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MLC Wrap
How to Guide
MLC Wrap Self Managed Super
Preparation date:
17 January 2011
Issued by:
Navigator Australia Limited (NAL)
ABN 45 006 302 987 AFSL 236 466
Contents
The purpose of this
document is to give
you enough information
to manage your fund.
Her’s what you’ll find within
this document
If you want more information please contact us
on 1300 428 482.
!
he information in this guide
T
may change from time to time.
Contents
What this guide covers
Features at a glance 1
Full of features designed with your
needs in mind.
How MLC Wrap
Self Managed
Super works
2
MLC Wrap allows you, together
with your financial adviser, to manage
your super with the freedom you
want and the support you need.
Asset transfers
into and out of
your account
10
How you can access your money.
How you transfer assets into
and out of your account.
Transferring your 11
super to MLC Wrap
Self Managed Super
Managing your fund 4
It makes sense to put your super
in one place, so you can keep track
of how your retirement nest egg
is growing.
We provide the administrative
support you need.
Starting a pension
Adding to your super – the rules
5
The basics of who can
contribute to your super.
Adding to your 6
super – the mechanics
How to make contributions to your
super and what we do with them.
Accessing your 18
money – the mechanics
12
About your cash holding 19
How your cash holding operates.
Managing your
investments
20
How to buy and sell investments.
Changes to the Investment Menu
25
How you can start a pension.
We regularly review and update the
Investment Menu.
Pension payments 14
– the rules
Corporate actions
Choose the amount you receive
provided it meets the payment rules.
Pension payments – the mechanics 15
Accessing your money – the rules
It’s important to know when
you can access your money.
A corporate action is an event
initiated by a company that
affects the shares issued by
that company.
How income is credited to
your account How you can change your
pension payments.
16
26
Income from your investments
will be in the form of dividends
and distributions and occurs at
different times.
27
Contents
How your account is valued
28
You’ll want to know just how much
your super or your pension is worth
in dollar terms.
Fees and costs
29
How you can receive fee refunds on
your investments.
Tax – the rules
30
Insurance38
How you can access our
award‑winning insurance.
Appointing someone 39
to act on your behalf
You may need to let someone
else transact on your account
so it’s important to know how
you can arrange this.
A broad outline of how super and
pension investments are taxed.
How we keep you informed
Tax – the mechanics 34
How you can access your
account information.
Some of the tax issues for
you to consider.
Additional information you
need to know
Nominating36
a beneficiary
Some finer points you may
How and what you need to do to
control who your super or pension
money is paid to if you die.
need to know.
Your financial adviser
Your financial adviser plays
a pivotal role in the continuing
review and management of
your account.
Contact information
Back cover.
40
42
44
Features
at a glance
Full of features
designed with your
needs in mind.
Features
Extensive investment
choice
• Over 300 managed investments that cover the full spectrum
of asset classes.
• Over 500 ASX listed investments including shares, exchange
traded funds, listed investment companies, interest bearing
securities and instalment warrants.
• A variety of term deposits including 90 day, 180 day and
one year terms.
• A Separately Managed Account (SMA) providing access
to one range of direct share portfolios.
Personal insurance
Access and pay for award-winning personal insurance through
your super account and benefit from consolidated reporting.
Easy-to-use website
Our website makes it easier to access important information
about your account and your investments. You can:
• view your account details
• track your investments
• view statements and transaction confirmations, and
• change your details.
Portfolio management
tools
You can:
• automatically re-weight your investments
• optimise your tax situation when you sell investments
• trade listed securities through our panel of brokers
• automatically re-invest income earned on managed funds
• take advantage of regular investment facilities, and
• access consolidated reporting.
Flexible account
structures
You have the flexibility to hold your fund’s assets in
MLC Wrap Investments in:
• one account
• separate accounts for each member’s super and/or pension, or
• one account for all super members and a separate account for
each pension member.
MLC Wrap Self Managed Super How to Guide Page 1
How MLC
Wrap Self Managed
Super works
MLC Wrap allows you,
together with your
financial adviser, to
manage your super
with the freedom you
want and the support
you need.
The role of your
financial adviser
Your financial adviser will instruct us how
to invest your money and on any other
matters relating to your account. This
includes instructions to:
How we support the smooth operation of your fund
MLC Wrap
Self Managed Super
Manage your super with the freedom you want and the support you need
Your fund’s administration
and compliance
Fund
establishment
Trust Deed
Annual audit
Tax and
statutory
reporting
Your fund’s investments
•By using MLC
•By investing in
Wrap Investments private assets
Buy and sell
investments
• buy and sell investments
• set-up regular investment facilities
• make additional contributions
• change your account details, and
• make withdrawals to your nominated
bank account.
We’ll contact your financial adviser if
we need to:
• give you instructions, or
• obtain information from you.
Fund and
member level
reporting
Investment 2
Earnings
Cash
from
holding
investments
Annual
regulatory
statements
Private
Assets
Premiums
Insurance
Insurance
proceeds
Fees, charges
and taxes
You have access to an
award-winning platform
MLC Wrap Investments is based on
our award-winning platform which
was ranked Best Overall Platform for
2009 in Investment Trends’ Platform
Report (December 2009).
Investment 1
Your
investment
Payment
of benefits
including
pension
payment
You
Investment Trends has consented to the inclusion
of this logo and wording as it appears above.
MLC Wrap Self Managed Super How to Guide Page 2
How MLC Wrap Self
Managed Super works
Flexible account structures
You have the flexibility to hold your fund’s assets in MLC Wrap Investments
in a pooled, segregated or combined account structure.
The diagram below shows examples of these structures and how they work.
Jones Family Super Fund
Your fund
Members/
Trustees
Structure

If you choose pooled
Investments are held in one MLC
Wrap Investments account for all
members of your fund (in the name
of the fund)
Your
investments
MLC Wrap
Investments
account


Jones Family
Super Fund
How it
works

Jim Jones
Super

Jack Jones
Super
Jill Jones
Pension
If you choose segregated
If you choose combined
Investments are held in separate MLC
Wrap Investments accounts for each
super and/or pension member (in the
name of each member)
Investments are held in one MLC
Wrap Investments account for all
super members (in the name of the
fund) and a separate MLC Wrap
Investments account for each pension
member (in the name of the member)
MLC Wrap
MLC Wrap
MLC Wrap
Investments Investments Investments
account
account
account
MLC Wrap
MLC Wrap
Investments Investments
account
account

Jack Jones
(Super)

Jim Jones
(Super)

Jill Jones
(Pension)

Jones Family
Super Fund

Jill Jones
(Pension)
•Investments are held jointly for
all members
•Investments are held separately for
each super and/or pension member
•Investments for super members
are held jointly
•Income from investments is
apportioned between members
based on their percentage of the
total account balance
•Income from investments is
attributed to the account holding
the investment
•Investments for pension members
are held separately
•Each member’s balance is a
proportion of the total account
balance, based on their
contributions to and withdrawals
from the account
•Each member’s balance is based
on the value of their own account
•Income from super investments
is apportioned between super
members based on their percentage
of the total account balance
•Income from pension investments
is attributed to the pension account
holding the investment
•If a pension is included, an Actuarial
Certificate is required annually
to confirm percentage of tax
exempt income
•Each super member’s balance is a
proportion of the total pooled super
account balance, based on their
contributions to and withdrawals
from the account
•Each member’s pension balance
is based on the value of their
own account
Private assets are held directly by your fund and ownership can be split on a percentage basis between
members in any of the above account structures.
MLC Wrap Self Managed Super How to Guide Page 3
Managing
your fund
We provide the
administrative support
you need.
Tax and statutory
reporting
Trust deed updates
As the trustee of a self managed super
fund, you must adhere to rigorous
compliance monitoring and strict
reporting requirements.
We’ll arrange all your fund’s regular tax
and statutory reporting, including:
• Annual Financial Statements
• Annual Tax Return and other
ATO communications
• annual audits, or you can organise
your own audit
• provision of Annual Member
Statements
• annual actuarial certificates
(where required), and
• Business Activity Statements
We’ll liaise with your financial adviser to
obtain all the supporting documentation
we require to prepare these reports.
If you’re using our standard trust
deed for your fund, we’ll arrange to
have it reviewed annually and updated
as required.
How to add a member
to your fund
To add a new member to your fund,
simply complete the relevant Super or
Pension Application form. This can be
obtained from your financial adviser or
online at mlc.com.au
You’ll need to provide the MLC Wrap Self
Managed Super Service Guide to each
new member. We’ll only accept new
applications via your financial adviser.
You can’t add a new member if you
already have four members in your
fund. Also, any new member has to be
appointed as a trustee of the fund and
the trust deed must be amended.
Your financial adviser can assist you
with this process.
MLC Wrap Self Managed Super How to Guide Page 4
Adding to your
super – the rules
The basics of who
can contribute to
your super.
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, and
Eligibility to contribute
Employer contributions
Voluntary
Under 65
4
4
4
4
65 but less than 70
4
4
4
4
70 but less than 75
4
4
4
✗
75 and over
4
✗
✗
✗
The rules around contributions may
change, so you’ll need to speak with your
financial adviser. Alternatively you can
visit apra.gov.au, ato.gov.au or call us.
Are you over 65 and less than
75 years of age?
Once you reach 65, you have to
make sure you meet the work test
requirements.
Your financial adviser will be able to help
you decide what contribution strategies
are suitable for you.
You will need to confirm your eligibility
to us in writing.
Check your eligibility
If we determine you weren’t eligible to
make contributions, we’ll return them
to you.
Here’s 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
at any time.
If you’re aged between 65 and 75,
all contributions, except mandated
Employer contributions can only be
made provided you’ve been gainfully
employed on at least a part-time basis.
This means you’ve worked for at least
40 hours over a 30 day period in the
financial year in which the contribution
is made.
Contributions
from your spouse
Mandated
• salary sacrifice contributions by
arranging with your employer to
sacrifice some of your pre-tax salary.
The type of contribution, and whether
it can be accepted, will depend on your
age and work status.
Contributions
from you
Your age
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 employer contributions
include salary sacrifice contributions.
From age 75, only mandated employer
contributions (those required by
an award or registered workplace
agreement) can be made for you.
Splitting contributions
with your spouse
You may be able to split particular types
of contributions with your spouse by
asking us to pay these contributions
into your spouse’s super account.
To do this you and your spouse need
to complete a Contribution split to
spouse account form. You can obtain
this form 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
go to ato.gov.au
Further information on contributions
can be found in the ‘Tax—the
rules’ section under the heading
‘Contribution types and limits for
tax purposes’.
MLC Wrap Self Managed Super How to Guide Page 5
Adding to your super
– the mechanics
How to make
contributions to your
super and what we
do with them.
How you can make
contributions
Once you’ve started your account,
one-off and regular contributions can
be made.
There are conditions applicable to
making contributions; for further
information please see ‘Adding to
your super—the rules’.
You can view your transactions,
including contributions online.
All contributions will also be shown
on your statements.
All forms are available on mlc.com.au
or by contacting us. All forms and written
requests can be faxed or mailed to us.
Method
Who and What
How
Bpay®
Paying contributions
from a bank or
similar account
You, your employer
or your spouse for
additional contributions.
1. Contact your financial institution by either calling them or use internet banking.
You don’t need to contact MLC or complete any forms if you’re using Bpay®.
2. You’ll need to use the following information, which is also available on mlc.com.au
Direct Debit
Paying contributions
from a bank or
similar account
You, your employer or
your spouse for one-off
and regular contributions.
Bpay® Biller Code
14613
Customer Reference Number
44 and your Bpay® Reference Number
®
Your Bpay Reference Number is available:
• online
• in your Welcome letter, or
• by contacting us.
1.Check your financial institution account can accept direct debit requests.
2.Complete and sign Additional and regular investments form.
3.Send the form to us.
You need to make sure you have sufficient cleared funds available in your financial
institution account on the due date of each direct debit.
Regular investment facility
Regular contributions can be made by setting up a Regular Investment Facility
with a nominated financial institution account for monthly, quarterly, six-monthly
or annual payments.
Changes to direct debits
1.Complete and sign the Additional and regular investments form.
2.Send the form to us.
We may cancel regular direct debit drawings if three consecutive drawings are
dishonoured by your financial institution. We’ll contact your financial adviser if this
happens and ask what course of action to take.
®Registered to Bpay Pty Ltd
ABN 69 079 137 518
MLC Wrap Self Managed Super How to Guide Page 6
Adding to your super
– the mechanics
Method
Who and What
How
Electronic Funds
Transfer (EFT)
You or your employer
transfer contributions
via EFT from a financial
institution account
for one-off and
regular contributions.
1.Check with your financial institution if it has any requirements relating to
EFT payments and how they can be made.
2.Register on mlc.com.au to obtain the details for EFT.
3.Include this information in your payment.
4.Make sure you have sufficient cleared funds available in your financial institution
account to make payments.
5.Tell your financial institution to send the funds to us.
Cheque
You, your employer or
your spouse for one-off
contributions.
1.Attach a cheque payable to ‘MLC Wrap Self Managed Super’ crossed ‘Not
Negotiable’.
Make sure all relevant information, including your account number accompanies the
cheque so we can process your contribution without delay. This includes the type of
contribution being made eg personal, employer, spouse etc.
2.If it is a ‘personal’ cheque make sure you have sufficient cleared funds in your
financial institution account to enable us to bank the cheque.
Asset Transfers
(also known as In
specie transfers)
You can contribute
by transferring assets
you own to your
account without
having to sell them.
1.Speak with your financial adviser to make sure the asset you wish to transfer can be
added to your MLC Wrap account.
2. Complete the In specie transfers to MLC Wrap Self Managed Super form and
send it into us.
Please note for more information on asset transfers please refer to page 10.
MLC Wrap Self Managed Super How to Guide Page 7
Adding to your super
– the mechanics
How you can make
sure your contributions
go smoothly
When you make a contribution
please make sure you have identified
the correct type of contribution for
your payment.
All contributions have to be identified as:
• Employer
• Personal concessional
• Personal non-concessional, or
• Spouse.
In some cases, where you’re 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
How we process
your contributions
As long as we have all the correct
details we’ll process contributions
to your cash holding. If you have an
additional investment instruction in place
on your account, this contribution will be
invested in line with your instruction.
If you don’t have an additional
investment instruction in place, your
contribution will be invested in line with
your initial investment instructions.
If you want to invest your money
differently, you or your financial adviser
will need to let us know before you make
the contribution.
If the contribution type isn’t provided
when it is paid by cheque, we’ll
invest your contribution as specified
on your application form.
If you have specified that your
contributions are ‘Personal
concessional’ you must also
provide us with a Tax Deduction
Notice (see page 34). This can be
sent to us at the time of making
the contribution, alternatively we’ll
send you a Tax Deduction Notice
after the end of each financial year
for you to complete and return to
us. If we don’t receive this notice,
your contribution will be reclassified
‘Personal non-concessional’.
Please make sure:
• the details you provide when
making your contribution are
correct as we may not accept
any request to later amend
contributions.
• y our contributions have been
correctly classified. You can do
this online or when you receive
your statements.
• 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.
MLC Wrap Self Managed Super How to Guide Page 8
Adding to your super
– the mechanics
What happens if we’re
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.
The law requires that any
contribution that can’t be allocated
to your account within 30 days be
returned. We may therefore return
contributions to the source of the
payment as early as 10 days after we
receive it to make sure that we meet
this requirement.
If this is the case, we’ll try our best to
contact you, or your financial adviser to
find out any extra information we 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. Please note you won’t
earn interest on these monies while held
in trust.
Once we have the complete information
we’ll process the contribution as usual.
When a contribution
is dishonoured
Where a contribution is dishonoured,
the fee charged to us by our bank will be
passed on to you. Please also note that
your financial institution may also charge
you a dishonour fee.
MLC Wrap Self Managed Super How to Guide Page 9
Asset transfers into
and out of your account
How you transfer
assets into and out of
your account.
Before you make a decision on
transferring your investments make
sure you:
✓✓ speak to your financial adviser
✓✓ obtain appropriate advice that
holding the asset in your fund
will not give rise to a breach
of any of the provisions of
the Superannuation Industry
(Supervision) Act and/or
regulations
✓✓ check that the investment
options match between services
(ie investment options should
match by APIR code)
✓✓ compare the features and fees
of the service you are transferring
from
✓✓ consider whether there is
any change in the beneficial
ownership of the investments
you hold through the service
(as this will have capital gains
tax implications)
✓✓ consider any exit penalties you
may be charged
✓✓ work out any differences in fees
you may be charged.
Transfers in
Transfers out
Keeping your investments in one place
makes sense because you’ll reduce your
paperwork and it will be easier to keep
track of how your investments
are performing.
Eventually you may wish to transfer your
investments to another service provider.
You should deal with your new service
provider who will apply their transfer
process to move your investments
across. Of course, if you have any
questions about this then we’re here to
help you.
You may also save on fees. Where you
are transferring administration of an
existing fund into the Service, the
transfer of the investments will not be
subject to any capital gains tax.
Transferring your investments is easy
with MLC Wrap. Just contact your
financial adviser who’ll arrange for the
appropriate forms to be completed and
sent to us. We’ll then arrange to have
your investments transferred into
the Service.
The following investments are available
for transfer into the Service, subject to
our approval:
Please note that when transferring out a
private asset we require instructions to
be authorised by all trustees.
Asset transfer fee
(Transfers out only)
A $75 fee per investment option is
charged if you transfer your investments
out of the Service. This will be deducted
from your cash holding before the
transfer occurs.
• Listed investments – those
investments listed on the ASX.
All investments held by the fund must
be administered solely by us.
• Unlisted investments – include
managed investments and
private assets.
There are special rules that apply to
self managed super funds in relation
to acquiring assets from a related
party, and restrictions on how much
of a self managed super fund’s total
assets can comprise these sorts
of investments. Please speak with
your financial adviser or read the
ATO’s ‘Running a Self Managed
Super Fund Guide’, available at
ato.gov.au
What happens next?
As long as we have all the correct details
we will process investments to your cash
holding. The transfer process may take a
few weeks to deal with your other
service provider to move your
investments. Once the process is
complete we will confirm the details of
the transfer in writing to you. Also, the
transfer will appear on your next
available statement on mlc.com.au
MLC Wrap Self Managed Super How to Guide Page 10
Transferring your
super to MLC Wrap
Self Managed Super
It makes sense to
put your super in one
place, so you can
keep track of how your
retirement nest egg
is growing.
Keeping your super in one place makes
sense because you’ll reduce your
paperwork and it’ll be easier to keep
track of your investments. You may also
save on fees.
Transferring your super is easy with
MLC Wrap Self Managed Super. All
you need to do is complete and sign
Transfer of Super Benefits form
available on mlc.com.au or call us.
You can then either send the form to:
• us and we’ll arrange to have your
super balance transferred to
MLC Wrap Self Managed Super, or
Before you make a decision on
transferring your super make
sure you:
• speak to your financial adviser
• compare benefits and
investment options
• check any differences in the
insurance cover you may
have, and
• work out any differences in
fees you may be charged.
• your other super fund who will then
arrange for your super balance to be
transferred to us.
What happens next?
As long as we have all the correct
details we’ll process transfers to your
cash holding.
This rollover will then be invested in
line any instruction you have in place.
If you want to invest your money
differently, your financial adviser will
need to let us know before your funds
are transferred.
MLC Wrap Self Managed Super How to Guide Page 11
Starting
a pension
How you can
start a pension.
Once you have determined your eligibility
to start a pension you can transfer your
account balances from your:
How your pension
is started
• MLC Wrap Self Managed
Super account,
To start your pension you need to
complete and sign a Transfer to
pension form. See ‘Pension payments
– the rules’ for details about the amount
of pension you can choose to receive.
• other super funds, or
• both.
Your pension is started with a lump sum,
and you can’t add money to it once it
has started.
Maintain your MLC
super account
You may wish to leave some money
in your super account so you can
continue to:
• make additional contributions
• pay your insurance premiums
(if you wish to maintain your
insurance policy)
You need to maintain a minimum
cash balance in your account
of $2,000.
In addition, provided you’re eligible,
you can also make other types of
contributions to your super account
including personal, spouse or
employer contributions before starting
your pension.
These contributions can be made in any
of the ways detailed in ‘Adding to your
super – the rules’.
That’s why it’s a good idea to
consolidate your super money in your
MLC Wrap Self Managed Super account
before starting your pension.
To consolidate your other super
accounts to your MLC Wrap Self
Managed Super account, complete
a Transfer of super benefits form.
See ‘Transferring your super to
MLC Wrap Self Managed Super’.
Once we’ve received and processed all
specified roll overs and contributions,
we’ll transfer the lump sum amount that
you want over to your pension account.
We can then confirm your pension
account and investment details and start
your pension payments.
We’re unable to transfer your lump
sum amount if there are outstanding
investment instructions for the
investments in your super account.
If we’re unable to process your
application, we’ll contact your financial
adviser seeking further information.
If we’re still unable to accept your
application we’ll return the monies to the
source of payment.
MLC Wrap Self Managed Super How to Guide Page 12
Starting a pension
How to add to your
pension
Taking a pension if you
haven’t retired
You can’t add further contributions or
other amounts directly to your pension
account after it has started.
If you haven’t retired but have reached
your preservation age, you can access
your preserved benefits in the form of a
transition to retirement pension.
If you wish to consolidate additional
contributions and rollovers with your
existing pension money, we’ll firstly
process these additional amounts as
superannuation investments and then
transfer these and your existing pension
to a new pension account. You and your
financial adviser will need to complete a
separate Pension Application form for
us to process this.
Alternatively, you can start a separate
pension for the additional amounts.
You should speak with your financial
adviser in relation to any limitations
and implications that may apply to
these strategies.
This type of pension operates in the
same way as a normal pension account
except no more than 10% of the account
balance can be paid out each year.
This limit doesn’t apply once you meet
relevant access conditions.
Term allocated pensions
These pensions can only be started
with the proceeds from an existing
term allocated or complying pension.
In most cases a term allocated pension
is a complying income stream for social
security purposes. We suggest you
speak with your financial adviser about
setting up a term allocated pension.
All money used to start this pension
will be classified as ‘preserved’ funds.
You can only access this money if you
meet the relevant access conditions.
This is irrespective of what the status
of your money was prior to investing in
this pension.
MLC Wrap Self Managed Super How to Guide Page 13
Pension payments
– the rules
Choose the
amount you receive
provided it meets the
payment rules.
Minimum pension payment
Once you start your pension, you must
receive at least a minimum annual
amount each financial year. The
minimum amount depends on your age
(see below) and your account balance
at 1 July each year or when you start
your pension. The minimum amount is
rounded up to the nearest $10.
Minimum percentages
of your pension balance
Age at
start of
pension
and each
1 July
Percentage
of pension
balance
(% pa) 1 July
2010 to
30 June 2011
Percentage
of pension
balance
(% pa) from
1 July 2011
Under 65
2
4
65 to 74
2.5
5
75 to 79
3
6
80 to 84
3.5
7
85 to 89
4.5
9
90 to 94
5.5
11
95 or more
7
14
Maximum
pension payment
If you have a transition to retirement
pension, a maximum payment level of
10% pa will generally apply until you:
• are permanently retired on or after
your preservation age (at least
age 55),
• reach age 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.
It isn’t calculated on a proportional basis
like the minimum payment level.
Term allocated pension
payments
Limits may change from time to time.
To find out the current minimums go to
ato.gov.au
The minimum amount is pro-rated in the
financial year you start your pension.
If you set up your pension in June, you
don’t have to start payments until the
next financial year.
Shortly after 1 July each year we’ll send
you a letter showing you the minimum
annual amount for your pension for that
financial year.
If you have a term allocated pension,
regular payments are based on the
term remaining and the Governmentprescribed payment factor. Payments
are calculated when you start your
pension and at 1 July each year. You can
however elect to receive up to 10% more
or less than this amount as long as you
receive at least the legislated minimum
amount for account based pensions.
Your payments are pro-rated in the
financial year you start your pension.
Specified payment
You can choose an amount within
the required minimum or maximum
(if applicable), and you can elect to have
that amount increased annually by the
Consumer Price Index or a percentage
of your choice.
MLC Wrap Self Managed Super How to Guide Page 14
Pension payments
– the mechanics
How you can
change your
pension payments.
Choosing your
pension payments
Changing your
pension payments
Payments will be made from your
cash holding to your nominated bank
account. You can choose when you
would like to receive the payments
either:
You can add or update the financial
institution account details (for pension
income payments and lump sum
withdrawals).
• monthly
• quarterly
• half-yearly, or
• yearly.
If you nominate an account that isn’t in
your name or that you share jointly, we
may need to confirm the identity of the
account holder.
You can change the:
• amount of pension payment
• payment frequency, and
• indexing of pension payments.
Generally you can change your pension
payment details at any time during the
year by:
• contacting your financial adviser
• completing the Account amendment
form available on mlc.com.au, or
• contacting us.
All forms are available on mlc.com.au or
by contacting us. All forms and written
requests can be faxed or mailed to us.
You can view all changes online.
MLC Wrap Self Managed Super How to Guide Page 15
Accessing your
money – the rules
It’s important to know
when you can access
your money.
The restrictions on access to your super
are usually referred to as the ‘preservation
rules’. You can find out more by visiting
apra.gov.au, ato.gov.au or speaking
with your financial adviser.
Super
You can transfer your super account
balance at any time to another eligible
super fund.
Before you make any withdrawal request
you should check any limitations and
implications that may apply. You can
speak with your financial adviser or go to
ato.gov.au or call us.
Pension
Account Based Pensions
Transition to Retirement Pensions
If you’ve reached your preservation age
(at least age 55) you can start a 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 won’t be able to
process your request. If this occurs, we’ll
contact you or your financial adviser.
Because super is a long term
investment, there are strict rules around
how and when you can access your
money. You’ll only have access to your
super when you’ve:
If you need more than your regular
pension payments, you can request
an additional amount to be paid to you
as a lump sum payment or additional
pension payment.
Also, with only limited exceptions, you
can’t make lump sum withdrawals
until you have satisfied one of the
preservation rules.
• reached age 65
Unless you have a Transition to
Retirement Pension, there is no
limit on the amount of lump sum or
additional pension payments you can
receive each year.
You can transfer your pension to most
other super or pension funds at any time,
however you’ll need to have received
your minimum annual pension payment
requirement. If you haven’t, we may
pay you an additional amount and then
transfer the balance of your account.
• resigned from work on or after age 60
• retired on or after your preservation
age (at least age 55)
• started a transition to retirement
pension
• become permanently incapacitated
• become temporarily incapacitated
(subject to withdrawal restrictions)
• been diagnosed with a terminal
medical condition
• died
• been given release authority to pay
excess contributions tax
• obtained approval from the Australian
Prudential Regulation Authority on the
basis of ‘compassionate grounds’ as
defined in superannuation law
• obtained early release due to severe
financial hardship
• had temporary residency which has
expired and you’ve permanently
departed Australia and satisfy the
superannuation law requirements.
Lump sum payments you receive
are counted towards meeting
your legislative minimum payment
requirement.
Please note: Transition to retirement
pensions can only be transferred to a
super account or another transition to
retirement pension.
If you have selected to receive the
minimum income amount, these
lump sum payments however won’t
automatically adjust your regular
pension payment.
Term allocated pensions
You can generally only access money
in term allocated pensions via regular
pension payments.
Lump sum withdrawals are only available
in limited circumstances. These are:
• to pay a surcharge liability
• to purchase another complying
income stream
• when the withdrawal occurs within
the first six months of the pension
and only where the pension hasn’t
been purchased with the lump sum
withdrawal proceeds of another
complying income stream
• for a payment split under Family Law, or
• upon death, or to fund the payment of
a death benefit.
MLC Wrap Self Managed Super How to Guide Page 16
Accessing your money
– the rules
Complying pensions
These pensions are similar to term
allocated pensions in that you can
generally only access money via regular
pension payments and, lump sum
withdrawals are only available in the
limited circumstances described above.
These pensions have not been available
for purchase since 31 December 2005.
To retain an asset test exemption under
Social Security legislation, the pension
has to undergo an annual actuarial
review to ensure it meets a ‘high
probability’ of continuing the pension
for the required term under the agreed
levels. If the pension fails this test and it
is not commuted to another complying
income stream within 12 weeks of the
date of the certificate, it will lose its asset
test exemption.
Reserve accounts
A reserve account will automatically
be created when there is a surplus
remaining after a member of your fund
commutes an existing complying or
standard lifetime pension. The surplus
reflects an amount in a member’s
account in excess of the calculated
commutation value.
In order to allocate monies from a
reserve account we require the trustees
to provide us with signed minutes with
their instructions.
We’ll only allow reserve accounts to be
held in cash.
Converting your pension entitlement into
a lump sum will result in the calculation of
a commutation value using a prescribed
formula. Any amounts in the account in
excess of the calculated commutation
value will form a ‘miscellaneous reserve’
in the self managed super fund.
Standard lifetime pensions
This type of pension is able to be fully
converted (partial conversions aren’t
allowed) into a lump sum at any time.
The conversion of a standard lifetime
pension into a lump sum will result
in the calculation of a commutation
value using a prescribed formula. Any
amounts in the account in excess of
the calculated commutation value will
form a ‘miscellaneous reserve’ in the self
managed super fund.
MLC Wrap Self Managed Super How to Guide Page 17
Accessing your money
– the mechanics
How you can access
your money.
Taking money out of your
super and pension
If you want to take some money out, the
minimum you can take is $500. You’ll
also need to make sure you still have at
least $2,000 left in your account.
How to make a withdrawal
or super transfer
You can make a lump sum withdrawal
or transfer all or part of your super or
pension (assuming you’re eligible) by:
• contacting your financial adviser
• completing a Withdrawals form on
mlc.com.au, or
• contacting us.
All forms can be mailed to us. We may
need to verify your identity before we can
process your request.
If you intend to claim a tax deduction
for personal contributions made to
your account, you need to complete
a ‘Tax Deduction Notice’ prior
to submitting your withdrawal or
transfer request.
What happens if we’re
unable to process your
request?
Sometimes there’ll be reasons why we
can’t process your request. It could
be because we don’t have enough
information or some outstanding
requirements haven’t been met.
If this is the case we’ll try our best to
contact your financial adviser to find out
any extra information we need.
Once we have received the outstanding
information, we’ll process your request
as usual.
You can choose where your money
is paid. Lump sum withdrawals can
be paid:
• directly to your nominated financial
institution account (in your name or a
joint account where you’re an account
holder), or
• by cheque payable to you. It’ll 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 rollover institution.
MLC Wrap Self Managed Super How to Guide Page 18
About your
cash holding
How your cash
holding operates.
The cash holding is used for all
transactions on your account. Where
applicable, pension payments and
insurance premiums are also deducted
from your cash holding.
There may be tax implications
if we have to sell some of your
investments. You should make
sure your minimum cash balance
is always maintained.
Like other cash investments, you earn
interest on a positive cash balance,
however interest will be charged if
your balance is negative. This can
occur if you haven’t allowed for fees or
other payments.
Superannuation law includes strict
rules regarding a self managed
super fund’s ability to borrow money.
Interest is calculated daily and paid to
your cash holding quarterly.
Allowing your account to become
negative may result in a breach of
the law.
Information about the current cash
holding investment is available in the
relevant disclosure documents available
from your financial adviser or on
mlc.com.au
Minimum cash
requirement
You need to invest a minimum amount
in your cash holding. The minimum
amount needed in your cash holding is
1% of your account balance (excluding
private assets) to a maximum of $5,000.
Monitoring your
cash holding
You and your financial adviser are
responsible for maintaining a minimum
cash holding.
You can top up your cash holding by
transferring money into it (for super
accounts), or requesting to sell down
other investments in your account.
If your cash holding is below the
minimum cash requirement we’ll sell
some of your investments to pay for any
outstanding fees, charges and expenses
and to provide at least the minimum
cash requirement. We’ll do this monthly.
With the exception of listed investments,
you can nominate the order you’d like
your investments to be sold should
the need arise. If you don’t make a
nomination, investments will be sold
in the same order as listed on the
Investment Allocation Authority form
available on mlc.com.au
Please note: model portfolios within the
SMA will be included last in the default
sell down order.
The balance of unallocated ‘Reserve’
accounts, which are created from the
commutation of a complying or standard
lifetime pension, must remain in the
cash holding.
MLC Wrap Self Managed Super How to Guide Page 19
Managing your
investments
How to buy and
sell investments.
Prices used for buying or
selling investments
Investment
type
Determination
of price
Managed
investments
Investment instructions can be
submitted either as a single buy or sell
transaction, or as part of a switch or
re‑weight transaction.
By the investment
manager when the
trade occurs.
Listed
investments
The price at which the
trade occurs on the ASX.
You or your financial adviser can
submit investment instructions either
electronically or by sending us a
Switching and Re-weighting form.
Fees apply to paper-based transactions.
Term
deposits
Interest rate applicable
on the date the
investment is made.
SMA
The price at which the
trade occurs on the ASX.
Placing investment
instructions
Investments are purchased from the
available cash in your cash holding.
Available cash is the amount of money
in your cash holding above the minimum
and any money set aside for pending
investment purchases. (See page 19
for more information about the minimum
cash requirement).
What are the minimum
investment amounts?
All investment instructions are subject
to minimum amounts as outlined in the
table below:
Investment
type
Initial
Additional
Managed
investments
No
minimum
No
minimum
Allowing your account to become
negative may result in a breach of the
law. Interest is payable on negative
balances (see page 19).
Listed
investments
$2,000
$500
Term
deposits
Varies by
issuer
Varies by
issuer
Pooled accounts
SMA
$10,000
per model
portfolio
No
minimum
The proceeds from investment sales
are made to your cash holding.
Investment instructions are actioned at
an account level for pooled accounts.
The investment purchased or sold is
then apportioned across the members
in the account according to their share of
the total account balance.
All instructions must be completed
accurately, and there must be
sufficient available cash in your
account before we can action the
instruction. We aren’t liable for any
loss where we’re unable to complete
an investment instruction.
MLC Wrap Self Managed Super How to Guide Page 20
Managing your
investments
Managed investments
Buying managed investments
You or your financial adviser can provide
instructions for:
• one-off investments­—an instruction to
make a single specified investment, or
These facilities are available for
regular investments into managed
investments only.
Term deposits are only available through
the Progressive investment facility
provided the issuer’s minimum is met.
• half yearly in February and August, or
• yearly in August.
Only the managed investments you
select are automatically re-weighted.
If the market moves while the automatic
re-weighting is being completed, your
portfolio may not exactly match your
preferred initial weightings.
• additional investments—a standing
instruction to automatically invest
additional contributions into
managed investments.
Please note: you need to make sure
that you have enough money in your
cash holding to cover your Progressive
investment otherwise it won’t be
processed.
If you’re buying managed investments,
a specified dollar amount must be
provided.
How to set up, change or cancel
an investment facility
You can start or change an automatic
re-weighting facility by:
You can start or change an investment
facility by:
• contacting your financial adviser
We’ll generally act upon managed
investment instructions within five
business days of receipt. It generally
takes investment managers a number of
days to complete an instruction.
Investment facilities
Three facilities are available:
• Progressive investment facility:
you can invest a fixed amount monthly
or quarterly from your cash holding in
one or more managed investments
• Additional investment facility:
you can choose how your
contributions will be invested, and
• Regular investment facility: you can
choose how your regular (monthly,
quarterly, half yearly or yearly) direct
debit contributions will be invested.
• contacting your financial adviser
• completing an Additional and
regular Investment form available
on mlc.com.au, or
• contacting us.
Automatic re-weighting
To help maintain your original investment
allocations you can have your managed
investments automatically re-weighted.
So even when the value of your
managed investments goes up or down,
the mix of your overall portfolio will reflect
your nominated investment allocations.
Standard transaction costs will apply.
Some investments can’t be
automatically re-weighted including:
Your facility continues:
• listed investments
• until your financial adviser changes
the original instruction, or
• term deposits
• unless one or more investments
nominated are no longer available.
If this happens your money for that
particular investment will stay in your
cash holding.
How to set up, change or cancel
your automatic re-weighting
• completing a Switching and
re‑weighting form available on
mlc.com.au, or
• contacting us.
Please note: any sell down of
investments made due to automatic
re-weightings may result in a capital
gain or loss being realised.
When we can cancel your
automatic re-weighting
We may cancel your instruction if a
withdrawal or switch request isn’t in
line with your standing re-weighting
instructions, or one of your managed
investments is:
• no longer offered on our
Investment Menu
• SMA model portfolios, and
• illiquid, or
• managed investments without
daily pricing.
• doesn’t accept additional money.
You can automatically re-weight your
managed investments:
• quarterly in February, May, August
and November
MLC Wrap Self Managed Super How to Guide Page 21
Managing your
investments
Selling managed investments
Your financial adviser may instruct us to
sell part or all of a managed investment.
A partial sale can be requested as a:
• dollar amount,
• number of units, or
• percentage amount.
When you sell investments you’ll have the
option to choose which investments you
sell. This will help you manage your tax
more effectively.
You’ll be able to sell investments that:
• cost you the most
• you bought first, or
• you specify.
The tax treatment of super can be
complex and your financial adviser is
best placed to help you with what works
best for your personal circumstances.
Separately Managed
Account (SMA)
Investing in an SMA
model portfolio
Investments in model portfolios available
in the SMA can be made in the following
ways:
• cash
• transfer of shares, or
• a combination of both.
Before investing in an SMA model
portfolio, we recommend you read the
Product Disclosure Statement available
on mlc.com.au and speak with your
financial adviser.
Moving shares into an
SMA model portfolio
You can move shares you hold in your
MLC Wrap Self Managed Super account
into an SMA model portfolio without
cashing them in.
Only shares currently available in the
chosen SMA model portfolio can be
transferred.
If the shares that you transfer have a
greater weighting than required in the
SMA model portfolio, some of the shares
will be sold to purchase other shares that
form part of the SMA model portfolio.
Moving shares out of an SMA
model portfolio
Withdrawing from an SMA
model portfolio
We’ll generally sell down shares in the
SMA model portfolio nominated within
three business days of receiving your
instruction.
For partial withdrawals, we try to give
you the exact amount you’ve asked for,
however, you may receive less if there is
an unexpected downward movement in
share prices.
We recommend you maintain a minimum
of $10,000 in each SMA model portfolio.
If the balance falls below this amount,
we may close your investment in a SMA
model portfolio and transfer the amount
to your cash holding.
You can also move your shares out of an
SMA model portfolio to your account.
Listed investments
If you only move some shares out of an
SMA model portfolio, the model portfolio
will be automatically rebalanced. This
could result in the same shares you’ve
moved out being repurchased.
You or your financial adviser can make
trades through our preferred broker,
E*Trade, or an approved broker.
Switching between model
portfolios within the SMA
You can switch between SMA model
portfolios. There are two ways you can
do this. By:
• selling shares in one SMA model
portfolio to purchase shares in a new
SMA model portfolio, or
• transferring shares that are common
to both the current and new SMA
model portfolios and then selling
shares not common to purchase the
shares needed to match the new SMA
model portfolio.
If you have a preferred broker, you
can use them if they’re on our panel of
approved brokers.
Our panel of approved brokers
currently includes:
• E.L. & C. Baillieu
• Evans and Partners
• Halifax Investment Services
• Lonsec
• Macquarie
• Pattersons
• Shaw Stockbrokers, and
• UBS.
Please note: when requesting a dollar
amount to transfer, the transaction will
be initiated using the market value of the
underlying shares current at the date we
process the instruction. These values
may change during the time it takes to
complete the transfer.
MLC Wrap Self Managed Super How to Guide Page 22
Managing your
investments
Placing trades
You or your financial adviser can instruct
us to buy or sell listed investments. These
instructions can be requested as a:
• dollar amount, or
• number of shares.
There are two ways that instructions can
be submitted to us:
1.Online by your financial adviser
Instructions can be submitted to buy
and sell listed investments using an ‘at
limit’ price. An ‘at limit’ price specifies
the maximum price you’re willing to pay
when buying listed investments, or the
lowest price you’re willing to accept
when selling listed investments.
Written instructions are subject
to our standard processing times
(please see below).
Additional fees may also apply. For more
information please see the Service
Guide on mlc.com.au
All instructions will be processed in
line with the relevant broker’s terms
and conditions available from your
financial adviser.
How your instruction is
processed
Where written instructions are provided,
these will generally be placed within
three business days.
Your financial adviser can also amend
or cancel unexecuted instructions.
Your instruction may not be executed
straight away, particularly if you want
to buy or sell listed investments at a
specified price limit.
Instructions can be submitted to
switch between investments. When
your financial adviser provides these
instructions, listed investments will be
bought or sold using the current market
price at the time of trade execution in the
ASX market.
If your instruction isn’t executed on the
ASX market within 20 business days of it
being placed on the market, it won’t be
valid and a new instruction will have to be
provided to us.
2.Written by you or your
financial adviser
The Switching and Re-weighting
form, available on mlc.com.au, can
be used to provide us with instructions
to switch between investments. When
providing these instructions, listed
investments will be bought or sold using
the current market price at the time of
trade execution in the ASX market.
Term deposits
We process requests weekly. If this falls
on a public holiday we’ll process your
request on the business day prior.
You may be able to switch out of a term
deposits prior to maturity, however the
interest paid to you may be adjusted
or restrictions placed on your switch.
For more information, you’ll need to refer
to the relevant disclosure document
available on mlc.com.au
On maturity your term deposit will
automatically be paid into your
cash holding.
MLC Wrap Self Managed Super How to Guide Page 23
Managing your
investments
Private assets
In addition to the investments we offer
through our Investment Menu, we can
also report on private assets. These
include assets such as real estate,
unlisted shares and private unit trusts,
held directly by your self managed super
fund and not by the Custodian.
We’ll report on such assets as part of
your fund.
If you wish for us to report on private
assets, you’ll need to complete a Private
Asset Assessment form and enter
into a Private Asset Agreement with us.
These documents are available through
your financial adviser.
We can also organise the following
through your financial adviser:
• the purchase of a private asset
• the transfer of an existing private asset
into your account
• the payment of revenues from
private assets into your account and
expenses from your account
When we may vary the
terms for processing
investment instructions
We may refuse or vary the terms for
processing an instruction in certain
circumstances, such as when:
• there are liquidity issues in the
investment (see page 25)
• the fund manager suspends
transactions
• a listed investment is under
administration, is suspended
or de‑listed,
• we can’t obtain a price
• the instruction is incomplete, or
• unforeseen circumstances prevent
us from using our administration
systems.
If you have an investment that is
unable to be sold for any reason,
we’ll continue to hold the asset on
your behalf as part of your account.
• the sale of a private asset, and
• the transfer out of a private asset from
your account.
You are responsible for holding the title
documents to any private assets.
Before any private asset is added to
your account we must be contacted
and provided with details so we can
review each private asset to ensure
that we can report on it as part of
your portfolio.
MLC Wrap Self Managed Super How to Guide Page 24
Changes to the
Investment Menu
We regularly review
and update the
Investment Menu.
There may be circumstances where
an investment is no longer available on
the Investment Menu. This means you
won’t be able to buy this investment. Any
regular instructions may be cancelled.
We’ll let your financial adviser know if
you’re affected.
Illiquid investments
You may invest in an illiquid investment
or an investment may become illiquid.
For reasons why an investment is illiquid
please refer to the relevant disclosure
documents available on mlc.com.au
If you have an illiquid investment your
ability to switch or withdraw may be
limited. In addition, withdrawal requests
may be delayed and could take
substantially longer than 30 days. The
time it takes to process a withdrawal will
depend on the relevant investment, and
investment manager.
All illiquid investments are identified on
our Investment Authority Application
form. You can also find more information
and updates about your chosen
investments in the News and Information
section on mlc.com.au
MLC Wrap Self Managed Super How to Guide Page 25
Corporate actions
A corporate action is
an event initiated by a
company that affects
the shares issued by
that company.
Takeovers, mergers, rights issues and
corporate restructures are all examples
of types of corporate actions.
Responding on
corporate actions
We don’t provide advice as to the
potential merits of any corporate action.
You should contact your financial
adviser to ascertain the merit of any
corporate action.
Your ability to respond to a corporate
action is affected by two key
considerations:
• the Custodian holds investments in
trust on your behalf, and
• each specific investment option is
held as a single holding (ie a single
Holder Identification Number) that
reflects the consolidated investment
amount for that investment held by
customers of the Service.
This means you may only be able to
participate in a corporate action to a
lesser extent than, or not at all, if you held
the shares directly. For example:
• in the case of a priority offer, we
may only be entitled to a single
allocation based on the amount the
Custodian holds.
• you don’t have the right to call, attend
or vote at a meeting of investors
in investments you hold within
the Service. We may do this on
your behalf.
• share purchase plans for securities
held by the Custodian on behalf
of individual members may not
be available.
Where there’s an opportunity for
investors to participate in a specific
corporation action, we will contact your
financial adviser for instructions.
MLC Wrap Self Managed Super How to Guide Page 26
How income
is credited to
your account
Income from your
investments will be in
the form of dividends
and distributions
and occurs at
different times.
Please refer to the relevant investment’s
disclosure document for details.
Income received is usually net of fees
and charges.
Income will initially be deposited into
your cash holding. You can then:
• reinvest this income (if permitted), or
• accumulate this income in your
cash holding.
If your cash holding is negative your
income will stay in your cash holding
and won’t be reinvested.
Reinvesting income may mean
that you obtain more units in an
investment product without having
received the product’s current
Product Disclosure Statement.
If you are reinvesting income you
need to make sure you have an
up-to-date Product Disclosure
Statement at all times. The Product
Disclosure Statement for all
investments is available on
mlc.com.au
How to reinvest your
income
You can reinvest your income by:
• contacting your financial adviser
• completing an Account amendment
form available on mlc.com.au, or
• contacting us.
If a managed investment is no longer
on the Investment Menu, and you’ve
previously nominated to reinvest
income into this investment, any income
you receive will be retained in your
cash holding.
Interest on your
cash holding
Interest earned on your cash holding
is paid quarterly.
What happens to income
if you close your account?
If additional income is received after you
have closed your account then these
further payments will be made to you.
MLC Wrap Self Managed Super How to Guide Page 27
How your account
is valued
You’ll want to know
just how much your
super or your pension
is worth in dollar terms.
The value of your account is the sum of
all the investments held in your account
including your cash holding.
The value of your investments is
based on:
• prices provided by the investment
managers and the Australian
Securities Exchange
• the number of units or shares
you hold
• any fixed interest investments you
have, and
You should be aware that your account
balance doesn’t include the tax impact
of any unrealised gains or losses that
may arise if you request a full withdrawal
of your account. The amount that
would be available if you request a
full withdrawal is referred to as your
‘Withdrawal Benefit’, which does allow
for any additional tax arising from the
sale of your investments.
Your account value and your Withdrawal
Benefit are both disclosed in your
annual statement.
• any private assets you hold.
Prices are generally provided daily
however there may be times when we
don’t receive updated prices.
This may occur when shares are
de‑listed or assets cannot be valued.
In these circumstances we may have to
use different valuation methods.
The terms of the Private Asset
Agreement provide that it is the
obligation of the trustee(s) of the self
managed super fund to provide the
value of private assets.
MLC Wrap Self Managed Super How to Guide Page 28
Fees and costs
How you can receive
fee refunds on your
investments.
The current fees are provided in the
Service Guide and Investment Menu
which are available on mlc.com.au
If we make changes to fees we’ll
generally give you at least 30 days
notice. You can also find out more
information about fee changes
on mlc.com.au, or call us.
Family group discount
How to link
You can link up to four MLC Wrap
accounts held by you and your eligible
family members as a ‘family group’ who
may then receive a 10% discount on the
Administration fee.
Your financial adviser can help you to
link your accounts and advise of any
applicable issues relevant to you.
Linking with another eligible
investor
An eligible family member includes a:
• spouse
You have to nominate one account as
the lead account.
The linked group is cancelled if the lead
account is:
• closed, or
• has a new financial adviser.
• de-facto spouse
We reserve the right to:
• partner
• reject a request for linking
• parent
• cancel the linking of investors at any
time, and
• grandparent
• child
• change these rules.
• grandchild, or
• sibling.
Private companies, discretionary trusts
and self managed superannuation
funds may also be linked provided
the beneficiaries of these investment
entities are members of the same
immediate family.
MLC Wrap accounts include:
• MLC Wrap Super
• MLC Wrap Investments, and
• MLC Wrap Self Managed Super.
Investors can only be linked if they
have the same financial adviser.
Each linked investor can view reports
that may identify the other investors
and accounts within the family group.
The minimum Administration fee will
always apply but the maximum fee
may be reduced by the discount.
Changing linking details
If you nominate new investors for
linking purposes, this will override
any previously established linking
arrangement.
Pooled accounts
Each member’s balance in a pooled
account is a proportion of the total
account balance, depending on the
relative contributions made by members.
Fees are generally charged at the
account level, with the exception of the
Private asset fee and Actuarial fee, which
are charged at the member level.
Insurance premiums are deducted
directly from the member holding the
insurance.
MLC Wrap Self Managed Super How to Guide Page 29
Tax – the rules
A broad outline of
how your super and
pension investments
are taxed.
Contribution types and
limits for tax purposes
This section isn’t a comprehensive
and complete tax guide.
As the taxation treatment of self
managed super funds is complex,
we recommend that you contact
your financial adviser, tax adviser or
the Australian Tax Office (ATO) at
ato.gov.au for further details and
expert advice in relation to your own
personal circumstances.
There is no limit on the actual amount
that can be contributed to your super
account while you’re eligible to make
contributions. However, there is a point
where it’s not tax-effective. Your eligibility
to contribute or have contributions made
for you is outlined in the section ‘Adding
to your super – the rules’.
For tax purposes, contributions to super
are generally assessed against one of
two limits:
• The Concessional contribution
limit – the main contributions counted
against this limit are those made
by your employer (including salary
sacrifice) or if you’re eligible and
choose to claim a deduction, your
personal contributions.
• T
he Non-concessional
contribution 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 super 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
CGT exempt contributions
Amounts that relate to the disposal of certain
small business assets which qualify for CGT
concessions.
These may count toward the CGT contribution
limit if a CGT election notice is sent before or with
the contribution (provided it hasn’t been used up
previously).
CGT exempt contributions that exceed your
CGT contribution limit will count towards your
non‑concessional contribution limit.
Personal injury payments
Certain amounts that you receive from a
structured settlement payment, a court order
for a personal injury payment or a workers
compensation payment (taken as a lump sum).
These will be excluded from the contribution limits
provided a valid election notice is sent before or
with the contribution.
Directed termination payments
Certain lump sum termination payments
made by your employer to you that you’re able
to contribute to your super, or to start your
pension (if eligible).
The taxable parts of these amounts above
a threshold of $1 million count towards the
Concessional contribution limit.
Transfers from an overseas
pension or retirement schemes
Super or pension monies that you have in
overseas funds that you want to transfer to
your Australian super or pension accounts.
In general, most of the amount transferred will
count to the Non‑concessional contribution limit.
If you elect that part of the transfer is taxable in your
account this amount does not count to either limit.
Government co-contributions
Payments made by the Government to your
super account based on your personal
contributions and your income.
Not applicable.
Amounts transferred from a
reserve account
Amounts transferred by the trustee(s) from a
reserve account to you your member account.
These amounts may count towards the
Concessional contributions limit.
MLC Wrap Self Managed Super How to Guide Page 30
Tax – the rules
The Concessional, Non-concessional and CGT
contribution limits are set out below
Age on last day of the
financial year
Concessional contributions annual limit
2010/2011
Less than 50
$25,000
50 and over
$50,000 applies to 30 June 2012.
From 1 July 2012, the limit will be $25,000
Age on first day of the financial year
Non-concessional contributions limit 2010/2011
Less than 65
$150,000 annually or $450,000 over
a 3 year period.
Between 65 and 74
$150,000 annually.
75 and over
Non-concessional contributions can’t be made.
CGT contribution limit
Lifetime indexed limit
Up to age 75
$1,155,000
If a single contribution other than
an employer contribution, rollover
or transfer from an eligible fund,
exceeds the Non-concessional limit
we’re generally required by law to
return the amount above the limit.
Except for the Concessional contribution limit for those aged 50 and over, the limits
may be increased from time to time. Once you have started to use the three-year
Non-concessional contribution limit, it isn’t increased for that three year period.
MLC Wrap Self Managed Super How to Guide Page 31
Tax – the rules
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 way they are taxed.
We have broadly outlined the tax treatment of each type of investment below.
Tax treatment on payments to you
Tax treatment in your account
Contributions
Investment
earnings
Realised capital
gains
Regular and
additional pension
payments
Lump sum
withdrawals
Super
Most Concessional
contributions – taxed
at a rate of 15%.
Non-concessional
contributions – not
taxed.
Additional tax may be
payable if you exceed
the contribution limits,
see pages 30 and 34.
Taxed at a rate of up
to 15%.
Taxed at a rate of up
to 15%
Not applicable
Pension
Not applicable.
Tax-free.
Tax-free
Generally if under age
60, tax is paid at your
marginal tax rate, less
15%. From age 60,
tax‑free.
Tax-free component: Nil
Taxable component:
• If under age 55, tax is
paid at 21.5% (including
Medicare Levy at 1.5%).
• If aged between
55–59, tax-free on
first $160,000 (this is
a lifetime limit which
may be increased
periodically), then tax
is paid on remainder
at 16.5% (including
Medicare Levy at 1.5%).
• From age 60, tax‑free.
MLC Wrap Self Managed Super How to Guide Page 32
Tax – the rules
Tax on your investments
Stapled securities
We’ve broadly outlined some additional
tax considerations you should be aware
of when investing through the Service.
For tax purposes, stapled securities
are treated as two separate assets
in determining income and capital
gains outcomes.
Capital Gains Tax (CGT)
The following capital gains (super
accounts only) will be included in the
fund’s assessable income:
• any taxable capital gain arising from
the sale of an investment
• a capital gain derived by a managed
investment to which a member is
entitled even though the gain may not
be distributed.
There are different methods of
calculating capital gains. We’ll determine
the most appropriate method of
calculating any capital gains or losses
when determining a fund’s capital gains
tax liability.
Franking credits and franked
dividends
However, as these assets only have
a single ASX code, we’re only able to
administer these assets as a single
asset and that may result in inaccurate
capital gains tax outcomes in certain
circumstances.
Tax on the transfer
of assets into or from
the Service
Provided the absolute beneficial interest
in the investments held by the fund
doesn’t change, a taxable gain or loss
should not arise upon the transfer of
listed and managed investments.
The assets will also retain the same cost
base that they had prior to the transfer.
Franked dividends and any
corresponding franking credits will
generally be included in a member’s
assessable income and taxed at the
superannuation fund rate (15%) as long
as they meet the 45 day rule.
Franking credits may be used to offset
any tax payable on income and capital
gains for that year. Any franking credit that
remains after this offset will be refunded
by the ATO to the self managed super
fund in cash.
MLC Wrap Self Managed Super How to Guide Page 33
Tax – the
mechanics
Some of the tax issues
for you to consider.
Additional tax you
will pay
How tax is calculated on
your account
While you can contribute as much as
you like, you may incur additional tax if
contributions exceed certain limits. The
two main limits are outlined on page 30.
Tax is assessed for the entire fund
based on the income and expenses
occurring in the accounts that make up
the fund and is then apportioned to each
member account.
On an ongoing basis, we keep track of
the tax payable on your:
• investment earnings (including
dividends, interest and distributions)
• taxable contributions, and
• r ealised capital gains and losses on
investments.
We may have to pay tax from your cash
holding to the ATO. We’ll deduct this
quarterly or annually depending on your
fund’s circumstances.
If we’re required to deduct tax quarterly,
at the end of the financial year when
your tax liability in known you may need
to pay an additional amount to the ATO,
or be eligible for a refund. This amount
will be paid from or credited to your
cash holding.
Please note: as tax payments will be
deducted from your cash holding it is
important to manage your cash balance.
If you don’t have enough money to
cover your tax payments some of your
investments may have to be sold.
If you exceed the contribution limits
additional tax applies to the excess
amount at the following rates:
• excess Concessional contributions 31.5% • e
xcess Non-concessional
contributions The ATO will explain your options and
will provide the relevant forms including
a Release Authority which you can
submit to us to withdraw the additional
tax amount.
Claiming a tax deduction
on your super contributions
You may be eligible to claim a tax
deduction in your personal income tax
return for personal super contributions
you make to your account in a
financial year.
46.5%. In addition, all contributions that exceed
the Concessional contribution limit are
also counted as Non-concessional
contributions. So if you exceed both
limits you’ll have to pay both lots of
additional tax.
We recommend you speak to your
financial adviser if you’re close to
the limits. Alternatively you can visit
ato.gov.au
Working out whether you
can claim a tax deduction
Generally, if you earn less than 10% of
your total income from employment as
an employee you can claim a deduction
for your personal contributions but there
may be other criteria. You should speak
with your financial adviser or tax adviser
to work out your eligibility. Information
can also be obtained from ato.gov.au
Not claiming a tax
deduction?
How to pay the
additional tax
If you don’t intend, or are ineligible to
claim a tax deduction then you don’t
need to do anything.
The ATO will let you know:
• when you have exceeded the limits
• the amount of additional tax to be
paid, and
If we don’t hear from you, we’ll
assume you won’t be claiming a tax
deduction for personal contributions
in that financial year.
• the due date for payment.
It’s 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.
MLC Wrap Self Managed Super How to Guide Page 34
Tax – the
mechanics
How do you tell us you’re
claiming a tax deduction?
What we do when we
receive your notice
Australian law defines:
If you intend to claim a tax deduction,
you’ll need to let us know by:
Once we receive and accept either of
the above notices, we’ll send you a Tax
Deduction Acknowledgment Advice
for your tax records. If we’re unable to
accept your declaration we’ll send you
a notice advising why and requesting
information we may need in order to
accept it.
• the timing of these transfers, and
• c
ompleting the Tax Deduction
Notice we send to you around
August each year if personal
contributions have been received for
your super account. This notice will
include a statement of the personal
contributions received in your super
account for the previous financial year
• completing a Tax Deduction Notice
available on ato.gov.au or
• contacting us.
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.
You must return your completed
notice to us before the earlier of the
date you lodge your personal 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 your completed notice is not
received by us before we arrange
the preparation of your fund’s tax
return for that year, it will be included
in the fund’s tax return for the year
in which it is received (subject to
you still being eligible to submit the
notice). You are still able to claim a
deduction for the contribution in the
year the contribution was made.
• your eligibility to make these transfers
In some cases, the law prevents us
from accepting a notice. For example,
if you have used your account balance
containing the personal contributions to
start a pension or if you have withdrawn
your benefit or transferred any part of
your benefit.
Tax on contributions you’re
claiming as a deduction
Any personal contributions you claim
as a tax deduction will have 15%
contributions tax deducted by us which
we’re required to send to the ATO.
Reducing the amount
you have told us you
are claiming
If you wish to reduce the amount of a
previous tax deduction claim, you’ll
need to complete and return the Tax
Deduction Notice.
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 in certain
circumstances.
Tax may be payable on transfers from an
overseas pension.
• how tax is charged.
Your overseas scheme will determine
whether your pension can be
transferred.
This is a complex area, so we
recommend you speak with your
financial and tax advisers before
taking any action.
Tax on payments made to
your beneficiaries
Tax may be charged on amounts paid
to your beneficiaries on your death.
The tax payable will depend on the type
of payment being made (lump sum or
pension), timing and the dependency
status of your beneficiaries.
For information on estate
planning and in particular, the
tax implications, we recommend
you speak with your financial or
legal adviser.
Tax File Number (TFN)
notification
If you’re under age 60 and haven’t
provided a valid Tax File Number,
we’re required to deduct tax at the top
marginal tax rate (plus Medicare levy)
from any payments made to you from
your account including, if applicable,
pension income payments.
In addition, if you don’t provide us
with your TFN we won’t accept any
personal contributions.
MLC Wrap Self Managed Super How to Guide Page 35
Nominating
a beneficiary
How and what you
need to do to control
who your super or
pension money is paid
to if you die.
If you’re nominating a reversionary
beneficiary, you must do this at
the time you open your pension
account. If you want to change your
reversionary nomination you‘ll need
to cancel and restart your pension.
Your account balance is paid to your
beneficiaries or your estate in the event
of your death. The law restricts who can
be a beneficiary.
Once you have opened your account
you can:
• nominate beneficiaries
• change, cancel or remove existing
beneficiaries
• change the type of nomination
• c
hange 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
adopted children
• individuals who are financially
dependent on you at the time of
your death
Types of nominations
• a non-lapsing nomination which is
binding on the trustee(s) – ensures
your account balance is paid as
you have directed as long as your
nomination is and remains valid.
• a nomination subject to trustee
discretion – the surviving trustee(s)
will decide who receives your account
balance and will consider your
preferred beneficiaries.
• no nomination – the surviving
trustee(s) will decide who receives
your account balance.
• a
reversionary nomination
(pension accounts only) – your
pension payments continue to be
paid to your nominated beneficiary.
You can only nominate your spouse
as a reversionary beneficiary.
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)
• s omeone 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 aren’t satisfied
because of some physical, intellectual
or psychiatric disability.
MLC Wrap Self Managed Super How to Guide Page 36
Nominating a
beneficiary
How to make or change
a nomination
You can nominate or change existing
beneficiaries (except a reversionary
nomination) at any time by completing
a Nomination of beneficiaries
form available on mlc.com.au or
by contacting us. Your revised form
must be mailed to us.
If your nomination is unclear or
incomplete, we’ll write to you requesting
the information or documentation
required to process your request.
Your nomination is also confirmed on
your statements.
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
• between age 18 and 25 and
financially dependent upon you, or
• disabled, as defined by law.
A child who is receiving pension
payments can’t make additional lump
sum withdrawals (unless ‘disabled’).
What we do when we are
notified of your death
If you’ve made a nomination binding
on the trustee, which is still valid, your
account balance will be paid to your
beneficiaries as you have directed.
Where you’ve made a nomination
subject to trustee discretion or if you
haven’t nominated a beneficiary, we will
pay your account balance as instructed
by the surviving trustee(s).
Payment of reversionary
pensions
If you have a pension account with a
reversionary nomination, the account
balance will remain in your chosen
investment(s) and pension payments will
be suspended. Upon completion of the
claim, pension payments will restart and
will be paid to your beneficiary.
MLC Wrap Self Managed Super How to Guide Page 37
Insurance
How you can access
our award-winning
insurance.
Replacing your
existing insurance
Whenever you change insurance
providers, you need to make sure
you compare the different products.
This way you can make sure that you
have the right amount of insurance
for your individual needs. And most
importantly, only cancel your existing
insurance once your new insurance
has been confirmed.
Through MLC Wrap Self Managed
Super you can access our awardwinning insurance – Protectionfirst.
Protectionfirst can ease the uncertainty
your family can face in the event of
your death, or if you’re unable to work
because of a disability. You can select
from the following types of insurance.
Your insurance options
Death
A lump sum is paid
if you die or are
diagnosed with a
terminal illness.
Your insurance – the details
Your insurance premiums are deducted
from your cash holding.
Please speak with your financial adviser
if you’d like information about:
• applying for more insurance
• changing your insurance
• making a claim, or
• cancelling your insurance.
What happens when you
want to start a pension?
Death and
Total and
Permanent
Disablement
(TPD)
A lump sum is paid if
you die, are diagnosed
with a terminal illness
or become totally and
permanently disabled.
If you’re eligible for insurance, all you
need to do is keep some money in your
MLC Wrap Self Managed Super account
in order to pay your insurance premiums.
Income
Protection
A monthly amount
is paid while you’re
disabled.
Alternatively, you may be able to transfer
your insurance into your own name or
to another MLC product. Please speak
with your financial adviser for more
information.
You can find more information
on Protectionfirst in the Product
Disclosure Statement on
mlc.com.au
What happens when you
leave MLC Wrap?
Applying for insurance
We recommend you read the
Protectionfirst Product Disclosure
Statement and then speak with your
financial adviser who can arrange
everything for you.
Any insurance you have through
MLC Wrap Self Managed Super is
held in our name. This means that
any benefits will be paid to your MLC
Wrap Self Managed Super account.
We’ll stop deducting premiums from
your cash holding from the date we
receive your request.
Your insurance may continue for up to
60 days after you close your account.
If you’d like to continue your insurance,
you may be able to transfer it into your
own name or to another MLC product.
Please speak with your financial adviser
for more information.
MLC Wrap Self Managed Super How to Guide Page 38
Appointing
someone to act
on your behalf
You may need to let
someone else transact
on your account
so it’s important to
know how you can
arrange this.
Power of Attorney
You may appoint an Attorney to act on
your behalf in relation to your account.
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
the person effecting the Power of
Attorney or by a solicitor or any of
the people shown in ‘Certification of
personal documents’ (see page 43),
and
• A
declaration signed by the Attorney
stating that the document has not
been cancelled.
An Attorney’s authority is determined by
you. You can continue to manage your
account even if you’ve appointed an
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.
When you appoint an Attorney, we’ll
treat that Attorney as having exactly
the same rights to view and operate
your account as if they were the
actual account holder.
If we receive a Power of Attorney
document established outside of
NSW or Australia, we also require a
written declaration by a qualified legal
practitioner (in the state or country that
the document was created) certifying
that the document was made in
accordance with the requirements of
the law of the state or country in which it
was made.
MLC Wrap Self Managed Super How to Guide Page 39
How we keep
you informed
How you can
access your account
information.
Accessing your account information
You can choose how you want to access your account information.
Call us on
1300 428 482
Call us between 8 am and 6 pm (Melbourne time), Monday to Friday
with any questions or to obtain information about your account.
mlc.com.au
View your account information including statements, portfolio reports
and transaction confirmations. You can also update your contact
details here.
Keeping you informed
We provide the following information so you can stay up to date about your
investments and any opportunities that may arise. Everything listed is free of
charge except for paper based statements.
Self Managed
Super Fund
Welcome Pack
Confirms your fund has been set up and provides confirmation of
the registration details of the fund and the fund’s Trust Deed.
Welcome letter
Confirms your MLC Wrap Investments account has been opened.
How to Guide
Shows you how you can transact on your account and gives other
important information about how your account operates. Available
on mlc.com.au/mlcwrap/sms
Investment Menu
The most up-to-date Investment Menu is available on mlc.com.au
or call us and we’ll send you a copy.
MLC Wrap
Investments
Quarterly
Statement
Gives you details of investments you hold and your transactions
made over the quarters ending September, December, March and
June and will be available on mlc.com.au. If you’d like us to mail you
a copy, we’ll charge a fee.
MLC Wrap
Investments
Annual Statement
Provides a summary of investments held and transactions made
over the year and will be available on
mlc.com.au. If you’d like us to mail you a copy, we’ll charge a fee.
Independent
Audit Report
Provided by the auditor regarding the preparation of the MLC Wrap
Investments Annual Statements.
Available on mlc.com.au or call us and we’ll send you a copy.
Annual Member
Statement
Provides each member of your fund with their member balance
and a summary of all transactions for the financial year and will be
available on mlc.com.au. If you’d like us to mail you a copy, we’ll
charge a fee.
Annual pension
information
We’ll send you details of 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.
Notice of intent
to claim a tax
deduction
We’ll send you this notice which shows personal contributions made
to your super account during the financial year and sets out the
information you need if you want to claim a tax deduction on your
personal contributions.
MLC Wrap Self Managed Super How to Guide Page 40
How we keep
you informed
mlc.com.au
Provides you access to information about your account and
investments. Also gives you resources to help build your knowledge
of super, retirement and investing.
Service changes
Changes will be made from time to time. Changes that aren’t
materially adverse will be available on mlc.com.au, or call us
and we’ll send you a copy. We’ll also give you details of any other
changes made.
Disclosure
documents
You can get a copy of the latest PDS for each managed investment
and the SMA on mlc.com.au or by contacting us. Please read the
latest PDS before making an investment into an investment option.
MLC Wrap
Investments’
Contract
Governs the relationship between you and us in relation to the
buying, selling and custody of the assets in your MLC Wrap
Investments accounts and governs the way we can deal with
your investment.
A copy of this document is available upon request.
Other
communications
You can request information you would receive if you were a direct
investor in an investment. Communications include such things as
the audited financial statements of an investment. A fee may apply.
Self Managed
Super Fund
Administration
Agreement
Covers the administration services we provide your fund. The
Administration Agreement is provided on the back of the Trustee
Application Form.
Actuarial
Certificates
An actuarial certificate is required by law each year for complying and
standard lifetime pensions or if your fund holds super and pension
assets in one account. A fee applies for this and you can request the
certificate through your financial adviser.
Annual Financial
Statements
The annual financial statements for your fund are provided to you
through your financial adviser.
Annual Tax
Return
The annual fund income tax and regulatory return for your fund are
provided to you through your financial adviser.
MLC Wrap Self Managed Super How to Guide Page 41
Additional
information you
need to know
Some finer points you
may need to know.
Resolving complaints
We can usually resolve complaints over
the phone. If we can’t, or you’re not
satisfied with the outcome, then you’ll
need to write to us.
To help us identify your letter quickly,
please mark your envelope ‘Notice of
complaint’ and send to:
Complaints Resolutions Manager
Navigator Australia Limited
GPO Box 2567
Melbourne VIC 3001
We’ll work to resolve your complaint as
soon as possible, even though the law
allows us up to 45 days to respond.
If we’re unable to resolve the complaint
within this time, or if you’re not satisfied
with the outcome, we encourage you
to seek assistance from the Financial
Ombudsman Service.
This independent body can be
contacted by telephoning 1300 780 808
or visiting their website fos.org.au
Alternatively you can write to:
We’ll confirm in writing within two
business days that we’ve received your
complaint.
Financial Ombudsman Service
GPO Box 3
Melbourne VIC 3001
Changing your account information
You can update your personal details on your account at any time in the following ways:
Type of
change
Who can
do it
What you need to do
Contact
details
You
Your financial
adviser
You can update your details online through your
financial adviser or complete and sign an Account
amendments form.
Personal
details
You
Complete and sign an Account amendments form.
To confirm your personal details change we also require
a certified copy of any of the following documents.
Please note: we don’t accept faxed copies of
certified 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 at the end of this table.
Tax File
Number (TFN)
You
Complete and sign an Account amendments form, or
Send us a signed letter including your account number
and TFN information.
MLC Wrap Self Managed Super How to Guide Page 42
Additional
information you
need to know
Certification of
personal documents
Who can certify
a document?
A person approved to certify
identification documents must provide
the following information on each
photocopy:
The following people are authorised to
certify a document:
• ‘This is a true copy of the original
document(s) which I have sighted’
• Write their
• full name
• contact address and telephone
number
• date of certification
• signature
• The capacity in which they have
certified the document (eg judge,
magistrate, policy officer etc)
• A
ffix the official stamp or seal of the
certifier’s organisation.
• 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)
• A practicing lawyer
• A Justice of the Peace
• A judge of the court
• A magistrate
• A Chief Executive Officer of
a Commonwealth Court
• A registrar or deputy registrar
of a court
• A notary public (for the purposes
of the Statutory Declaration
Regulations 1993)
• A
member of the Institute of
Chartered Accountants in Australia,
CPA Australia or the Institute of
Accountants with 2 or more years of
continuous membership.
• A police officer
• An employee of Australia Post with
two or more years of continuous
service to customers
• An Australian consular officer or
an Australian diplomatic officer
(within the meaning of the Consular
Fees Act 1955)
• 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)
MLC Wrap Self Managed Super How to Guide Page 43
Your financial
adviser
Your financial adviser
plays a pivotal role in
the continuing review
and management of
your account.
Your MLC Wrap Self Managed Super
account is only available through a
financial adviser.
If you change your
financial adviser
Your financial adviser will instruct us how
to invest your money and on any other
matters relating to your account. This
includes instructions to:
At some stage you may decide to
change your financial adviser. You’ll need
to tell us in writing and provide details
of your MLC Wrap Self Managed Super
account and your new financial adviser.
• switch between investments
• make additional contributions
• change your account details, and
• m
ake withdrawals to your nominated
bank account.
We’ll contact your financial adviser if
we need to:
This will include any fee arrangements
you have agreed.
We’ll need to first check your new adviser
is an authorised financial adviser and
is licensed to provide advice on our
products.
• give you instructions, or
• obtain information from you.
MLC Wrap Self Managed Super How to Guide Page 44
MLC Wrap
For more information
call from anywhere
in Australia on 1300 428 482
or contact your adviser.
Postal address:
PO Box 2567
Melbourne VIC 3001
Registered office:
Ground Floor, MLC Building
105 –153 Miller Street
North Sydney NSW 2060
mlc.com.au
Fax: (03) 9869 1595
79544M0111