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How to Guide - MLC

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MLC MasterKey Super & Pension Fundamentals
MLC MasterKey Super & Pension
How to Guide
Preparation date
1 July 2014
Issued by The Trustee,
MLC Nominees Pty Limited (MLC)
ABN 93 002 814 959
AFSL 230702
The Fund
The Universal Super Scheme
ABN 44 928 361 101
The purpose of this document is to give you
enoughВ information to manage your account.
Contents
Cooling off
4
Adding money to your super – the rules
5
The information in this guide
may change fromВ time to time.
Adding to your super – the mechanics
6
If you want more information
please contact us on 132 652.
Transferring your super to MLC
10
Pension payments – the rules
12
Accessing your money – the rules
14
Accessing your money – the mechanics
16
Starting Investment Protection
17
How your account is valued
18
Changing investment options (switching)
19
Fees and costs
21
Tax – the rules
23
Tax – the mechanics
26
Nominating a beneficiary
29
Paying insurance premiums
31
Appointing someone to act on your behalf
32
Additional information you need to know
33
MLC MasterKey Super & Pension and MLC MasterKey Super & Pension Fundamentals How to Guide | 3
Cooling off
Want to change your mind?
You can mail, fax or email us to close your
account within 14 days of opening it.
Please make sure you include your name
and account details.
We will send you confirmation once we
have closed your account.
If you do close your account, we will
return the account balance to you if it
isn’t preserved. Alternatively we will
transfer it to another eligible super fund
or, subject to cashing restrictions, a
pension product of your choice.
Your account balance will be adjusted
forВ any:
•
increase or decrease in the unit prices
or value of your investment
•
•
•
pension payments made to you
tax payable, and
administration costs incurred in
establishing or closing your account.
4 | MLC MasterKey Super & Pension and MLC MasterKey Super & Pension Fundamentals How to Guide
This cooling off period does not
apply if you transact on your account
within the 14 days.
Adding money to
your super – the rules
Who can contribute to your
super account?
Most commonly, contributions can
be made by you, your spouse or your
employer to your super account.
You may also be able to grow your super
faster with strategies that include:
•
government co-contributions based
on your personal contributions and
subject to income,
•
low income super contributions
paidВ by the government and subject to
your income,
•
salary sacrifice contributions by
arranging with your employer to
sacrifice some of your pre-tax salary.
Your financial adviser will be able to help
you decide what contribution strategies
are suitable for you.
Check your eligibility
The type of contribution, and whether it
can be accepted, will depend on your age
and work status.
Here is a quick guide to help you decide
whether you or others can contribute
to your super account. Please note that
you can transfer other super money
from most other funds to your account
atВ any time.
If you are aged between 65 and 75
all contributions, except mandated
employer contributions, can only be
made provided you have been gainfully
employed on at least a part-time basis.
This means having worked for at least
40 hours over a 30 day period in the
financial year in which the contribution
is made.
Eligibility to contribute
Your age
Employer contributions
Mandated
Contributions
from you
Voluntary
Under 65
пѓј
пѓј
65 but less
than 70
пѓј
must satisfy
work test
must satisfy
work test
70 but less
than 75
пѓј
must satisfy
work test
must satisfy
work test
75 and over
пѓј
Before you make a contribution, it’s your
responsibility to check and make sure
you meet the work test requirements.
From age 75, only mandated employer
contributions (those required by
an award or registered workplace
agreement) can be made for you.
The rules around contributions may
change, so you will need to speak to your
financial adviser. Alternatively youВ can
visit apra.gov.au, ato.gov.au orВ call us.
в—Џ
Contributions
from your
spouse
пѓј
пѓј
must satisfy
work test
в—Џ
в—Џ
в—Џ
Some useful definitions
Mandated employer contributions
are those required to be paid under
the Superannuation Guarantee laws,
a certified award or a registered
workplace agreement.
Voluntary contributions include
salary sacrifice contributions.
Splitting contributions with
your spouse
You may be able to split particular types
of contributions with your spouse by
requesting us to pay these contributions
into your spouse’s super account.
To do this you and your spouse need
to complete a Contributions Splitting
Application Form. You can obtain this
form and an Instruction Guide on
mlc.com.au or by calling us.
As there are some limitations and tax
implications, we recommend you speak
with your financial adviser or registered
tax agent or go to ato.gov.au.
MLC MasterKey Super & Pension and MLC MasterKey Super & Pension Fundamentals How to Guide | 5
Adding to your super
– the mechanics
How you can make
contributions
Once you have started your account,
one-off and regular contributions can
be made.
There are conditions applicable to
making contributions. For further
information please see Adding
money to your super – the rules.
All contributions will be shown on your
annual statement. You can also view
your most recent transactions and
contributions on mlc.com.au.
You can make contributions by logging
into your account on mlc.com.au or
complete a Contribution form available
on mlc.com.au. All forms and written
requests can be faxed or mailed to us.
For all telephone requests, we will need
to verify your identity before processing
your request.
Method
Who and What
How
BPAYВ®
You, your employer or your spouse
for one-off or regular contributions
1.Contact your financial institution by either calling them or use
internet banking.
Paying contributions
from a bank or
similarВ account
You do not need to contact MLC or complete any forms if you are
using BPAYВ®.
2.You will need to use the following information.
BPAYВ® Biller Code 919688
BPAYВ® Customer Reference Number
Your Customer Reference Number is provided on your �Confirmation of
Details’ letter we issue to you when we set up your account or by accessing
your account details on mlc.com.au. Alternatively you can call us to
obtain this number.
The reference number will be a nine digit number followed by an extra
digit to specify what contribution is being made:
Extra Digit
Contribution type Registered
1
Super Guarantee
2
Voluntary Employer
3
Salary Sacrifice
4
Personal
5
Spouse
Note: BPAYВ® contributions may take up to 72 hours to reach us.
В® Registered to BPAY Pty Ltd ABN 69 079 137 518
6 | MLC MasterKey Super & Pension and MLC MasterKey Super & Pension Fundamentals How to Guide
Method
Who and What
How
Direct Debit
You, your employer or
your spouse for one-off
and regular contributions.
1. Check your financial institution account can accept direct debits.
Regular Investment
Facility contributions are
not available from debit or
credit cards.
You will need to ensure you have sufficient cleared funds available in your
financial institution account on the due date of each direct debit.
Paying contributions
from a bank or similar
account
2. Log into your account on mlc.com.au or complete the Additional and regular
investments form and send it to us.
Regular Investment Facility
Regular contributions can be made by setting up a Regular investment facility
with a nominated financial institution account for weekly, fortnightly, monthly or
quarterly payments.
You can nominate up to two different financial institution accounts, however you
can not make the same type of contributions such as personal, employer or spouse
contributions from the same account.
Changes to direct debits
You can change your financial institution account details by completing an
Additional and regular investments form or Update account details form
available on mlc.com.au or by contacting us.
You can suspend or cancel direct debit contributions or change the amount of your
contributions by mailing or faxing a written request to us.
Banks may take up to seven days and building societies and credit unions may
take up to 21 days to process any changes made to direct debit facilities.
We may cancel regular direct debit drawings if three consecutive drawings are
dishonoured by your financial institution. We will contact you if this happens and
ask you what course of action you wish to take
Electronic Funds
Transfer (EFT)
You or your employer
transfer contributions
via EFT from a financial
institution account.
One-off contributions
only.
1.Check with your financial institution if it has any requirements relating to
EFT payments and how they can be made.
You do not need to contact MLC or complete any forms if you are using EFT.
2.Ensure you have sufficient cleared funds available in your financial institution
account to make payments.
3.You will need to use the following information depending on the type of
contribution being made.
Employer contributions
BSB Number: 082-382
Account Number: This is your MasterKey Super or MasterKey Super Fundamentals
account number.
Personal contributions
BSB Number: 082-396
Account Number: This is your MasterKey Super or MasterKey Super Fundamentals
account number.
Your account number can be found in the �Confirmation of Details’ letter we issue
to you when we set up your account or by accessing your account details via
mlc.com.au. Alternatively you can call us to obtain this number.
MLC MasterKey Super & Pension and MLC MasterKey Super & Pension Fundamentals How to Guide | 7
Adding to your super –
the mechanics
Method
Who and What
How
Credit Card
You, your employer or
your spouse can make
one-off contributions
from your MasterCard or
VisaВ credit card.
Log into your account on mlc.com.au or complete the Update account details
form and send it to us.
If you provided credit card details in the application form to make your initial
contribution you do not need to complete the aboveВ form.
Once we have recorded your credit card details on your account you can instruct
us by telephone, fax or email (via your account on mlc.com.au) to make credit card
payments from your card at any time.
You can change your credit card details at any time by:
• completing the above form
• emailing us (via your account on mlc.com.au), or
• calling us.
We will contact you if we receive a dishonour and ask you what course
of action you wish to take.
Cheque
You, your employer or
your spouse for one-off
contributions
1. Log into your account on mlc.com.au or complete the Additional and regular
investments form. Alternatively you can write to us.
Please make sure to provide your account details and any direction on how
you would like your cheque allocated to your investment options. Send the
paperwork to us.
1. Attach a cheque payable to �MLC Nominees Pty Limited’ crossed
�Not  Negotiable’. Print your full name, address and account number on the
reverse side of the cheque.
1. If it is a �personal’ cheque ensure you have sufficient cleared funds in your
financial institution account to enable us to bank the cheque.
We will send you a letter confirming the contribution.
8 | MLC MasterKey Super & Pension and MLC MasterKey Super & Pension Fundamentals How to Guide
How you can make sure your
contributions go smoothly
When you make a contribution please
ensure you have identified the correct
type of contribution for your payment.
All contributions are required to be
identified as:
•
•
•
Employer
Personal
Spouse
In some cases, where you are making
personal contributions you may need to
provide us with additional information
or forms at or before the time the
contribution is made.
These include cases where you:
•
•
•
wish to have capital gains tax
(CGT) exempt contributions arising
from the sale of a qualifying small
business counted towards your CGT
contribution limit
are eligible to make contributions
that are exempt from the contribution
limits under the personal injury rules
arrange a transfer of an amount from
a foreign superannuation fund and
elect that the amount on which you
would otherwise have to pay tax, be
taxed in the fund.
If the contribution type is not
provided when it is paid by cheque,
we will contact you, or your financial
adviser. If we are unable to get the
information we need, then the
processing of the contribution may
be delayed or not accepted.
Please check your Annual statement
to ensure all contributions made to
your account have been correctly
classified. Contributions classified
incorrectly may be taxed incorrectly.
How we process your
contributions
Contributions received before we
close off processing on a business day
(generally 3 pm Sydney time) will usually
be processed using the effective unit
price for that day; which is calculated
as at the end of the day. Contributions
received after we close off processing
will usually be treated as having been
received on the next business day.
All contributions will be invested in line
with your last nominated investment
strategy unless you advise us otherwise.
What happens if we are unable
to process your contributions?
There are many reasons why we may not
be able to process a contribution. It could
be due to insufficient information or
some outstanding requirements haven’t
been met.
If this is the case, we’ll try our best to
contact you, or your financial adviser
to find out any extra information
weВ require.
Until this is done, we hold the money in
trust for up to 30 days. After this, monies
will be returned by cheque to the source
of the payment. The only exception to
this is a credit card payment as this is
refunded to the relevant card. Please note
you won’t earn interest on these monies
while held in trust.
Once we have the complete information
we will process the contribution as usual
with that day’s effective unit price.
When a contribution is
dishonoured
While MLC does not currently charge
a fee for dishonoured contributions,
please be aware your financial
institution may.
MLC MasterKey Super & Pension and MLC MasterKey Super & Pension Fundamentals How to Guide | 9
Transferring your
super to MLC
Keeping your super in one place makes sense because you’ll reduce your
paperwork and it will be easier to keep track of your investments. You also
may save on fees.
Before you make a decision on
transferring your super make
sure you:
• c ompare benefit and
investment options
Transferring your super is easy with
MLC. You can:
•
view and login to the online super
consolidation form on mlc.com.au or
•
complete and sign a Request to
transfer superannuation benefits
form on mlc.com.au or
• c heck any differences in the
insurance cover you may have
• w
ork out any differences in fees
you may be charged.
•
by calling us.
What happens next?
We will invest your money according to
the instructions you have given us for
your existing balance or your regular
contributions (if applicable).
If you want to invest your money
differently, you will need to let us know
before your funds are transferred.
You can then either:
•
send the form to us and we’ll arrange
to have your super balance transferred
to MLC
OR
•
send the form directly to your other
super fund and it will then arrange for
your super balance to be transferred
to MLC.
Once we have received your money from
the other fund, we will write to you
confirming the amount and details.
10 | MLC MasterKey Super & Pension and MLC MasterKey Super & Pension Fundamentals How to Guide
For Investment Protection
Please refer to the Investment
Protection Guide for more information.
Starting a
pension
Once you have determined your
eligibility to start a pension you
can transfer your account balances
fromВ your:
•
•
•
MLC super account,
other super funds, or
both.
Maintain your
MLC super account
You can choose to leave some
money in your MLC super
account to makeВ additional
contributions to your super.
If you have Investment
Protection you’re unable to
hold units in your protected
account balance in bothВ super
and pension at the sameВ time.
In addition, provided you are eligible,
youВ can also make other types of
contributions to your super account
including personal, spouse or
employerВ contributions before starting
your pension.
These contributions can be made in any
of the ways detailed in �Adding money to
your super – the rules’.
How your pension isВ started
How to add to yourВ pension
To start your pension your adviser
canВ complete your application online.
OrВ you can complete an Application
Form. See �Pension payments – the rules’
for details about the amount of pension
you can choose to receive.
You can’t add further contributions or
other amounts directly to your pension
account after it has started. However
you can transfer your pension account
balance back to your MLC super account,
add more money (if eligible) and then
restart your pension.
Your pension must be started with a
lump sum. So if you’re using monies
from a number of sources, we’ll firstly
consolidate all of these amounts in your
MLC super account.
If your investment in NAB Term Deposits
is using monies from a number of
sources, we’ll firstly consolidate these
amounts into the MLC Cash Fund before
the investment is made.
To consolidate your other super accounts
to your MLC pension, complete a
Request to transfer superannuation
benefits form. See �Transferring your
super to MLC’.
Once we have received and processed
allВ specified roll overs and contributions
we’ll transfer the lump sum amount
thatВ you want over to your pension
account. We can then start your
pensionВ payments. We will also send
youВ a letter confirming your pension
account details and investment details.
If we are unable to process your
application, we will contact you or
yourВ financial adviser seeking further
information. If we are still unable to
accept your application we will return
theВ monies by cheque to the source
ofВ payment.
Alternatively, you can start a
separateВ pension.
For Investment Protection
Please refer to the Investment
Protection Guide for more information.
You should seek professional
adviceВ inВ relation to any limitations
andВ implications that may apply to
thisВ strategy.
Taking a pension if you
haven’t retired
If you have not retired but have reached
your preservation age, you can access
your preserved benefits in the form
ofВ aВ transition to retirement pension.
This type of pension operates in the
same way as a normal pension account
except no more than 10% of the
accountВ balance can be paid out each
year, and there are restrictions on when
you can take a lump sum payment.
These controls cease to apply once
youВ meetВ relevant access conditions.
MLC MasterKey Super & Pension and MLC MasterKey Super & Pension Fundamentals How to Guide | 11
Pension payments
– the rules
You can choose the amount of pension that you receive, provided that the
amount meets the payment rules. This section describes the rules you must
follow when making yourВ choice.
Minimum pension payment
Once you start your pension, you must
receive a minimum annual amount each
financial year. The minimum amount
depends on your age and your account
balance at 1 July each year or when you
start your pension.
How the notional value is calculated is
described below:
Choosing your pension
payments
•
Payments will be made to your
nominated bank account. You can
chooseВ when you would like to receive
the payments either:
Protected Income: Before you
beginВ receiving your protected income
payments, the value is equal to one
year of protection fees. Once protected
income payments from MLC start, the
value is equal to the present value of
the payments you areВ likely to receive
in the future.
Age at start of
pension and
each 1 July
Percentage
of account balance
Under 65
4
65–74
5
Maximum pension payment
75–79
6
80–84
7
85–89
9
If you have a transition to retirement
pension, a maximum payment level of
10% of your account balance generally
applies until you are:
90–94
11
95 or more
14
•
These minimums are subject to change.
To find out the current minimums go
toВ ato.gov.au
The minimum amount is pro-rated in
theВ financial year you start your pension.
If you start your pension in June, you do
not have to take any payments until the
next financial year.
Shortly after 1 July each year we will send
you a letter showing you the minimum
annual amount for your pension for the
following financial year.
If you have MLC MasterKey Investment
Protection, a notional value of the
protection is included in your account
balance when we calculate your
prescribed minimum pension payment
amount. This value does not form part
ofВ your withdrawal balance. We will
notifyВ you each year of the notional value
in your protection anniversary letter.
•
•
•
Protected Capital: This value is equal
to one year of protection fees.
permanently retired after age 55
aged 65, or
meet another access condition.
The maximum payment amount is
calculated as 10% of your initial account
balance and at each subsequent 1 July.
ItВ is not calculated on a proportional
basis like the minimum payment level.
Specified payment
You can choose an amount other
than the minimum or maximum, and
you canВ elect to have that amount
increased annually at either a rate of
up to 5% orВ 10% per annum. Please
note that thisВ amount must be within
the requiredВ minimum and maximum
(ifВ applicable) limits.
12 | MLC MasterKey Super & Pension and MLC MasterKey Super & Pension Fundamentals How to Guide
•
•
•
•
•
•
weekly
fortnightly
monthly
quarterly
half-yearly
yearly.
You can nominate the date you prefer
to receive your income payment. We’ll
generally process the payment a few days
earlier so the funds are paid to you on or
before this date. Any applicable Pay As
You Go tax will be deducted at the time
this payment leaves us.
If there is not enough money remaining
in your selected investment option to pay
your pension payment, the payment will
be made pro-rata across all remaining
investment options.
Changing your pension payments
Generally you can change your pension payment details including the amount of pension payments at any time during the year in
the following ways.
Type of change
What you need to do
You can add or update the financial institution account details
(forВ pension income payments and lump sum withdrawals)
Log into your account on mlc.com.au, or complete an Update
account detailsВ form.
You can change the:
• Log into your account on mlc.com.au or complete and sign an
Update account details form, or
• amount of pension payments (within the minimum and
maximum limits)
• portion of pension payment paid to your financial institution
account
• forward us a signed letter including your account number and
your instructions,В or
• call us, or
• email us (via your account on mlc.com.au).
• payment date
• payment frequency
• indexing of pension payments
You can change the draw down strategy for pension payments
• Log into your account on mlc.com.au, or
• complete a Switch and Investment Strategy form.
Log into your account on mlc.com.au and update your details online or download the forms or contact us. All forms and written
requests can be faxed or mailed to us. For all telephone requests, we will need to verify your identity before processing your request.
When any changes are processed, you’ll receive a letter of confirmation.
MLC MasterKey Super & Pension and MLC MasterKey Super & Pension Fundamentals How to Guide | 13
Accessing your money
– the rules
Super
Pension
Because super is a long term investment,
there are strict rules around how and when
you can accessВ your money.
If you need more than your regular
pension payments, you can request an
additional amount to be paid to you as
either a lump sum payment or additional
pension payment.
You will only have access to your super
when you have:
•
•
reached age 65
•
reached your �preservation age’
and are starting a transition to
retirementВ pension
reached your �preservation age’
(at least 55 years old) and are
permanentlyВ retired
•
been granted access due to
financialВ hardship
•
been granted access on compassionate
grounds, approved by Department of
Human Services
•
a permanent disability
(as set out inВ law)
•
a terminal medical condition
(asВ set out in law)
•
•
terminated employment after age 60
t erminated employment at any
ageВ with restricted non-preserved
benefits in the account and your
employer has contributed to
yourВ account.
The restrictions on access to your
superВ areВ usually referred to as the
�preservation rules’. You can find out more
by visiting apra.gov.au, ato.gov.au or
speaking to your financialВ adviser.
You can transfer your super account
balance at any time to another eligible
super fund.
Unless you have a transition to
retirement pension, there is no limit on
the amount of lump sums or additional
pension payments you can receive
eachВ year.
Special rules for
temporaryВ residents
If you are or have been a temporary
resident you can generally only
access your benefits as a single
lump sum where your visa has
ceased to have effect and you have
departedВ Australia.
Exceptions apply if you become
permanently disabled or suffer a
terminal medical condition (asВ set
out in law) or, in the event of
yourВ death.
If you do not claim your benefit
within 6 months of becoming
eligible we may have to pay it to the
ATO. Once this has occurred you will
need to make an application to the
ATO to have any entitlements paid
to you. In this case, we won’t send an
exit statement.
These rules do not apply if you are,
or become, a New Zealand citizen,
Australian citizen or permanent
resident, or you hold a class 405 or
410 Retirement visa.
If you request a partial withdrawal,
youВ need to make sure there are sufficient
funds in your account to pay any insurance
premiums (if applicable) and/or fees.
14 | MLC MasterKey Super & Pension and MLC MasterKey Super & Pension Fundamentals How to Guide
Transition to retirement
pensions
If you have reached your preservation age
(at least age 55) you can start aВ Transition
to retirement pension. With this pension,
the total of any regular and additional
payments in any financial year must not
exceed 10% of your account balance.
If you request an additional payment
which causes you to exceed your
maximum level, we will not be able to
process your request. If this occurs, we
willВ contact you or your financial adviser.
Also, with only limited exceptions, you
cannot make lump sum withdrawals until
you have met an access condition.
You can transfer your pension to most
other super or pension funds at any
time, however you will need to have
received your annual minimum pension
payment. If you haven’t, we may pay you
an additional amount and then transfer
theВ balance of your account.
ote: Transition to retirement
N
pensions can only be transferred to a
super account or another transition to
retirementВ pension.
Super and pension
If you request a partial withdrawal from
your super or pension account, you need to
make sure that there are sufficient funds
in your account to pay any insurance
premiums (if applicable) and fees you have
instructed to be paid from your account.
Before you make any withdrawal
request you should check any
limitations and implications that
may apply. You may speak to your
financial adviser or go to ato.gov.au
or call us.
How to make a withdrawal or
super transfer
You can choose where your
money is paid
You can take a lump sum withdrawal
orВ transfer all or part of your super or
pension accounts (assuming you are
eligible) by:
Lump sum withdrawals can be paid:
•
•
•
•
log into your account on mlc.com.au.
Unless the payment is a transfer,
your money will be paid to the
financial institution account you have
provided us previously in writing.
Any change to your nominated
financial institution account must
be received by us prior to your
withdrawalВ request.
•
–– MLC MasterKey Pension & MLC
MasterKey Pension Fundamentals
(prior to commencement of
yourВ pension)
–– MLC MasterKey Super & MLC
MasterKey Super Fundamentals
–– MLC MasterKey Investment Service
& MLC MasterKey Investment
Service Fundamentals or
•
completing either a Rollover request
form or a Cash withdrawal form
available on mlc.com.au or by
contacting us.
writing to us including your name,
address, account number, withdrawal
amount the investment option(s) you
wish to withdraw from (for partial
withdrawals and roll overs) and the
financial institution account you
want it paid to (if different to the
account on our records). You will also
need to sign this letter.
telephoning us. Withdrawals requested
by telephone can only be paid to your
pre-nominated financial institution
account. Any change to your nominated
financial institution account must
be received by us prior to your
withdrawalВ request.
All forms and written requests can be
mailed to us. We may need to verify
your identity before we can process
yourВ request.
to another MLC account:
directly to your nominated financial
institution account
–– the account can be in your name
or a joint account where you are an
account holder
•
by cheque
–– payable to you. It will be forwarded
to the address recorded on our
system unless you notify us
otherwise in writing.
Transfers will be paid by cheque to the
nominated roll over institution or MLC
account nominated by you.
How we calculate withdrawals
and transfers?
Your withdrawal or transfer amount is
calculated by multiplying the number
of units to be withdrawn by the Exit
unitВ price.
If you request a specific dollar amount,
the number of units withdrawn will be
determined using the Exit unit price. For
all partial transfers and withdrawals, we
will sell the units from your investment
options either on a pro-rata basis in
accordance with your current investment
strategy or as indicated by you at the
time of your request.
There may be deductions from or
additions to withdrawal proceeds to
allow for fees, costs and taxes.
How withdrawals and switches
will affect your Investment
Protection
You can make withdrawals from your
account at any time. However, all
withdrawals and switches out of your
option with protection (including to
pay Adviser service fees or insurance
premiums) will reduce your protected
account balance. The more you withdraw,
the greater the impact on your protected
account balance.
Withdrawal types
Adviser Remuneration /
Adviser Service Fee / Commission
Insurance Premiums
Deduction of Tax
Withdrawals and Switches
Family Law Split
Pension Payments
Any amount we switch as part of your
Protected Income benefit
How will you know if your
withdrawal will impact your
Investment Protection?
If you are at your annual withdrawal
limit (Protected Capital) or protected
income amount (Protected Income )
and your next withdrawal request may
impact yourВ protected account balance
we will contact you or your financial
adviser to confirm this instruction.
To keep up to date on your annual
withdrawal limit or protected income
amount we recommend you check
your Investment Protection details via
mlc.com.au before submitting aВ request.
MLC MasterKey Super & Pension and MLC MasterKey Super & Pension Fundamentals How to Guide | 15
Accessing your money
– the mechanics
How we process your request
All complete requests received before we
close off processing on a business day
(generally 3 pm Sydney time) will usually
be processed using the effective unit
price for that day; which is calculated as
at the end of the day. Requests received
after this time will usually be treated
asВ having been received on the next
business day.
We reserve the right to refuse or vary the
terms for processing a request in certain
circumstances, such as when:
•
there are significant falls in
investment markets
•
we have difficulty in completing
transactions due to low liquidity
which could occur with investment
options that use higher risk strategies
such as gearing.
What happens if we areВ unable
to process yourВ request?
Sometimes there will be reasons why
weВ can not process your request. ItВ could
be because we don’t have enough
information or some outstanding
requirements haven’t been met.
If this is the case we will try our best to
contact you, or your financial adviser,
to find out any extra information
weВ require.
Once we have received the outstanding
information, we will process your
request as usual, with that day’s
effectiveВ unit price.
We will send you a letter confirming
theВ transaction.
In these circumstances we will advise
you as soon as possible of any change.
16 | MLC MasterKey Super & Pension and MLC MasterKey Super & Pension Fundamentals How to Guide
Starting Investment
Protection
Protect your wealth with investment protection.
If you want to take advantage of market
growth and protect your savings, then
investment protection may be right
forВ you.
Once you have chosen which type of
protection is right for you, you then
choose the investment option that best
suits your needs.
With MLC MasterKey Investment
Protection you can invest with greater
certainty and protect some or all of your
super or pension.
You can choose to protect the investment
option in super or pension, but not both
at the same time.
You can choose from two types
ofВ protection:
1. Protected Capital – provides
certainty of capital over 10 or 20В years
and potential for growth.
For Investment Protection
Please refer to the Investment
Protection Guide for more information.
How to apply
•
•
Log into your account on mlc.com.au
•
select Add Investment Protection.
select Investment Protection within
the transact menu
2. Protected Income – provides
certainty of income over 10, 20 years
or for life and potential for growth.
MLC MasterKey Super & Pension and MLC MasterKey Super & Pension Fundamentals How to Guide | 17
How your account
is valued
When money is paid into your account, units are allocated to your account
and when money is paid out, units are deducted from your account.
The value of your account is based on:
•
the number of units in your chosen
investment option(s), and the price of
those units, or
•
in the case of NAB term deposits, the
principal amount invested.
The overall value of your account will
change according to the unit price and
the number of units you hold.
The performance of the underlying
assets is influenced by movements
in investment markets such as local
and overseas share markets, bond and
property markets.
If you would like to find out more about
our unit pricing philosophy, go to
mlc.com.au.
We calculate the unit price as at the end
of each business day and use robust unit
pricing policies to do this.
The unit price will reflect the
performance of the underlying assets,
income earned, fees, expenses and taxes
paid and payable.
18 | MLC MasterKey Super & Pension and MLC MasterKey Super & Pension Fundamentals How to Guide
Changing investment
options (switching)
As your needs change over time, you can alsoВ change your investment options.
You can make these changes at any time.
How to make a change
•
•
•
•
Log into your account on mlc.com.au
complete the appropriate switch form
you can also send us a signed letter
including your full name, account
number and your instructions, or
We reserve the right to refuse or vary the
terms for processing a request in certain
circumstances, such as when:
•
there are significant falls in
investmentВ markets
•
You should not invest in this
product if you intend to switch your
investments frequently in the pursuit of
short‑term gains.
we have difficulty in completing
transactions due to low liquidity
which could occur with investment
options that use higher risk strategies
such asВ gearing.
We monitor all investment options for
abnormal transaction activity because
this sort of activity can have adverse
impacts for other investors.
call us.
All forms and written requests can be
faxed or mailed to us. For all telephone
requests, we will need to verify your
identity before processing your request.
If you have Investment Protection
allВ switches out of your option
with protection will reduce your
protected account balance.
How we process changes to
your investment options
If you request a change to your
investment options, units will be
redeemed from your current investment
option(s) using the Exit unit price.
Units will then be allocated in the new
investment option using the Entry
unitВ price.
All complete requests received before we
close off processing on a business day
(generally 3 pm Sydney time) will usually
be processed using the effective unit
prices for that day; which is calculated as
at the end of the day. Requests received
after this time will usually be treated
as having been received on the next
business day.
Frequent switching of
investment options
In these circumstances we will advise
you as soon as possible of any change.
Changes to investment options
We regularly review the investment
options so we can be sure to offer you
solutions that meet your needs. As a
result at any time we may:
•
•
•
•
add new investment options
vary an investment option
(forВ example, we may vary the
investment objective and strategy,
risk level, asset allocation and/
or investment managers of an
investment option)
close investment options
terminate an investment option.
The managers of the investment options
not managed by MLC are responsible for
the investment process and strategies
they use to manage the underlying funds
towards their investment objectives.
We will either advise you in writing or
tell you in our Annual Report of any
significant changes to an investment
option. Other changes will be available on
mlc.com.au.
To maintain equity the Trustee has
the right to deal with members who
frequently switch by:
•
delaying, limiting or rejecting their
future switch requests,
•
cancelling membership and
transferring their account balance to
the Australian Eligible Rollover Fund.
What happens if we are unable
to process a change of
investment options request?
Sometimes there will be reasons
why we can not process a change of
investment options. It could be due
to insufficient information or some
outstanding requirements haven’t
been met, or there are delays with other
investmentВ managers.
If this is the case, we’ll try our best to
contact you, or your financial adviser
to find out any extra information
weВ require.
Once we’ve received the outstanding
information, we will process your
request as usual with that day’s effective
unit price.
When any changes are processed, you’ll
receive a letter of confirmation.
MLC MasterKey Super & Pension and MLC MasterKey Super & Pension Fundamentals How to Guide | 19
Changing investment
options (switching)
NAB Term Deposits (MLC
MasterKey Super & Pension
Fundamentals accounts only)
Term deposits are invested for a fixed
term. Early withdrawals are only
permitted in exceptional circumstances
such as:
•
•
•
cooling off period
Court Order ie Family Law, or
death
and will result in reduced interest.
NAB Term Deposits are an illiquid
investment option, consequently if you
wish to switch out of your investment it
will not be completed until the end of the
term you have selected.
You can invest up to 70% of your account
balance in NAB Fixed Rate Funds and
NAB Term Deposits.
If your investment in NAB Term Deposits
is using monies from a number of
sources, we’ll firstly consolidate these
amounts into the MLC Cash Fund before
the investment is made.
Withdrawals, income payments, fees and
other costs can’t be deducted from term
deposits. Throughout the duration of
your term deposits these amounts can be
deducted from other investment options,
so you’ll need to maintain a minimum
of 10% of each of your super and pension
balances in other investment option(s)
at all times. One-off withdrawal requests
that reduce the amount held in other
investment option(s) below 10% of your
super and pension balances may not
beВ processed.
To view your maturity instructions you
can log in to mlc.com.au at anytime.
You’ll also receive a pre maturity
letter four weeks before the term
depositВ matures.
You can update your maturity
instructions up to five business days
prior to the maturity date.
NAB Fixed Rate Funds
(MLCВ MasterKey Pension
accounts only)
Switches into NAB Fixed Rate Funds will
use the interest rate applicable on the
date we receive your request.
Prior to the end of the fixed rate term,
we will write to you giving you the
opportunity to reinvest for the same
termВ or switch to another investment
option upon maturity. You need to
complete and return the form we provide
to you before the end of the term.
The maximum amount that can be
invested in a NAB Fixed Rate Fund is
80% of your total account balance. You
cannot invest in a NAB Fixed Rate Fund
once you have attained the age of 90.
If you do not make a nomination, your
investment funds will be switched to the
MLC Cash Fund at the end of the term.
You can switch either the full or a partial
amount invested in a NAB Fixed Rate
Fund at any time to another investment
option either before or at the end of the
fixed rate term. If you switch prior to the
end of the fixed rate term, a withdrawal
fee will apply. See �Fees on withdrawals
from the NAB Fixed Rate Funds’.
If you are invested in a NAB Fixed Rate
Fund, this investment option can’t be
transferred to MLC MasterKey Pension
Fundamentals.
20 | MLC MasterKey Super & Pension and MLC MasterKey Super & Pension Fundamentals How to Guide
Fees and costs
The current fees are provided in
the Fee Flyer and the Investment
Menu which are available on
mlc.com.au
If we make changes to fees we
will generally write to you at least
30В days prior to any change. You
can also find out more information
about fee changes on mlc.com.au, in
our Annual Report, or call us.
Fee Refund (MLCВ MasterKey
Super and Pension only)
You may be able to receive a refund
of a portion of the Administration fee
charged on your account. The amount
of refund depends on the size of your
combined MLC MasterKey account
balances. It is calculated on your monthly
account balance and paid quarterly, the
fee refund is:
•
•
0.17% pa for combined account
balances of between $200,000 and
less than $400,000
0.32% pa for combined account
balances $400,000 and over.
The refund is calculated before the
impact of tax, and the tiers and
percentages used to calculate the refund
may change at any time without prior
notice to you.
How and when the refund is
calculated and paid
The refund is calculated on your monthly
account balance and is credited quarterly.
The refund is paid directly to your
account by purchasing additional
units according to your investment
instructions. To receive the fee refund,
your account must be open at the time
the refund is paid.
Linking with another eligible
investor
You can also link with another eligible
MLC investor and use your combined
MLC MasterKey account balances to
receive a refund. An eligible investor
includes a spouse, de-facto spouse,
parent, child, sibling, a business or trust.
Changing linking details
You or another eligible investor can
change, add or remove accounts at any
time by writing or telephoning us. For
all telephone requests, we will need to
verify your identity before processing
yourВ request.
If you nominate a new investor
for linking purposes, this will
override any previously established
linkingВ arrangement.
When any changes are processed, you’ll
receive a letter of confirmation.
You can only link with one other
MLCВ MasterKey account investor.
You can do this by completing an Update
account details form available on
mlc.com.au or by contacting us. This
form can be faxed or mailed to us.
We may cancel the link if you or a
nominated investor no longer satisfies
the criteria for account linking.
MLC MasterKey Super & Pension and MLC MasterKey Super & Pension Fundamentals How to Guide | 21
Fees and costs
Which MLC MasterKey products are eligible for the fee refund?
The following table confirms which MLC MasterKey products will be included in your
fee refund calculation, and whether a fee refund is paid for each of these products.
MLC MasterKey Products
Included in
Eligible for
MLC MasterKey fee refund
Portfolio
MLC MasterKey Unit Trust
пѓј
 
*
MLC MasterKey Investment Service
пѓј
 
*
MLC MasterKey Investment Service Fundamentals
пѓј
✗ 
MLC MasterKey Super
пѓј
пѓј
MLC MasterKey Super Fundamentals
пѓј
вњ—
MLC MasterKey Pension
пѓј
пѓј
MLC MasterKey Pension Fundamentals
пѓј
вњ—
MLC MasterKey Superannuation
пѓј
пѓј
MLC MasterKey Allocated Pension
пѓј
пѓј
MLC MasterKey Term Allocated Pension
пѓј
пѓј
MLC MasterKey Investment Bond
пѓј
пѓј
MLC MasterKey Annuity
пѓј
вњ—
MLC MasterKey Rollover
пѓј
пѓј
MLC MasterKey Personal Super
пѓј
вњ—
MLC MasterKey Business Super
пѓј
вњ—
NAB Cash Manager
пѓј
вњ—
* Except the MLC Cash Fund
Separate Fee refunds may apply for the MLC MasterKey Personal and MLC MasterKey
Business Super products.
22 | MLC MasterKey Super & Pension and MLC MasterKey Super & Pension Fundamentals How to Guide
Charges on withdrawals from
the NAB Fixed Rate Funds
If a withdrawal (lump sum payment,
pension payment and/or fee deduction)
causes the balance of your NAB Fixed
Rate Fund (pension accounts only) to fall
below the original principal amount, or if
you switch your investment from a NAB
Fixed Rate Fund before the end of the
agreed term, a charge will apply.
The charge is 3% pa of the amount
withdrawn or switched, multiplied by the
unexpired investment term divided by
365. The fee is calculated as follows:
Withdrawal charge =
Amount withdrawnВ x 3% x Days
remaining in the fixed rate term/365
Tax – the rules
This section is not a
comprehensive and complete
tax guide.
The taxation treatment of superannuation
is complex. MLC Is not a registered tax
agent. We recommend that you seek
expert advice from a registered tax agent
to determine how this impacts on your
personal situation.
for you is outlined in the section Adding
money to your super – the rules.
For tax purposes, contributions to
superВ are generally assessed against
oneВ of two limits:
•
Contribution types and limits
for tax purposes
There is no limit on the actual amount
that can be contributed to your super
account while you are eligible to make
contributions. However, there is a point
where it is not tax-effective. Your eligibility
to contribute or have contributions made
The Concessional contribution limit
– the main contributions counted
against this limit are those made
by your employer (including salary
sacrifice) or if you are eligible and
choose to claim a deduction, your
personal concessional contributions.
Certain employer type contributions
such as salary sacrifice are taken
intoВ account when determining
eligibility for a deduction on personal
contributions. This may affect
contribution limits andВ tax.
•
The Non-concessional contributions
limit – generally the amounts
counted to this limit include personal
contributions where you don’t claim
a tax deduction and contributions
made by your spouse directly to your
superВ account.
Because additional tax may be
paid if the contribution limits are
exceeded, you might need to take into
consideration other less common types
of contributions and the limits which
apply. The following table outlines some
of these contribution types and the limit
against which they may count.
Contribution type
These include
Relevant limit
Capital Gains Tax
(CGT) cap
Personal contributions arising from the disposal of certain
small business assets that you elect to be counted towards the
CGT cap rather than the Non-concessional contribution limit.
The CGT cap is a lifetime limit and is the
maximum amount of eligible contributions
you can choose to exclude from your
Non‑concessional contributions limit. The CGT
cap applicable for 2013/2014 isВ $1,355,000.
AВ CGT election form must be submitted before
or at the time of contribution.
You need to provide us with the ATO’s CGT cap election notice
before or with the contribution. This is provided the CGT cap
hasn’t been used up previously.
Personal injury
Personal contributions relating to eligible personal injury
receipts that you’ve elected to exclude from being counted
towards your Non-concessional contribution limits. There are
strict conditions on the types of personal injury contributions
you can claim exclusions for. You need to provide us with the
Personal Injury election notice before or with the contribution.
There’s no limit on the amount of eligible
personal injury contributions that can
be excluded from your Non-concessional
contribution cap.
Transfers from foreign
superannuation funds
Super or pension monies you have in overseas super funds
that you want to transfer to your Australian super or
pensionВ accounts.
Generally, most of the amount transferred will
count to the Non-concessional contribution
limit and will not form part of the taxable
portion of the transfer. If you elect to have the
taxable portion of the transfer taxed by your
super fund, this amount does not count to
either limit.
Government
co‑contributions /
Low income super
contributions
Payments made by the Government to your super based on
your income and other factors.
Government co-contributions and low
income super contributions don’t count
towards either your Non-concessional or
Concessional contribution limits.
MLC MasterKey Super & Pension and MLC MasterKey Super & Pension Fundamentals How to Guide | 23
Tax – the rules
The Concessional, Non-concessional and CGT contribution limits are set out below.
Age on last day of the financial year
ending 30 June 2014
Concessional contributions
annual limit 2014/2015
Age 49 and over
$35,000
Age less than 49
$30,000
Age on first day of the financial year
Non-concessional contributions limit
Less than 65
$180,000 annually or $540,000 over a three-year period.
Between 65 and 74
$180,000 annually.
75 and over
Non-concessional contributions can’t be made.
CGT contribution limit
Lifetime indexed limit
Up to age 75 (restrictions apply if aged
between 65–75)
$1,355,000
Once you have started to use the three-year Non-concessional contribution limit, itВ isВ not increased for that three-year period.
ExceptВ for the Concessional contribution limit for those aged 49 or over, the limits may be increased from time to time. There may
be other conditions that you need to meet to make contributions within these limits, such as meeting a �work test’. Please go to
ato.gov.au for more information.
If a single contribution, other than
an employer contribution, rollover,
or transfer from an eligible fund
exceeds the Non-concessional limit
we are generally required by the law
to reject it.
We recommend that you speak to
your Financial adviser or registered
tax agent if you are close to the limits.
Alternatively you can visit ato.gov.au
orВ call us.
24 | MLC MasterKey Super & Pension and MLC MasterKey Super & Pension Fundamentals How to Guide
Tax on your super and pension accounts – a quick summary
While both super and pension investments have favourable tax treatment they are different in the wayВ they are taxed. We have
broadly outlined the taxВ treatment of each type of investmentВ below.
Tax treatment in your account
Super
Pension
Tax treatment on payments to you
Contributions
Investment
earnings
Regular and additional pension
payments
Lump sum withdrawals
Most Concessional contributions
– taxed at a rate of 15%*.
Taxed at a rate
of up to 15%.
Not applicable.
Tax-free component: Nil.
Taxable component:
Non-concessional contributions
– not taxed.
• If under age 55, tax of up to 22%
(including Medicare Levy at 2%).
Additional tax may be payable if
you exceed the contribution limits,
see page 24.
• If aged between 55–59, taxfree on first $185,000 (this is
a lifetime limit which may be
increased periodically), then
tax is paid on remainder at 17%
(including Medicare Levy at 2%).
Not applicable.
Tax-free.
Under age 55 – taxed at marginal
tax rates.
Aged between 55-59 – taxed at
marginal tax rates less 15% tax
offset.
Aged 60 and over – tax free.
• From age 60, tax-free.
Other taxes and government levies
may apply from time to time.
If applicable, we’ll deduct the tax
Different rates may apply to
disability payments or if the money from your account before paying
the lump sum.
is coming from an untaxed source.
If applicable we’ll deduct tax from
your pension payment before
paying it to you.
*Individuals whose combined concessional contributions and income exceeds $300,000 per annum may be subject to an additional 15%
tax on certain contributions. This tax is called “Division 293 Tax” and the ATO will issue an assessment to you if this applies. Once you have
received the assessment, youВ can choose to make the payment of the tax by withdrawing it from your super money however you will need to
provide us with a Release Authority notice (which will be given to you by the ATO) within certain time-frames.
You don’t have to provide us with
your TFN, but we can only accept
contributionsВ made by you or your
spouse to your super if we have your
TFN recorded. Also,В your money may
be taxed at the highest marginal tax
rate plus the MedicareВ levy. For more
information visit ato.gov.au
Taxation implications of
Protection Payments
If you have MLC MasterKey Investment
Protection the Protection Payment will
be credited to your MasterKey Super or
Pension Fundamentals account it will
beВ part ofВ your overall superannuation
or pension account balance. You will not
be taxed personally on the Protection
Payment however if you withdraw the
Protection Payment from your account,
the withdrawal will be treated as a
superannuation benefit payment for
taxВ purposes.
The Protection Payment may however be
subject to tax within the super fund. Tax
of up to 15% could apply to the Protection
Payments within the super fund. Where
this occurs, the Protection Payment will
be grossed up for the applicable tax so
that the amount credited to your account
is the agreedВ Protection benefit amount.
Protected Payments
The term used to refer to the
Protected Capital benefit or
Protected Income benefit.
MLC MasterKey Super & Pension and MLC MasterKey Super & Pension Fundamentals How to Guide | 25
Tax – the mechanics
You pay additional tax when you exceed the contributions limits.
Additional tax you will pay
How to pay the additional tax
If you exceed the contribution limits
additional tax applies to the excess
amount at the following rates:
The ATO will let you know:
•
•
excess Concessional contributions up
to 49% (including Medicare Levy and
the Temporary Budget Repaid Levy
of 2%)
excess Non-concessional
contributions 49% (including
Medicare Levy and the Temporary
Budget Repaid Levy of 2%).
In addition, all contributions that exceed
the Concessional contribution limit
are also counted as Non-concessional
contributions. So if you exceed both
limits you will have to pay both lots of
additional tax.
We recommend that you speak to
your Financial adviser or registered
tax agent if you are close to the limits.
Alternatively you can visit ato.gov.au
orВ call us.
•
•
•
when you have exceeded the limits
the amount of additional tax to
beВ paid
the due date for payment.
It is your responsibility to pay the
tax by the due date. Any excess
Non‑concessional contributions tax must
be withdrawn from your super and/or
pension account. While not compulsory,
you may choose to withdraw any excess
Concessional contribution tax amounts.
If you exceed the concessional
contributions limit in the 2013/14
financial year, the excess amount will
beВ taxed at your personal marginal tax
rate. This tax will be payable to the ATO,
and additional interest may apply.
If you exceed the limits, you’ll receive
an assessment notice from the ATO for
the tax and interest payable. You’ll have
the option of withdrawing up to 85% of
your excess concessional contributions
to help you pay the tax. You can do this
by sending us a Release Authority notice
within theВ relevant time frames.
For more information please visit
ato.gov.au
26 | MLC MasterKey Super & Pension and MLC MasterKey Super & Pension Fundamentals How to Guide
Claiming a tax deduction
on your personal super
contributions
You may be eligible to claim a tax
deduction in your personal income
taxВ return for personal super
contributions you make to your
accountВ in a financial year.
Working out whether you can
claim a tax deduction
You may be eligible to claim a deduction
if you earn less than 10% of your total
income from eligible employment. For
this purpose, total income includes both:
•
assessable income and reportable
fringe benefits from employment
asВ an employee, and
•
reportable employer super
contributions.
To request to claim a deduction you
must complete the Notice of intent to
claim or vary a deduction for personal
super contributions form available on
mlc.com.au. This needs to be sent in to
MLC and an acknowledgement letter
received back before completing your tax
return for that financial year.
If you request to claim a deduction,
butВ are not eligible there can be
consequences for the amount counted
towards your contribution limits which
could mean you have to pay additional
tax. You should speak to your financial
adviser or registered tax agent to work
out your eligibility. Information can also
be obtained from ato.gov.au
How do you tell us you are
claiming a tax deduction?
What we do when we receive
your notice
If you have made personal super
contributions for the previous financial
year and intend to claim a tax deduction,
you will need to notify us by completing
and signing a Notice of Intent to Claim
a Tax Deduction form available on
mlc.com.au or by contacting us.
Once we receive and accept either of
these notices, we will send you a Tax
Deduction Acknowledgment Advice for
your tax records.
Due to certain restrictions under
the law, you should take extra
care to check your eligibility for
a deduction especially before
submitting your tax return,
transferring or withdrawing all, or
even part of your super, or before
starting a pension.
In some cases, the law prevents us
fromВ accepting a notice. For example,
ifВ you have used your account balance
containing the personal contributions
toВ start a pension or if you have
withdrawn your benefit.
You must return your completed
notice to us before the earlier
of the date you lodge your tax return
for the financial year in which the
contributions were made, or the end
of the financial year immediately
following the year in which the
contributions were made.
If we are unable to accept your
declaration we will send you a notice
advising why and any information we
may need in order to accept it.
You cannot claim a deduction if you have
not received a formal Tax Deduction
Acknowledgment Advice from us.
Tax on contributions you are
claiming as a deduction
Any personal contributions you claim
as a tax deduction will have 15% tax
deducted by us. This will be deducted
from your account once we acknowledge
acceptance of your notice to claim a
taxВ deduction.
Not claiming a tax deduction?
If you do not intend, or are ineligible
to claim a tax deduction then you do
not need to do anything.
If we don’t hear from you, we will
assume you will not be claiming
aВ tax deduction for personal
contributions in that financial year.
MLC MasterKey Super & Pension and MLC MasterKey Super & Pension Fundamentals How to Guide | 27
Tax – the mechanics
Reducing the amount you have
told us you are claiming
If you wish to reduce the amount of
aВ previous tax deduction claim, you
will need to complete and return
the Notice of Intent to Claim a Tax
DeductionВ form.
This must be done before the earlier of
the date that you lodge your tax return
in relation to the year the contributions
were made, or end of the following
financial year after the contributions
were made.
In some cases, you may reduce the
amount you claimed outside this
timeframe if the ATO has disallowed
your claim for a deduction. However,
as with claiming a deduction, the law
prevents us from accepting a variation
inВ certain circumstances.
Tax may be payable on
transfers from an overseas
pension
Australian law defines:
•
your eligibility to make these
transfers
•
•
the timing of these transfers, and
Tax on payments made to your
beneficiaries
Tax may be charged on amounts paid
to your beneficiaries on your death.
TheВ tax payable will depend on the type
of payment being made (lump sum or
pension), timing and the dependency
status of your beneficiaries.
how tax is charged.
Your overseas scheme will determine
whether your pension can be transferred.
For information on estate planning and
in particular, the tax implications, we
recommend you speak to your financial/
legal adviser or registered tax agent.
Tax on withdrawals made by
temporary residents
Certain temporary residents can
access their super benefit upon
leavingВ Australia.
If applicable, the benefit can generally
only be paid as a single lump sum from
which we can deduct tax. In some
circumstances if you do not claim your
benefit, we are required to pay it directly
to the ATO.
Further information can be found
on ato.gov.au
28 | MLC MasterKey Super & Pension and MLC MasterKey Super & Pension Fundamentals How to Guide
Tax File Number (TFN)
Notification
If you are under age 60 and haven’t
provided a valid Tax File Number, we
are required to deduct tax at the top
marginal tax rate (plus Medicare Levy
and the Temporary Budget Repaid
Levy of 2%) from any payments made
to you from your account including, if
applicable, pension income payments.
In addition, if you do not provide us
with your TFN the law requires us
to reject certain contributions. The
main exception relates to employer
contributions which are subject to
additional tax at 34% if you have not
provided your TFN.
We may send your TFN to the Australian
Tax Office or Eligible Rollover Fund to
assist them in locating any unclaimed or
lost superannuation benefits.
Nominating
a beneficiary
Your account balance is paid to your beneficiaries or your estate in the event
of your death. However, the law restricts who can be a beneficiary.
Once you have opened your account
youВ can:
•
•
nominate beneficiaries
•
•
change the type of nomination
Types of nominations
•
a non-lapsing nomination which is
binding on the Trustee – ensures your
account balance is paid as you have
directed as long as the nomination is
and remains valid
•
a nomination subject to Trustee
discretion – The Trustee will decide
who receives your account balance
and will consider your preferred
beneficiaries.
•
no nomination – The Trustee
will decide who receives your
accountВ balance
•
a reversionary nomination (pension
accounts only) – your pension
payments continue to be paid to your
nominated beneficiary,
change, cancel or remove existing
beneficiaries
change the portions of your account
to be paid to beneficiaries.
Who can you nominate?
Under superannuation law, you can
nominate the following:
•
your spouse or de-facto spouse,
including same sex partners
•
children including step and
adoptedВ children
•
individuals who are financially
dependent on you at the time of
yourВ death
Please note that contrary Court orders
may override your nomination.
•
your legal personal representative
(either the executor under your
will or a person(s) granted letters of
administration for your estate if you
die without having left a valid will)
The spouse benefit optional extra for
Protected Income must be a non-lapsing
binding nomination in Super and a
reversionary nomination in Pension.
•
someone in an interdependency
relationship to you. This is a close
personal relationship between two
people who live together, where
one or both of them provide for the
financial and domestic support and
personal care of the other. This type
of relationship may still exist if there
is a close personal relationship but the
other requirements are not satisfied
because of some physical, intellectual
or psychiatric disability.
Different tax implications may
apply depending on the type of
beneficiary nomination you make.
We recommend you seek advice
from your financial adviser and
registered tax agent prior to making
a nomination.
MLC MasterKey Super & Pension and MLC MasterKey Super & Pension Fundamentals How to Guide | 29
Nominating
a beneficiary
How to make or change a
nomination
What we do when we are
notified of your death
You can nominate or change existing
beneficiaries at any time by completing
a Beneficiary nomination form available
on mlc.com.au or by contacting us. Your
revised form must be mailed to us.
You can also view your nomination(s)
online at any time by accessing your
account on mlc.com.au
If you have a Reversionary Beneficiary
nomination you can only change
it on commencement of a new
PensionВ account.
If your nomination is unclear or
incomplete, we will write to you
requesting the information or
documentation required to process
yourВ request.
Once we have processed your request,
we’ll send a confirmation letter. Details
of your nomination(s) are also confirmed
each year in the Annual statement we
send to you.
Should your circumstances change
and you have elected the spouse
benefit option you will continue
to pay the additional fee even
in the event of death of your
nominatedВ beneficiary.
Your super and/or pension account
balance (excluding pension accounts
with a reversionary nomination) will
be switched into the MLC Cash Fund
on the date we receive notification of
yourВ death.
If you have made a nomination binding
on the Trustee, which is still valid, the
account balance will be paid to your
beneficiaries as you have directed.
Where you have made a nomination
subject to Trustee discretion or if you
haven’t nominated a beneficiary or if
your nomination is no longer valid,
the Trustee uses a formal process to
make aВ decision. The process involves
the identification of any potential
beneficiaries and communication with
them. The Trustee then gives careful
consideration to what it believes is an
appropriate distribution of the account
balance, paying particular regard to your
recorded preferences.
Payment of reversionary
pensions
If you have a pension account with a
reversionary nomination, the account
balance will remain in your chosen
investment option(s) and pension
payments will be suspended. Upon
completion of the claim, pension
payments will restart and will be paid
toВ your beneficiary.
30 | MLC MasterKey Super & Pension and MLC MasterKey Super & Pension Fundamentals How to Guide
Restrictions on payment of
death benefit pensions to
children
If a child beneficiary receives payment of
a pension upon your death, the pension
can only continue to be paid whilst the
child is:
•
•
under age 18
•
disabled, as defined by law.
between age 18 and 25 and financially
dependent upon you, or
A child who is receiving pension
payments can’t make additional lump
sum withdrawals (unless disabled).
Anti-detriment payments
An additional payment may be made to
broadly compensate for contributions
tax charged on certain contributions
made to your account. This is known as
an �anti‑detriment’ payment and only
applies where your account balance
is paid as a lump sum directly to your
spouse or child.
Paying insurance
premiums
If you have an MLC Insurance (Super) or MLC Life Cover Super policy you
can choose to pay monthly premiums from yourВ super or pension account.
This premium will be deducted on the
same date each month that all your other
fees and costs are deducted using your
fee draw down strategy.
For accounts with Investment
Protection, please refer to page 17
forВ moreВ information.
You should ensure there are sufficient
funds in your super or pension account.
If premiums are deducted from your
pension account, this will reduce the
amount available to support your
pension payments. If two monthly
deductions cannot be made from your
account, we will write to you and provide
details of alternative ways that you can
pay your premium.
To arrange for premiums to be deducted
from your super or pension account you
can forward a signed letter including
your name, account number and details
of your request.
Your requests can be faxed or
mailedВ to us.
MLC MasterKey Super & Pension and MLC MasterKey Super & Pension Fundamentals How to Guide | 31
Appointing someone to
act on your behalf
You may appoint another party to act on your behalf in relation to your
account. Details of the other parties you can appoint and the authority
theyВ have are detailed below.
Authorised Representative
Power of Attorney
You may appoint an authorised
representative, replace or cancel an
existing authorised representative at
any time.
You can appoint an Attorney to act on
your behalf by giving us:
•
A certified copy of the original Power
of Attorney document. Certification
that the copy is a true and complete
copy of the original must appear
on each page and may be made by
theВ person effecting the Power of
Attorney or by a solicitor or any of
theВ people shown in Certification of
personal documents, and
•
A declaration signed by the Attorney
stating that the document has not
been cancelled.
Only one authorised representative can
be nominated on your account at any
oneВ time.
An authorised representative is
authorised to:
•
•
access information on your account
•
change your personal details except
for bank account details
•
contribute to your account on
your behalf.
change investments options
(switching)
Appointing or changing an
authorised representative
To appoint a new, or change an existing,
authorised representative just complete
an Update account details form.
All forms are available on mlc.com.au
or by contacting us and can be faxed
or mailed to us.
An Attorney’s authority is determined
by you. You can continue to manage
your account even if you have appointed
anВ Attorney.
You (or your Attorney) should inform us
of any changes or of the cancellation of a
Power of Attorney. You can cancel your
Attorney’s authority to act on your behalf
in relation to your account at any time by
writing to us.
If you want more information please
contact us or seek professional advice.
Cancelling an Authorised
Representative
To cancel an authorised representative
you will need to write to us. Once we
have processed your request, we’ll send a
confirmation letter.
32 | MLC MasterKey Super & Pension and MLC MasterKey Super & Pension Fundamentals How to Guide
Additional information
you need to know
Accessing your account information
You can choose how you want to access your account information.
View your account information and transact in one secure location.
mlc.com.au
To register, just go to mlc.com.au and select Register in the Login box. On the next page under Personal, enter
your details on the form provided. We’ll then email you a temporary password.
Speak to a real person
on 132 652
Call us between 8 am and 6 pm (AEST/AEDT), Monday to Friday with any questions or to obtain information
about your account.
Keeping you informed
We provide the following information so you can stay up to date about your investments and any opportunities that may arise.
Welcome letter
Confirms your account has been opened.
How to Guide
Provides instructions about how to transact on your account and other important information about how
yourВ account operates. Available on mlc.com.au/howto/mksp
Transaction
confirmation
Confirms any one-off contribution, switch or withdrawal you make on your account.
Annual statement
Provides a summary of all your transactions and investment details for the financial year.
Annual report
Provides an overview of the market and industry activity which may affect your investment, including product
changes and Trustee updates.
Notice of Intent
to Claim a Tax
Deduction
To be used if you intend to claim a tax deduction on your personal contributions made to your account
duringВ the financial year. Available on mlc.com.au/Forms & brochures
mlc.com.au
Provides information to help build your knowledge on superannuation, retirement and investing. You can also
access your account information.
Annual pension
information
Details the minimum and maximum (if applicable) payment you may receive for the new financial year. We also
include information to help you complete your Tax Return or that you may need to provide to Centrelink.
Product and
investment option
changes
Changes will be made from time to time. Changes that are not materially adverse will be made available on mlc.
com.au or you can obtain a paper copy of the changes on request free of charge.
Trust Deed
Governs the relationship between you and MLC and governs the way in which the Trustee can deal with your
investment. A copy of this document is available upon request free of charge.
Investment Protection
Commencement letter
Provides information on your investment protection.
Investment Protection
Anniversary letter
Provides an overview of your investment protection and is issued annually.
MLC MasterKey Super & Pension and MLC MasterKey Super & Pension Fundamentals How to Guide | 33
Additional information
you need to know
Other useful information
Resolving complaints
You can find more information on
mlc.com.au including:
We can usually resolve complaints over
the phone. If we can’t, or you’re not
satisfied with the outcome, then you
willВ need to write to us.
•
•
•
•
Unit prices
•
•
•
•
Investment market information
Interest rates
How we manage your money
Investment option performance and
asset allocation
Education, tools and calculators
Finding your lost super
Forms and brochures
To help us identify your letter quickly,
please mark your envelope �Notice of
complaint’ and send to:
The Manager
MLC Complaint Resolutions
PO Box 1086
North Sydney NSW 2059
We will confirm in writing within two
business days, that we’ve received
yourВ complaint.
We will work to resolve your complaint
as soon as possible, even though the law
allows us up to 90 days to respond.
If we are unable to resolve the complaint
within this time, or if you are not
satisfied with the outcome, we encourage
you to seek assistance from the
Superannuation Complaints Tribunal.
This is an independent body and can be
contacted by calling 1300 780 808 or by
emailing info@sct.gov.au
More information is available
on sct.gov.au
Changing your account information
You can update your personal details by logging into your account on mlc.com.au. Your financial adviser, Power of Attorney or
authorised representative can also update your details at any time in the following ways:
Type of change
What you need to do
Contact details
•
•
•
•
•
Personal details
Call us
Complete and sign an Update account details form or Update personal details form
Send us a signed letter including your account number and contact details to be changed.
Complete and sign an Update account details form or Update personal details form
Send us a letter including your account number and the personal details to be changed and including your
previous and new signatures (if applicable).
To confirm your personal details change we also require a certified copy of any of the following documents.
Change of Name: Marriage certificate, Divorce Decree, Deed Poll.
Correction of Date of Birth: Passport, Birth Certificate, Drivers Licence, Deed Poll, Divorce Decree.
Further information on the certification of documents is provided on page 35.
Tax File Number
(TFN)
•
•
•
Call us
Complete and sign an Update account details form, or
Send us a signed letter including your account number and TFN information.
34 | MLC MasterKey Super & Pension and MLC MasterKey Super & Pension Fundamentals How to Guide
Certification of
PersonalВ Documents
A person approved to certify
identification documents must
provideВ the following information on
each photocopy:
•
�This is a true copy of the original
document(s) which I have sighted’;
•
Write their
–– full name
•
An Australian consular officer or an
Australian diplomatic officer (within
the meaning of the Consular Fees
ActВ 1955)
The Eligible Rollover Fund we currently
use is the Australian Eligible Rollover
Fund and it can be contacted on
1800В 677 424.
•
An employee of a financial institution
with two or more years of continuous
service with Financial Institutions
(for the purposes of the Statutory
Declaration Regulations 1993)
(eg bank manager, bank officer)
We will advise you in writing to your last
known address if we intend to transfer
your account balance and will proceed
if you don’t respond with instructions
regarding an alternative super fund.
•
A finance company officer with two
or more continuous years of service
with one or more finance companies
(for the purposes of the Statutory
Declaration Regulations 1993)
•
An officer with, or authorised
representative of, a holder of an
Australian financial services licence,
having two or more continuous years
of service with one or more licensees
(eg financial planner, adviser, broker)
Please note, a transfer to an Eligible
Rollover Fund may be detrimental to
you as the Eligible Rollover Fund may
have a different fee structure, different
investment strategies and may not offer
insurance benefits.
–– contact address and telephone
number
–– date of certification
–– signature
•
The capacity in which they have
certified the document (eg judge,
magistrate, police officer etc)
•
Affix the official stamp or seal of the
certifier’s organisation.
Who can certify a document?
•
The following list includes some of the
people who are authorised to certify
aВ document:
•
•
•
•
•
A practicing lawyer
A Justice of the Peace
A judge of the court
A member of the Institute of
Chartered Accountants in Australia,
CPA Australia or the National Institute
of Accountants with two or more
years of continuous membership.
For a full list of people who are authorised
to certify a document go to ag.gov.au
A magistrate
Transfers to an Eligible
Rollover Fund
A Chief Executive Officer of a
Commonwealth Court
We may transfer your account balance to
an Eligible Rollover Fund if:
•
A registrar or deputy registrar of
aВ court
•
•
A notary public (for the purposes
of the Statutory Declaration
RegulationsВ 1993)
•
•
•
A police officer
An employee of Australia Post with
two or more years of continuous
service to customers
your investment switching activity is
deemed to be contrary to the interests
of other members, or
your account has been closed and
you are eligible for a payment from
MLC and we’ve not received any
instructions from you.
Transfers to the Australian
Taxation Office
We’re required by law to transfer your
account balance to the Australian
Taxation Office if:
•
we’ve lost contact with you and your
account balance is less than $2,000, or
•
your account has been inactive for
12В months and your account balance
is less than $2,000, or
•
we are no longer able to identify
who the account belongs to (such
as where we can’t contact you), and
your account has been inactive for
12В months and with the information
reasonably available to us we’re
satisfied that it will never be possible
to pay the account balance to you.
•
We may also be required to transfer
your balance to the ATO if you are a
departed temporary resident who left
more than six months ago.
MLC MasterKey Super & Pension and MLC MasterKey Super & Pension Fundamentals How to Guide | 35
Your notes
36 | MLC MasterKey Super & Pension and MLC MasterKey Super & Pension Fundamentals How to Guide
MLC MasterKey Super & Pension and MLC MasterKey Super & Pension Fundamentals How to Guide | 37
For more information call MLC
from mlc.com.au
visit
anywhere inorAustralia
call us
on 132anywhere
from
652 or contact
in Australia
your
financial
on
132 652
adviser.
or contact your
financial adviser.
Postal address
MLC Limited,
Postal
addressPO Box 200
North
PO
BoxSydney
200 NSW 2059
North Sydney NSW 2059
Registered office
Ground Floor,
MLC Building
Registered
office
105–153Floor,
MillerMLC
Street
Ground
Building
North Sydney
105–153
Miller NSW
Street2060
North Sydney NSW 2060
mlc.com.au
Important information
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MLC Nominees Pty Limited ABN 93 002 814 959 AFSL 230702. Part of the National Australia Bank Group
of Companies. An investment with MLC is not a deposit or liability of, and is not guaranteed by, NAB.
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