.05% pa.
performance fee3 0% to 0.35% pa. 0% to 0.35% pa. Nil. Nil.
Asset allocations shown are strategic benchmarks. Actual allocations may vary.
1
See Management fee in the table on page 37 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 10.
15

16. Property – Property Property Property
Australian index – Diversified – Direct – Global listed
($A hedged)*
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 index (before fees index (before fees and
fees and tax. and tax) over rolling and tax) over rolling tax) by 1.75% pa over
five-year periods. three-year periods. rolling five-year periods.
benchmark index S&P/ASX 200 – Listed Combination of 10-year bond yield + 3%. FTSE EPRA/NAREIT Global
Property Accumulation Australian listed, direct Real Estate Net Index
Index. and global listed indices. – $A Hedged.
investment strategy Fully replicates the Invests in property Invests in high quality Invests in property
benchmark holdings in securities listed, or Australian property. trusts and property
order to closely match due to be listed, on related securities
the benchmark return the Australian Stock listed on developed
and risk characteristics. Exchange and developed international markets.
international markets
exchanges, and direct
property holdings.
risk/return profile Returns can be Returns can be Returns can be Returns can be
volatile over the short volatile over the short volatile over the short volatile over the short
to medium term. to medium term. to medium term. to medium term.
Historically, property has Historically, property has Historically, property has Historically, property has
produced higher returns produced higher returns produced higher returns produced higher returns
than fixed interest and than fixed interest and than fixed interest and than fixed interest and
cash investments. cash investments. cash investments. cash investments.
benchmark asset 100% Australian property 50% Australian property 90–100% direct property. 100% global listed
securities. securities. property.
allocation1 0–10% cash.
25% direct property.
25% global listed.
management fee 0.44% pa. 0.73% pa. 1.07% pa. 1.00% pa.
2
performance fee3 Nil. Nil. Nil. Nil.
Asset allocations shown are strategic benchmarks. Actual allocations may vary.
1
See Management fee in the table on page 37 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 10.
TODAY. TOMORROW. READY. 16

17. Alternative fixed interest fixed interest fixed interest
– Diversified – Australian index – international index – Diversified
($A hedged)
objective To provide a return that To provide a return that To provide a return that To provide a return that
exceeds the benchmark closely matches the closely matches the exceeds the benchmark
index (before fees and benchmark return before benchmark return before index (before fees and
tax) by 2.5% over rolling fees and tax. fees and tax. tax) by 0.6% pa over
five-year periods. rolling three-year periods.
benchmark index UBS Warburg Australian UBS Australian Composite Citigroup WGBI ex Aust, 50% UBS Australian
Bank Bill Index. Bond Index. 100% hedged to AUD. Composite Bond
Index 0+Yr.
50% Lehmann Brothers
Global Aggregate Index
($A – Hedged).
investment strategy Invests in Uses index sampling Uses index sampling Invests in fixed interest
non-traditional assets techniques to techniques to assets across the credit
such as infrastructure, approximate the approximate the spectrum both in Australia
commodities, hedge benchmark in a range of benchmark in a range and internationally.
funds with some cash key risk areas. of key risk areas. Foreign
for liquidity. exchange contracts
are used to hedge
current exposures to
Australian dollars.
risk/return profile Returns are consistent in Relatively low but Relatively low but Relatively low but
the medium term and stable returns with stable returns with stable returns with
typically uncorrelated with some volatility. some volatility. some volatility.
traditional asset classes.
benchmark asset 40% multi-strategy. 100% Australian 100% international 50% Australian fixed
fixed interest. fixed interest. interest.
allocation1 25% infrastructure.
50% international fixed
25% commodities.
interest.
10% cash-enhanced.
management fee2 1.10% pa. 0.45% pa. 0.47% pa. 0.60% pa.
performance fee3 0% to 0.40% pa. Nil. Nil. Nil.
Asset allocations shown are strategic benchmarks. Actual allocations may vary.
1
See Management fee in the table on page 37 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. fixed interest fixed interest cash Diversified
– Australian* – international – Maple-brown Abbott
($A hedged)*
objective To provide a return that To provide a return that To provide a return that To provide a return that
exceeds the benchmark exceeds the benchmark matches or exceeds the exceeds the average of
index (before fees and index (before fees and benchmark index (before other similar balanced
tax) by 0.5% pa over tax) by 0.75% pa over fees and tax) over any funds (as measured by
rolling three-year periods. rolling three-year periods. 12-month period. the benchmark index and
before fees and tax) over
rolling three-year periods.
benchmark index UBS Australian Lehman Bros Global UBS Warburg Australia S&P Multi-sector 80
Composition Bond Index. Aggregate – $A Hedged. Bank Bill Index. Wholesale Index.
investment strategy Invests predominantly Invests in fixed interest Invests in Invests in various asset
in Australian fixed assets across the credit short-term securities. classes and applies an
interest assets with the spectrum internationally. active value-based style
scope to invest across to select securities within
the credit spectrum each class. Tactical asset
both domestically allocation changes are
and internationally. implemented using a
value-based style.
risk/return profile Relatively low but Relatively low but Low but stable returns May outperform/
stable returns with stable returns with with minimal volatility. underperform in the
some volatility. some volatility. short term but volatility
is relatively low over the
long term.
benchmark asset 100% Australian 100% international 100% cash and 45% Australian shares.
Fixed Interest. Fixed Interest. short-term fixed
allocation1 15% international shares.
interest securities.
10% property.
20% fixed interest.
10% cash.
management fee 0.60% pa. 0.60% pa. 0.43% pa. 1.10% pa.
2
performance fee3 Nil. Nil. Nil. Nil.
Asset allocations shown are strategic benchmarks. Actual allocations may vary.
1
See Management fee in the table on page 37 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 10.
TODAY. TOMORROW. READY. 18