2017 18 - Intrust Super … · Australia’s hospitality industry union, United Voice [Qld branch], formerly the Liquor, Hospitality and Miscellaneous Union [Qld branch], Fiona Scalon

2017 | 18ANNUAL REPORT

198820001992 2001 2002 2003 2005 2006 2007

The

Supe

rann

uati

on G

uara

ntee

was

legi

slat

ed

[Sup

eran

nuat

ion

Gua

rant

ee [A

dmin

istr

atio

n] A

ct 1

992,

no.

111

]

Fund

est

abli

shed

1/6

/198

8

$22

1 M

ILLI

ON

FU

M

1,200+ MEMBERS

7 EMPLOYERS

$100,000 FUNDS UNDER MANAGEMENT

[FUM]

Bre

ndan

O’F

arre

ll b

ecam

e CE

O

Empl

oyee

s w

ere

allo

wed

cho

ice

for

thei

r su

per

fund

[Sup

eran

nuat

ion

Legi

slat

ion

Amen

dmen

t [C

hoic

e of

Sup

eran

nuat

ion

Fund

s] A

ct 2

004,

no.

102

]

Fund

ren

amed

Intr

ust S

uper

Fun

d

2004

2018

The Fund achieved a significant milestone this financial year, celebrating its 30 year anniversary in May 2018. We’re incredibly proud of the Fund’s growth and achievements over the years.

– Brendan O’Farrell, CEO

2008 2009 2010 2011 2012 2013 2014 2015 20172016

117,000+ MEMBERS

23,000 EMPLOYERS

$2.57 BILLION FUM

Core

Sup

er |

MyS

uper

was

cre

ated

Intr

ust S

uper

Cai

rns

offic

e op

ened

Intr

ust S

uper

Syd

ney

offic

e w

as o

pene

d In

trus

t Sup

er b

ecam

e na

min

g-ri

ghts

spo

nsor

s of

the

Intr

ust S

uper

Shu

te S

hiel

d

$1

BIL

LIO

N F

UM

| In

trus

t360

° fin

anci

al p

lann

ing

esta

blis

hed

Intr

ust S

uper

bec

ame

nam

ing-

righ

ts s

pons

ors

of th

e In

trus

t Sup

er C

up

MyS

uper

legi

slat

ion

– al

l def

ault

fund

s re

quir

ed to

offe

r a

MyS

uper

pro

duct

[S

uper

annu

atio

n Le

gisl

atio

n Am

endm

ent [

MyS

uper

Cor

e P

rovi

sion

s] A

ct 2

012]

Intr

ust S

uper

bec

ame

nam

ing-

righ

ts s

pons

ors

of th

e In

trus

t Sup

er P

rem

iers

hip

Intr

ust S

uper

Per

th o

ffic

e w

as o

pene

d In

trus

t Sup

er b

ecam

e fr

ont-

of-j

erse

y sp

onso

rs fo

r th

e Q

ld M

aroo

ns

This Annual Report together with your Member Statement and the Your Statement Explained Flyer form part of and make up your Annual Statement. This document was created on 30/10/2018.

The information contained in this document is of a general nature only, and does not take into account your individual situation, objectives and needs. You should consider the appropriateness of the general information having regard to your own situation before making any investment decision. A Product Disclosure Statement is available at www.intrust.com.au or call us on 132 467 for a copy. While Intrust Super has no reason to believe that this information will not provide an accurate view of the material covered, Intrust Super does not accept liability for any errors in the content of this information.

Issued by IS Industry Fund Pty Ltd | MySuper Unique Identifier: 65704511371601 | ABN: 45 010 814 623 | AFSL No: 238051 | RSE Licence No: L0001298 | Intrust Super ABN 65 704 511 371 | SPIN: HPP0100AU | RSE Registration No: R1004397.

IS Financial Planning Pty Ltd ABN 64 143 707 439 trading as Intrust360° is a wholly owned subsidiary of IS Industry Fund. Intrust360° is a corporate authorised representative of Adviser Network Pty Ltd ABN: 25 056 310 699 | AFSL: 232729 | Corporate Authorised Representative Number: 379207.

Contents

02.Governance

24.Other investment

information

18.Investment Options

14.Market Update

29.Other important

information

07.We’re at your

service

26.Financials

16.Returns

22.Service providers

A message from the Chairperson and Chief Executive OfficerWelcome to the Intrust Super Annual Report for the 2017-18 financial year.

It has been an incredibly successful financial year at Intrust Super. Intrust Super’s Balanced option returned an impressive 10.39% in the financial year to 30 June 2018. This figure represents the fifth year out of six that the Fund has delivered double digit returns, and the ninth consecutive year of positive returns since the global financial crisis. The Pension Balanced option also returned an incredibly strong 11.45% in the financial year to 30 June 2018. Both achievements were well above the median of 9.22% for Balanced¹ and 9.92% for Pension Balanced². You can view all of our returns, as well as further information about our investment options in the Returns and Investment Options sections of the Annual Report.

We are very proud that the Fund also continued to be recognised in 2017/18 for outstanding performance by independent experts. In 2018, Intrust Super won Money magazine’s ‘Best Value Insurance in Super’ for the sixth consecutive year. And, for the 12th straight year, Intrust Super was awarded a Platinum rating by independent industry expert, SuperRatings. In addition, the Fund was also a finalist for SuperRatings’ MySuper of the year for the third year in a row, and a finalist in the inaugural Career Fund of the Year Award.

Customer service has always been one of our top priorities, and we strive to serve our members in as many ways as we can. Last financial year, we were proud to be able to reduce insurance premiums for our members without any change to their current benefits. We also introduced several new services to improve the member experience, including our Intrust Super Rewards program and interactive annual statements. You can read all about these updates in the We’re at your service section of the Annual Report.

Digital innovations continue to shape the future of the superannuation industry. We are always working on new tools and systems to help our members grow their savings, engage with their super and improve their retirement outcomes. We have a number of new projects already in the pipeline for the coming financial year, and we’re looking forward to introducing these to our members soon.

Thank you for reading Intrust Super’s Annual Report for the 2017/18 financial year. We welcome your questions and feedback. Please see our contact details on the back cover if you would like to get in touch.

¹SuperRatings Fund Crediting Rate Survey – SR50 Balanced [60-76] Index June 2018.²SuperRatings Pension Fund Crediting Rate Survey – SRP50 Balanced [60-76] Index June 2018.

Brendan O’Farrell CEO

Gary Bullock Chairperson

132 467 | intrust.com.au < 1

Governance The Trustee of Intrust Super is the company IS Industry Fund Pty Ltd.

The Board of IS Industry Fund Pty Ltd is responsible for managing the Fund in the best interests of all members and in accordance with its legal obligations. The Board’s primary functions are to set strategic direction, governance and risk management frameworks, appoint, guide and monitor the Chief Executive Officer, and oversee the implementation of business and operational plans and policies.

Intrust Super was established in 1988 as a joint initiative of the Queensland Hotels Association [QHA] and United Voice Queensland State Branch [United Voice]. Members and employers are equally represented on the Board, with three appointed by QHA and three appointed by United Voice, in accordance with the Company Constitution and the Board’s policies.

The Board, which meets at least quarterly, is supported by committees that meet regularly. Each committee is delegated specific responsibilities which are detailed in their formal charters. Committee members are appointed by the Board.

The composition of the Board and various Committees as at 30 June 2018 is outlined below:

Intrust Super Board of Directors

Committee

Inve

stm

ent

Aud

it, R

isk

Man

agem

ent a

nd

Com

plia

nce

Nom

inat

ions

and

R

emun

erat

ion

Adm

inis

trat

ion,

Co

ntra

cts

and

Clai

ms

Mar

keti

ng

Gary Bullock [C] [M]

Charles [Jim] Stewart [DC] [E]

Justin O’Connor [E]

Fiona Scalon [M]

Troy Burton [M]

Michael Wilson [E]

[C] – Chair, [DC] Deputy Chair, [E] – Employer Representative Director, [M] – Member Representative Director

There were no changes to the Board of Directors this financial year.

C

C C

C

C

2 > ANNUAL REPORT 2017 | 18

Board evaluation and trainingThe Board regularly assesses its skills, knowledge and experience to help ensure that it operates in an effective manner. This occurs through a mix of internal processes and the use of external expertise.

New directors undertake a comprehensive induction program. Directors complete ongoing training to further develop their skills and to help keep informed of industry and regulatory developments and their potential implications for Intrust Super.

The Board also ensures that its AFSL representatives and executive RSE Licence responsible managers undertake their training obligations.

Conflicts of interestThe Board has policies and processes in place for the disclosure and management of any potential conflicts of interest.

These include:

• a Conflicts of Interest Policy available on the website

• publishing potential conflict information and remuneration on the website

• an Employee Code of Conduct

• maintaining a register of interests

• the inclusion of a disclosure process at all Board meetings.

Fit and ProperDirectors and executive managers must successfully undergo a fit and proper assessment prior to appointment as per legal requirements.

Each responsible person must provide an annual declaration that they meet the fit and proper criteria described in the Board’s policy.

DelegationsDay-to-day management is delegated to the Chief Executive Officer [CEO] who is directly accountable to the Board. Some governance activities are also delegated directly to the Company Secretary. The CEO is supported by the executive management team.

Delegations are detailed in a delegation of authority document and monitored through the compliance framework.


Gary BullockChairperson

Gary Bullock began working in the hospitality and public sector before taking up a position at Taubmans Paints. While working in the paint industry, Gary joined United Voice [Qld Branch], formerly the Liquor Hospitality and Miscellaneous Union [LHMU Qld branch].

He became a delegate before taking up a full-time position as Organiser. He is currently the State Secretary. Gary was appointed the Intrust Super Board of Directors Chairperson in late 2016.

Charles [Jim] Stewart Deputy Chairperson

Charles Stewart has served on many different Boards, such as Queensland Government advisory panels as well as the Boards of the Queensland Hotels Association and the Australian Hotels Association for more than 20 years including terms as President of both organisations.

Charles has been honoured with a Life Membership of both associations and has also had an extensive and impeccable record of community service over many years. Charles has a Bachelor of Business and is a Fellow of the Australian Institute of Company Directors.

Justin O’ConnorDirector

Justin O’Connor is the former Chief Executive of the Queensland Hotels Association [QHA] and was appointed a member of Intrust Super’s Trustee Board in 2007.

He is a former senior Queensland public official, having been appointed as Chief Executive of the Office of the Queensland Governor from 1995 to 2005.

Before that, Justin was a commissioned officer in the Australian Army, having graduated from the Royal Military College in 1975. Justin has a Bachelor of Arts from the University of New South Wales.


Fiona ScalonDirector

As Operations Coordinator for Australia’s hospitality industry union, United Voice [Qld branch], formerly the Liquor, Hospitality and Miscellaneous Union [Qld branch], Fiona Scalon commands a wealth of experience and knowledge of the issues facing employees and employers in the sector.

With over 120,000 United Voice members, Fiona oversees the day-to-day operations of a large and powerful membership-based organisation, placing her well to act as Trustee Director of Intrust Super.

Troy BurtonDirector

Troy is the founding director of Reveille Strategy Pty Ltd, an organisation focussed on the delivery of campaign and communication services to a range of political, industrial and non-government organisation clients.

Holding a Bachelor of Arts, Troy has extensive experience in working for a number of union organisations, most recently as the National Assistant Secretary of United Voice between 2006 and 2013.

Troy brings to Intrust Super strong governance and Board expertise, having been a director of Host Plus between 2010 and 2013 and a member of the Investor Advisory Board of Lend Lease APPF between 2011 and 2013.

Dr Michael WilsonDirector

Michael has extensive experience across the areas of law and business. Michael is a barrister at the Queensland private bar with a wide ranging commercial practice.

From 2000 to 2012 Michael was a member of the Queensland Liquor and Gaming Commission and Chairman of the Commission for the last six years of that time. He has also been a board member of the Prince Charles Hospital Foundation and the Committee for Economic Development of Australia [CEDA]. Michael has Barristers Admissions Board Examinations with Honours, is a Doctor of Philosophy from Oxford University, and a Bachelor of Engineering [Civil] with Honours from University of Queensland.



We’re at your service Highlights for the 2017/18 financial yearThroughout 2017/18, Intrust Super’s highest priority was to continue delivering exceptional customer service. All our innovations, achievements and project developments for the year were created with our members and employers in mind. We strive to do everything we can to support our members.

We have continued to be recognised for our service to our members by independent research companies: 16,977

NEW MEMBERS

6,682 NEW EMPLOYERS

10.39% BALANCED OPTION

RETURN

2017/18 in numbers:


We’re here to help Service is one of Intrust Super’s core values, and we are incredibly proud to provide high-quality customer service to our members.

Our Member Relationships Team is on hand to provide personal, one-on-one service to Intrust Super members. This financial year, members received assistance with finding lost super, making extra contributions, legislative changes, and many other superannuation queries. Members can seek assistance from their account manager through our Super Concierge service, available at intrust.com.au/super-concierge. This service means members do not need to wait in a call centre queue – they can contact their personal account manager directly.

Our team of Relationship Managers is also available to assist our members at their place of work, face to face. This financial year, the team visited businesses, presented seminars and educational sessions and met members for one on one meetings. In addition, the team is always available to help our business partners with superannuation administration and queries. Throughout the year, the Intrust Super Relationship Managers made over 1,700 site visits and more than 100 orientation and presentation sessions for both employers and members.

Members and employers were sent over 268,000 emails, so they could access important information at a time that suited them. The team wanted to ensure our members stayed engaged with their accounts, kept track of their super and kept up to date with all legislative changes and obligations.

1,706 SITE VISITS

268,405 EMAILS SENT

103 ORIENTATIONS/

PRESENTATIONS

2017/18 in numbers:


We’re here to advise The Fund offers financial advice through our financial planning arm, Intrust360º.

In 2017/18, we were proud to introduce some new services to make receiving advice much easier for our Intrust360° clients.

Intrust360° launched a new service to provide low-cost superannuation advice over the phone. Phone360° is a low-cost advice option for those clients who are seeking simple super advice on topics such as investment options, contributions or transitioning to retirement. With Phone360°, these members don’t need to find the time to see a financial adviser or go through any complex financial records. They can receive a comprehensive Statement of Advice from an Intrust360° adviser after a simple phone call.

Intrust360° also produces a quarterly magazine to help keep clients and Intrust Super members up to date with changes in the financial world. This financial year, the 1 July super reforms, tax deductible personal contributions and the 2018 Federal Budget were some of the major stories covered in the 360°Magazine to help keep our members up to date and informed.

Additionally, the Intrust360° website was redesigned this financial year, to make accessing information on financial advice services, education modules and online advice tools even easier. The site is designed to assist clients who are seeking advice on their financial situation. Clients can now book an appointment online, catch up on the latest 360° Magazine and use our online super calculation tools quickly and easily.

Intrust360° strives to deliver the best customer service to clients. The majority of Intrust360° clients are receiving continuing advice from our financial advisers. This form of “repeat business” is a testament to the fantastic work undertaken by the Intrust360° team to ensure their clients’ needs are met and advice remains relevant.

Members can also receive general advice from their personal account manager through our Super Concierge service, or by getting in touch with their Relationship Manager.

Contact details for each local Relationship Manager can be found at intrust.com.au/your-team.

Financial planning is provided by IS Financial Planning Pty Ltd ABN 64 143 707 439 trading as Intrust360°, a wholly owned subsidiary of IS Industry Fund Pty Ltd ABN45 010 814 623. Intrust 360° is a corporate authorised representative of Adviser Network Pty Ltd | ABN 25 056 310 699 | AFSL 232729 | Corporate Authorised Representative Number 379207.

61% OF MEMBERS WHO

RECEIVED ADVICE WERE CONTINUING CLIENTS

278 STATEMENTS OF ADVICE

WERE DELIVERED

2017/18 in numbers:


We’re here to improve your experience

We believe continual innovation is incredibly important for a superannuation fund to enhance the member experience.

Providing new services and refining our current products can help increase member engagement with super and improve their retirement outcomes.

This financial year, we were proud to make our Money magazine awarded ‘Best Value Insurance in Super’ even better value. Premiums have reduced on both our insurance products. On 1 October 2017, insurance premiums on PayGuard income protection were reduced by approximately 12 per cent*. In addition, on 1 January 2018, premiums for our Life and Total and Permanent Disability [L&TPD] insurance were reduced by seven per cent. It’s so important to not only protect our members and their families, but also their super balances. To be able to achieve these reductions with no change to our members’ current insurance benefits was a fantastic result.

We also launched several new services to help increase member engagement. The first was the introduction of our member rewards program. Intrust Super Rewards provides members with access to over 4,500 discounts and special offers over a range of categories – many of them discounts for pubs, bars and restaurants across Australia. Intrust Super Rewards will enable our members to potentially save thousands of dollars a year, and therefore give them the opportunity to save more for their future.

The Fund also introduced interactive Annual Member Statements in 2017. These provided our members with annual account summaries in an easily digestible format, which were accessible across multiple devices. Members received personalised messages with these interactive statements to encourage them to improve their super situation, check their insurance cover and update their account details.

We have continued to develop new products and services to improve our members’ retirement outcomes. New online financial advice services and an innovative new savings app will soon be introduced to members in the new financial year. The team is incredibly proud that our innovation continues to be such a key element of Intrust Super’s success both now and in the future.

*This premium is for the default 21 day waiting period

66,281 MEMBERS RECEIVED

AN INTERACTIVE ANNUAL STATEMENT

9,304 ACCOUNTS WERE ROLLED

IN FOR 6,064 MEMBERS

$86+ MILLION CONSOLIDATED FOR

MEMBERS

2017/18 in numbers:

We’re here to help you manage industry changes This financial year, new super rules were introduced.

These changes had the potential to motivate Australians to engage more with super. It was important that our members were informed about these changes, so they were better able to take advantage of them.

From 1 July 2017:

• The First Home Super Saver [FHSS] scheme: First-home buyers were able to start contributing to their super accounts for the purposes of saving for a house deposit.

From 1 July 2018:

• The First Home Super Saver scheme: Members were able to apply to withdraw their FHSS balance for use in purchasing property.

• Carry-forward contributions: Any unused portion of a member’s before-tax cap for the 2018/19 year [and beyond] can be carried forward for use in the future on a rolling five-year basis.

• Downsizer contribution: Those over 65 can sell their family home and contribute a portion of the proceeds [up to $300,000] to their super.

The following was proposed in the May 2018 Federal Budget to take effect from 1 July 2019. These proposals have not yet been made law:

• All inactive superannuation accounts under $6,000 will be transferred to the ATO.

• Super funds will need to provide a new retirement income framework that offers comprehensive income products for retirement. This will include simplified, standardised information and new means test rules for pooled lifetime income streams.

• A limited, one-year exemption from the work test will be introduced for voluntary super contributions for people aged 65-74 with superannuation balances below $300,000.

• The Government will allow high-income earners with multiple employers to nominate wages from particular employers to be exempt from the superannuation guarantee. This will help these individuals avoid breaching the concessional contributions cap.

Further information on these industry changes can be found at intrust.com.au/news.

32% INCREASE IN VISITS

TO NEWS PAGE

14.3% INCREASE TO THE FUND’S SOCIAL MEDIA FOLLOWING

2017/18 in numbers:


We’re here to help your super grow

Investment performance Despite some market volatility, 2017/18 was a successful year for investment returns. For the 12 months to 30 June 2018, our Balanced investment option provided a return of 10.39%, compared to the SR50 median Balanced fund return of 9.22%¹. The result is the ninth consecutive year Intrust Super has delivered positive returns for members, and the fifth financial year out of six with double-digit returns.

The Balanced option for pension income accounts also performed impressively in the 12 months to 30 June, placing in the top 10 SuperRatings Pension Fund Crediting Rate SR50 Survey². The option returned 11.45% against the median return of 9.92%² – a fantastic result for our pension members.

¹ SuperRatings Fund Crediting Rate Survey – SR50 Balanced [60-76] Index June 2018.² SuperRatings Pension Fund Crediting Rate Survey – SRP50 Balanced [60-76] Index June 2018.

While these short-term returns are good news for our members, it’s important to remember that superannuation is designed for the long term. Over a ten-year annualised average, the Balanced option has returned an impressive 6.82% and the Pension Balanced option 7.54%. These results have surpassed the objectives of both options.

Further information on all Intrust Super’s investment options and returns can be found in the Our super products and returns section of the Annual Report.

10.39% 2017/18 BALANCED

RETURN

11.45% 2017/18 PENSION

BALANCED RETURN

6.82% TEN-YEAR

BALANCED RETURN

2017/18 in numbers:


How Intrust Super compares These charts compare Intrust Super’s MySuper option [Balanced option in Executive Super and Select Super] to the median balanced option returns of the SuperRatings ‘Balanced’ SR50 [60-76%] option.

Balanced | MySuper returns to 30 June 2018

0.00%

2.00%

4.00%

6.00%

8.00%

10.00%

12.00%Intrust Super

3 years 5 years 7 years 10 years1 year

Median

Source: SuperRatings Fund Crediting Rate Survey – SR50 Balanced [60-76] Index June 2018. Past performance is not an indication of future performance.

Balanced | MySuper returns from the last five years

0.00%

3.00%

6.00%

9.00%

12.00%

15.00%Intrust Super

2014/15 2015/16 2016/17 2017/182013/14

Median

Source: SuperRatings Fund Crediting Rate Survey – SR50 Balanced [60-76] Index June 2018. Past performance is not an indication of future performance.


Market Update – the 2017/18 financial year in review

Market Returns to 30-June-2018

Asset Class Benchmark Index

Mth %

Qtr %

FYTD %

1 Yr %

3 Yrs % pa

5 Yrs % pa

7 Yrs % pa

10 Yrs % pa

Aust Equities

S&P/ASX 300 Accumulation Aust Equities 3.2 8.4 13.2 13.2 9.1 10.0 9.0 6.3

Aust Equities

S&P/ASX Small Ordinaries Accumulation

Aust Small Caps 1.1 7.7 24.2 24.2 15.0 11.6 4.9 2.6

Int'l Equities

MSCI World ex Aus [$A]

Int'l Equities [U/H] 2.4 5.7 16.0 16.0 10.6 15.6 15.6 9.8

Int'l Equities

MSCI World ex Aus [hedged $A]

Int'l Equities [H] 0.3 3.8 12.1 12.1 10.5 13.5 13.2 9.6

Int'l Equities

MSCI Emerging Markets [unhedged $A]

Emerging Mkts -1.8 -4.3 12.7 12.7 7.4 10.0 7.3 5.3

Listed Property

S&P/ASX 300 Listed Property GICS

AREITS 2.3 9.8 13.2 13.2 10.0 12.2 13.6 6.1

Int'l Fixed Int

Bloomberg Barclays Global Aggregate Bond [hedged]

Global Bonds 0.2 0.1 1.9 1.9 3.8 5.0 5.8 6.9

Aust Fixed Int

Bloomberg Composite Bond [0+ yrs]

Aust Bonds 0.5 0.8 3.1 3.1 3.4 4.4 5.3 6.1

CashBloomberg Bank Bill Index [90 day]

Cash 0.2 0.5 1.8 1.8 1.9 2.2 2.7 3.3

CurrencyAustralian Dollar vs US Dollar

AUD vs USD -2.4 -3.7 -3.7 -3.7 -1.3 -4.2 -5.2 -2.6

Source – JANA, FactSet, S&P, MSCI, Mercer, Bloomberg, Barclays


Global growth and recoveryAcross the 2017/18 financial year, the global economy continued to grow, with many signs that economic recovery from the Global Financial Crisis is continuing. Unemployment rates dropped in many major economies. The central banks in the US, Europe and the UK began increasing interest rates and reducing their reserves – clear signs that they were starting to implement monetary normalisation. In Australia, the stock market index [S&P/ASX300] exceeded 6000 points in November 2017, for the first time since the Global Financial Crisis. This was an excellent sign for investors that the Australian stock market was in a comfortable position of growth.

This continued market growth hit a stumbling block in February 2018 after investors began to fear the US Federal Reserve Bank could increase interest rates at a faster rate than expected. This triggered a wide-spread sell-off across both US and Australian equity markets. Although markets were quick to recover, further pressure was applied as a result of trade tensions. President Trump announced the US would apply tariffs on steel and aluminium exports from certain countries. The effected countries responded in kind. These escalating trade tensions could have a significant impact on the global economy, and investors remain cautious.

In Australia, Gross Domestic Product steadily increased, buoyed by increased bulk commodity prices. The Reserve Bank of Australia left the cash rate on hold at 1.50% over the financial year. This was due to balancing concerns of international trade policy uncertainty, low inflation and wage growth, and a recent softening in housing prices in Sydney and Melbourne.

Global equities Global equities, as represented by the MSCI World ex-Australia Index, rose 12.1% on a hedged basis [in AUD]. Unhedged returns were greater [16.0%] due to a depreciation in the Australian dollar over the year. In comparison, returns from emerging markets [stock markets in developing countries] were significantly lower, with the MSCI Emerging Markets Index rising 12.7% [unhedged] for the year.

Australian equities Trade tensions and fears over rising interest rates caused the S&P/ASX300 to fall by 3.8% in the March quarter. Furthermore, the Royal Commission impacted financials, particularly the big banks, with the S&P/ASX300 Financials rising only 1.7% over the financial year. Despite this, the S&P/ASX300 Index rose 13.2% overall this financial year, with most of the gains coming in the second quarter of 2018. There were pronounced differences in industry sector performance over the year. The Energy sector rose 41.9% on the back of sharp rises in crude oil prices. In contrast, Telecommunications [-13.3%] was the worst performing sector, primarily due to Telstra’s shares dropping 39%.

Property The Property sector performed well this year. Australian Real Estate Investment Trusts [AREITs] rose 13.2% over the year. Australian unlisted property underperformed their listed counterparts to generate 10.3% return over the financial year.

Fixed Interest Bond markets again saw relatively muted returns as yields generally rose across most countries over the financial year. Australian Bonds [3.1%] outperformed Global [1.9%, hedged], thanks to comparatively greater yield increases in the US – particularly short-term US yields. In February 2018, the US and Australian 10-year bond spread turned negative for the first time since June 2000.

If you would like any assistance with your investment options, please don’t hesitate to contact Intrust Super’s financial planning arm, Intrust360°, on 1300 001 360.


Our super products and investment returns

Core Super | MySuper, Executive Super & Select Super returns as at 30 June 2018

Stab

le

Cons

erva

tive

^

MyS

uper

| B

alan

ced

Gro

wth

Com

bine

d Sh

ares

^

Cash

Bon

ds

[fixe

d in

tere

st]

Pro

pert

y

Aus

tral

ian

Shar

es

Inte

rnat

iona

l Sh

ares

Monthly 0.79% 0.92% 1.48% 1.76% 1.70% 0.17% 0.25% 2.99% 2.77% 0.67%

Financial year to date 5.24% 6.28% 10.39% 13.27% 15.47% 1.97% 2.75% 11.06% 14.66% 16.26%

Rolling 1 year 5.24% 6.28% 10.39% 13.27% 15.47% 1.97% 2.75% 11.06% 14.66% 16.26%

Rolling 3 years 5.33% 5.97% 8.60% 10.27% 10.73% 2.14% 3.33% 13.75% 11.52% 9.71%

Rolling 5 years 5.86% 6.99% 10.15% 12.27% 13.13% 2.46% 4.18% 11.40% 11.86% 13.88%

Rolling 7 years 5.91% 6.90% 9.34% 10.77% 11.62% 2.91% 4.82% 9.94% 10.24% 12.96%

Rolling 10 years 5.36% 5.38% 6.82% 7.01% 7.69% 3.12% 5.99% 6.06% 7.37% 7.58%

^The Conservative and Combined Shares investment options are available in Executive Super and Select Super only. As investment markets move up and down over time, it is important to remember that past performance is not an indication of future returns. Please note that the investment returns shown above have been rounded.

Core Super | MySuperCore Super | MySuper is a simple to understand, flexible and low-cost super product that offers a range of benefits to our members. With eight investment options that suit most members’ needs, Core Super | MySuper also offers the opportunity for strong long-term performance and cost-effective insurance options.

Executive SuperExecutive Super is the premium product that caters for members who prefer a hands-on approach to their superannuation.

With ten investment options and additional insurance cover available, Executive Super can provide members with more flexibility.

Select SuperSelect Super has been designed for those who want to benefit from being a member of Intrust Super, but don’t have an employer paying contributions to their account.


Super StreamSuper Stream is our competitive pension product, designed to provide members with a regular income stream when they retire with an account-based pension product or transition to retirement product. As well as flexible payment options, Super Stream members have ten investment options to choose from, and access to our team of dedicated Super Stream specialists.

Super Stream account-based pension as at 30 June 2018

Stab

le

Cons

erva

tive

Bal

ance

d

Gro

wth

Com

bine

d Sh

ares

Cash

Bon

ds

[fixe

d in

tere

st]

Pro

pert

y

Aus

tral

ian

Shar

es

Inte

rnat

iona

l Sh

ares

Monthly 0.91% 1.07% 1.68% 1.98% 1.94% 0.19% 0.29% 3.35% 3.13% 0.76%


Rolling 1 year 5.68% 7.14% 11.45% 14.50% 17.39% 2.31% 3.04% 12.10% 16.56% 18.01%

Rolling 3 years 5.96% 6.83% 9.65% 11.44% 12.22% 2.50% 3.80% 15.40% 13.02% 10.90%

Rolling 5 years 6.43% 8.07% 11.37% 13.40% 14.24% 2.87% 4.80% 12.67% 13.33% 15.09%

Rolling 7 years 6.59% 7.91% 10.41% 11.75% 12.57% 3.41% 5.60% 11.06% 11.41% 13.87%

Rolling 10 years 5.98% 6.11% 7.54% 7.58% 8.26% 3.60% 6.99% 6.66% 8.10% 8.13%

Super Stream Transition to Retirement [TTR] investment returns as at 30 June 2018

Stab

le

Cons

erva

tive

Bal

ance

d

Gro

wth

Com

bine

d Sh

ares

Cash

Bon

ds

[fixe

d in

tere

st]

Pro

pert

y

Aus

tral

ian

Shar

es

Inte

rnat

iona

l Sh

ares

Monthly 0.79% 0.92% 1.48% 1.76% 1.70% 0.17% 0.25% 2.99% 2.77% 0.67%


Rolling 1 year 5.24% 6.28% 10.39% 13.27% 15.47% 1.97% 2.75% 11.06% 14.66% 16.26%

Rolling 3 years 5.81% 6.55% 9.30% 11.04% 11.61% 2.39% 3.70% 15.04% 12.40% 10.35%

Rolling 5 years 6.34% 7.90% 11.15% 13.15% 13.86% 2.80% 4.74% 12.46% 12.96% 14.74%

Rolling 7 years 6.52% 7.79% 10.26% 11.57% 12.31% 3.37% 5.56% 10.91% 11.15% 13.63%

Rolling 10 years 5.93% 6.02% 7.44% 7.46% 8.08% 3.57% 6.96% 6.57% 7.92% 7.97%

As investment markets move up and down over time, it is important to remember that past performance is not an indication of future returns. Please note that the investment returns shown above have been rounded.


Investment optionsBalanced

[This portfolio is used for the MySuper default option.]

Investor profile: This investment option seeks high medium to long-term returns with a medium exposure to risk. It is likely to suit members seeking mid to long-term growth of their superannuation with medium risk.

Investment objective: To outperform CPI + 3% p.a. over rolling 10-year periods.

Investment strategy: A diversified option that invests across most asset classes, with a large proportion in Australian and international shares, bonds and property investments.

Minimum investment timeframe: Medium to long term: if you choose this investment option, be prepared to stay invested in this option for at least 5 years.

Risk band: 5 – Medium to high: Estimated number of negative annual returns is 3 to 4 over any 20-year period.^

Strategic asset allocation

GrowthInvestor profile: This investment option seeks significant growth above inflation in the longer term with a high exposure to risk. It is likely to suit members seeking long-term growth of their superannuation with high risk.

Investment objective: To outperform CPI + 3.5% p.a. over rolling 10-year periods.

Investment strategy: Invests heavily in Australian and international shares, with a smaller investment in property and other investment opportunities.

Minimum investment timeframe: Long term: if you choose this investment option, be prepared to stay invested in this option for at least 7 years.

Risk band: 6 – High: Estimated number of negative annual returns is 4 to 6 over any 20-year period.^

Combined sharesInvestor profile: This investment option seeks significant growth above inflation in the longer term with a high exposure to risk. It is likely to suit members seeking long-term growth of their superannuation with high risk.


Investment strategy: Invests in Australian and international shares.



LOW MEDIUM HIGHLOW MEDIUM HIGHLOW MEDIUM HIGH

Asset Allocation

Benchmark %

Range %

Australian shares 55 45-75

International shares 45 25-55

Cash 0 0-15

Asset Allocation

Benchmark %

Range %

Australian shares

28 15-35

International shares

27 15-35

Growth opportunities*

5 0-10

Infrastructure 5 0-10Property 10 5-20Bonds 15 5-25Cash 2 0-25Defensive opportunities*

8 0-15

Asset Allocation

Benchmark %

Range %

Australian shares

35 25-45

International shares

40 30-50

Growth opportunities*

5 0-10

Infrastructure 5 0-10Property 10 5-20Bonds 0 0-15Cash 0 0-15Defensive opportunities*

5 0-15


ConservativeInvestor profile: This investment option seeks to achieve growth above inflation over the longer term with a medium level of risk. It is likely to suit members seeking long-term growth of their superannuation with medium risk.


Investment strategy: A diversified option that invests across most asset classes, with a large proportion in Australian and international shares, bonds and cash.


Risk band: 3 – Low to medium: Estimated number of negative annual returns is 1 to 2 over any 20-year period.^

StableInvestor profile: This investment option seeks reliable short-term returns with a certain level of security and potential for some growth. It is likely to suit members seeking short to medium-term growth of their superannuation with low risk.

Investment objective: To outperform CPI + 1.5% p.a. over rolling 10-year periods.

Investment strategy: A diversified option that invests mainly in defensive assets such as cash and bonds, with a smaller proportion spread across other asset classes.

Minimum investment timeframe: Short to medium term: if you choose this investment option, be prepared to stay invested in this option for at least 3 years.

Risk band: 2 – Low: Estimated number of negative annual returns is 0.5 to 1 over any 20-year period.^

LOW MEDIUM HIGH LOW MEDIUM HIGH

Asset Allocation

Benchmark %

Range %



Growth opportunities* 2 0-10

Infrastructure 3 0-10Property 10 5-15Bonds 20 10-60Cash 40 0-50Defensive opportunities* 10 0-20

Asset Allocation

Benchmark %

Range %



Growth opportunities* 4 0-10

Infrastructure 4 0-10Property 7 0-10Bonds 30 10-50Cash 20 0-50Defensive opportunities* 10 0-15

*Opportunities are investments that don’t fit neatly into traditional asset classes because of their risk/return profiles or their structure. Opportunities can be divided into Growth or Defensive styles and may include private equity and hedge funds.

^The Standard Risk Measure is based on industry guidance to allow members to compare investment options that are expected to deliver a similar number of negative annual returns over any 20-year period.

The Standard Risk Measure is not a complete assessment of all forms of investment risk, for instance it does not detail what the size of a negative return could be or the potential for a positive return to be less than a member may require to meet their objectives. Further, it does not take into account the impact of administration fees and tax on the likelihood of a negative return.

Members should still ensure they are comfortable with the risks and potential losses associated with their chosen investment option[s].


Strategic asset allocation


Asset Allocation

Benchmark %

Range %


Cash 0 0-10

International sharesInvestor profile: This investment option seeks significant growth above inflation in the longer term with a high exposure to risk. It is likely to suit members seeking long-term growth of their superannuation with high risk.

Investment objective: To outperform the aggregate benchmark of 50% MSCI World Index ex-Australia Unhedged and 50% MSCI World Index ex-Australia Hedged over rolling three year periods.

Investment strategy: Invests solely in international shares.



Asset Allocation

Benchmark %

Range %

Property 100 90-100Cash 0 0-10

PropertyInvestor profile: This investment option seeks growth above inflation over the medium-term with a medium exposure to risk. It is likely to suit members seeking mid to long-term growth of their superannuation with medium risk.

Investment objective: To outperform the Mercer Unlisted Property Trust Index over rolling 4-year periods.

Investment strategy: To provide investors with diversified exposure to a range of high-quality properties via unlisted property trusts.


Risk band: 5 – Medium to high: Estimated number of negative annual returns is 3 to 4 over any 20-year period.^

Australian sharesInvestor profile: This investment option seeks significant growth above inflation in the longer term with a high exposure to risk. It is likely to suit members seeking long-term growth of their superannuation with high risk.

Investment objective: To outperform the S&P/ASX 300 Accumulation Index over rolling 3-year periods. The S&P/ASX 300 Index includes the largest 300 companies listed on the Australian Securities Exchange.

Investment strategy: Invests predominantly in Australian shares.



Asset Allocation

Benchmark %

Range %



Cash 0 0-10

LOW MEDIUM HIGH


Asset Allocation

Benchmark %

Range %

Bonds 100 90-100Cash 0 0-10

Bonds [fixed interest]

Investor profile: This investment option seeks reliable short-term returns with security, but low potential for growth. It is likely to suit members with a short investment timeframe.

Investment objective: To outperform the aggregate benchmark of 50% Bloomberg AusBond Composite Bond Index and 50% Barclays Global Aggregate Bond Index [hedged to AUD] over rolling two year periods.

Investment strategy: May use index or active bond fund managers which invest in Australian and international bond markets.


Risk band: 4 – Medium: Estimated number of negative annual returns is 2 to 3 over any 20-year period.^

CashInvestor profile: This investment option seeks reliable short-term returns with maximum security, but low potential for growth. It is likely to suit members with a short investment timeframe.

Investment objective: To match the Bloomberg AusBond 90 Day Bank Bill Index. It aims to do this by investing in deposits, money market and fixed income securities.

Investment strategy: Invests solely in cash using major cash investment manager/s and/or allocation to term deposits.

Minimum investment timeframe: Short to medium term: if you choose this investment option, be prepared to stay invested in this option for at least 1 year.

Risk band: 1 – Very Low: Estimated number of negative annual returns is less than 0.5 over any 20-year period.^

Asset Allocation Range %

Cash 100

^The Standard Risk Measure is based on industry guidance to allow members to compare investment options that are expected to deliver a similar number of negative annual returns over any 20-year period.

The Standard Risk Measure is not a complete assessment of all forms of investment risk, for instance it does not detail what the size of a negative return could be or the potential for a positive return to be less than a member may require to meet their objectives. Further, it does not take into account the impact of administration fees and tax on the likelihood of a negative return.

Members should still ensure they are comfortable with the risks and potential losses associated with their chosen investment option[s].



Service providers

Administrator Australian Administration Services Pty Ltd

Auditor BDO Audit Pty Ltd

Internal auditor KPMG

Custodian JPMorgan Chase Bank, N.A. [Sydney Branch]

Insurer: Life & TPD Insurance Hannover Life Re of Australasia Ltd

Insurer: PayGuard [Income Protection] Chubb through Windsor Income Protection Pty Ltd

Investment Adviser JANA Investment Advisers Pty Ltd

Legal Advisers Corrs Chambers Westgarth, Thomson Geer, Mills Oakley

Personal Financial Advice IS Financial Planning Pty Ltd trading as Intrust360° – a corporate authorised representative of Adviser Network Pty Ltd

Investment manager changes Intrust Super made one investment manager change in 2017/18: Removed: Macquarie Investment Management

Our investment adviser JANA Investment Advisers Pty Ltd [JANA] was established in 1987 as a specialist investment adviser to large institutional investors such as Intrust Super. JANA provides extensive research and recommendations on investment strategy and managers for the Fund. With JANA’s assistance, the Trustee monitors and reviews the performance of each investment manager.


Investment manager allocations as at 30 June 2018 Intrust Super appoints a range of specialist investment managers, with a track record of providing solid and consistent returns, to invest on the Fund’s behalf. Each manager is chosen based on their suitability in relation to the Fund’s overall investment objectives and strategy. Their investment performance is regularly reviewed and changes are made where necessary. The managers in place at 30 June 2018 are shown in the table below:

Investment Managers Assets $ % of total assets

Australian Equities

Cooper Investors 117,738,394 4.5%Paradice Investment Management 133,582,765 5.1%Greencape Capital 189,211,087 7.2%T Rowe Price 58,816,644 2.2%DNR Capital 101,962,441 3.9%Pendal Group 88,164,209 3.4%

International Equities

Neuberger Berman 76,935,937 2.9%T Rowe Price 146,017,948 5.6%Investec 159,688,222 6.1%Sands Capital 137,881,787 5.2%Causeway Capital Management 162,266,023 6.2%

Growth Alternatives

AMP Capital Investors 8,177,720 0.3%Industry Super Holdings/ME Bank 1,314,886 0.1%Gardior 2,531,260 0.1%ISF Investment Trust 27,274,250 1.0%Standard Life Investments 50,984,681 1.9%Schroder Investment Management Australia 30,504,676 1.2%Kayne Anderson Capital Advisors 30,869,573 1.2%

Defensive Alternatives

Vinva Investment Management 59,211,831 2.3%Apollo Global Management 68,431,290 2.6%QIC 12,691,030 0.5%Hayfin Capital Management 48,533,548 1.8%Bentham Asset Management 66,481,265 2.5%

InfrastructureAMP Capital Investors 73,915,808 2.8%Redpoint Investment Management 24,931,105 0.9%Morrison & Co 66,089,930 2.5%

Property

QIC 168,972,988 6.4%Direct Property 8,099,804 0.3%Charter Hall 60,380,566 2.3%La Salle Investment Management 2,061,469 0.1%

Bond [Fixed Interest]

ME Portfolio Management 274,573 0.0%AMP Capital Investors 43,477,878 1.7%Pimco Australia 185,020,109 7.0%

Cash

ME Bank 6,059,709 0.2%Custodian Cash 31,831,429 1.2%Term Deposits 114,130,128 4.3%QIC Cash Enhanced Fund 66,756,485 2.5%

TOTAL 2,631,273,451 100.0%


Other investment information How investment returns are paid With Core Super | MySuper, members can choose any combination of the eight investment options available. Executive Super, Select Super and Super Stream members can choose any combination of ten options. Investment switching is free and available weekly across all products. All products are unitised.

This means that account balance and transaction details for all products are expressed as both units and dollars. All transactions are unit-based and units are priced each week according to market movements. Your account balance at any time is equal to the number of units you hold in each investment option multiplied by the investment option’s current unit price. To view the latest unit prices log in to member access by visiting intrust.com.au.

Our approach to investing The long-term objective of all superannuation savings should be to maintain or enhance the purchasing power of members’ savings. While short-term volatility of returns is clearly important for the Fund, the real risk is whether the investments of the Fund will deliver long-term real returns sufficient to meet the retirement aspirations of members.

All the Fund’s asset classes are actively managed, and investments are selected purely for their ability to help achieve the relevant investment objective. Decisions about the selection, retention or realisation of the investments in the Fund are primarily based on economic or financial factors. When selecting, retaining or realising the Intrust Super investments, we do not take into account labour standards or environmental, social or ethical considerations, although sometimes these matters do affect economic factors that in turn affect investments.

Our policy towards the use of derivatives Intrust Super does not use derivatives directly. However, our underlying investment managers may use and invest in derivatives such as futures and options. Derivatives are used to protect the values of portfolios against major falls in market prices or to change a portfolio’s exposure to markets more rapidly and efficiently than what could be achieved through the direct purchase or sale of physical assets. To assist in achieving the Fund’s investment objectives, the chosen investment managers may use tactical asset allocation techniques, which could include investments in derivatives.

Our policy on incorrect unit pricesIntrust Super provides compensation to members for unit pricing errors in line with the ASIC Regulatory Guide on unit pricing best practice.


Some investment terms explained Annualised return [%pa]: An investment return expressed in yearly terms, even though it does not apply directly to a single year. If the total return on an investment, over two years, was 21% for example, then the two-year annualised return would be 10%. This is because a 10% annual return is required in two consecutive years, to generate a total return of 21%.

Compounding: Compounding refers to the reinvestment or assumed reinvestment of returns into an investment portfolio. As a result of this, returns in future years are generated on top of returns from this year or, as is commonly quipped “interest is paid on interest”. An investment of $100, made one year ago, would have grown by $10, to $110 today, if the return was 10%. If none of that money was touched, and it was left to grow, the returns would be compounded next year. For instance, if next year the return was again 10%, the portfolio would grow by $11, to $121 at the end of next year. The dollar return is higher because the return in the second year compounded the first year’s return.

Unlisted property: An investment in property [for example, office blocks, shopping centres, resorts, hotels] that is not made through a portfolio listed on the stock exchange [ASX]. Securities issued by unlisted companies and investment in unlisted property generally cannot be traded on the ASX but must be sold directly.


FinancialsFinancial statementsThis summary has been prepared from the audited financial accounts for the Intrust Super 2017/18 financial year. The audited Annual Statements are available at intrust.com.au.

Statement of Financial Position as at 30 June 2018 2018 2017

ASSETS Cash and cash equivalents 9,831,659 14,389,432

Receivables 517,089 72,720

Investments

Cash and short term deposits 111,059,490 89,125,397

Interest bearing securities 342,902,709 286,599,707

Australian equities 690,393,847 594,462,343

International equities 676,028,057 572,270,564

Opportunities 571,364,030 495,936,604

Property 239,514,827 280,688,546

Property, plant and equipment 1,547,331 865,670

Total assets 2,643,159,039 2,334,410,983

LIABILITIESPayables [4,986,538] [4,300,001]

Cash in transit [3,337,430] [3,340,319]

Income tax payable [4,874,379] [2,986,852]

Deferred tax liabilities [32,109,221] [31,826,558]

Total liabilities excluding member benefits [45,307,568] [42,453,730]

Net assets available for member benefits 2,597,851,471 2,291,957,253

MEMBER BENEFITSAllocated to members [2,579,244,630] [2,273,740,596]

Unallocated to members [21,803] [123,885]

Total member liabilities [2,579,266,433] [2,273,864,481]

Net assets 18,585,038 18,092,772

EQUITYOther reserves [12,525,330] [12,931,618]

Operational risk reserve [6,059,708] [5,161,154]

Total equity [18,585,038] [18,092,772]


Income Statement as at 30 June 2018 2018 2017

SUPERANNUATION ACTIVITIESInterest 2,930,682 2,765,343

Dividend revenue 26,640,483 22,859,952

Distributions from unit trusts 72,260,833 42,003,905

Changes in assets measured at fair value 170,334,058 211,202,478

Other investment income 1,638,446 1,398,963

Other income 294,372 256,680

Total superannuation activities income 274,098,874 280,487,321

Investment expenses [10,809,191] [8,355,339]

Operating expenses [15,361,431] [15,304,314]

Anti-detriment expenses [95,679] [345,646]

Total expenses [26,266,301] [24,005,299]

Net result from superannuation activities 247,832,573 256,482,022

Profit from operating activities 247,832,573 256,482,022

Less: Net benefits allocated to members' accounts [231,960,895] [232,106,592]

Profit/[loss] before income tax 15,871,678 24,375,430

Income tax expense/[benefit] 15,379,412 17,494,519

Profit after income tax 492,266 6,880,911


Statement of Changes in Members Benefits as at 30 June 2018 2018 2017

Opening balance of member benefits 2,273,864,481 1,957,701,687ContributionsEmployer 180,650,217 166,722,084Member 18,306,609 20,195,636Transfer from other superannuation plans 90,625,352 91,668,453Government co-contributions 350,152 371,501Income tax on contributions [23,396,645] [21,181,524]

Net after tax contributions 266,535,685 257,776,150

Benefits to members/beneficiaries [180,574,990] [163,330,658]Insurance premiums charged to members' accounts [25,972,987] [25,494,390]Death and disability insurance benefits credited to members' accounts 13,453,350 15,105,100Benefits allocated to members' accounts, comprising Net investment income 241,596,791 242,007,263 Administration fees [9,635,897] [9,900,671]

Closing balance of member benefits 2,579,266,433 2,273,864,481

Reserves Intrust Super maintains reserves to cover the operational costs of the Fund. The reserves are invested in a manner consistent with the Fund’s investment strategy in the Balanced option and in a manner that allows the fund to discharge its liabilities as they fall due. The value of the reserve as at 30 June for the past three financial years is listed below:

30 June 2018 $18,585,038

30 June 2017 $18,092,772

30 June 2016 $12,067,743

Operational Risk Financial Requirement Reserve [ORFR] Included in the reserves is the ORFR which is a requirement of Prudential Standard SPS114. The purpose of this operational risk reserve is to provide funding for incidents where material losses may arise from operational risk relating to the Fund.

The level of reserve is determined by the Board based on an assessment of the risks faced by the Fund.

The Fund’s ORFR of $6,059,708 was fully funded as of 30 June 2018.


Other important informationKeep your details up to dateYour superannuation is likely to be a significant part of your future retirement nest egg. By staying in touch with you, we can help you keep track of your savings. Please help us help you by keeping the following personal details up to date:

Your address. Intrust Super requires your current postal address in order to send regular communications about your account. If we are unable to contact you, and your account balance is under $6,000, in some circumstances, we may be required to transfer your account balance to the Australian Taxation Office.

Your insurance. Intrust Super provides you with the option of holding life insurance, total and permanent disability insurance and income protection insurance within your account. Eligible members receive a prescribed level of default insurance cover upon joining the Fund [even if you are casual] and there is the option to increase the levels of cover throughout your membership, which may be subject to underwriting. Please review your personal insurance regularly to ensure that the levels of cover you have are appropriate for your needs. Please see the relevant Product Disclosure Statement for further information.

Your beneficiaries. It is important to advise Intrust Super in writing of your preferred beneficiaries. Your “beneficiary” is the person[s] to whom the balance of your superannuation account, including any attached life insurance, would be paid in the event of your death.

The Superannuation Industry [Supervision] Regulations 1994 require that a fund can only pay a death benefit to either or both of:

• the member’s legal personal representative – the person handling the estate of the deceased member, or

• one or more of the member’s dependants.

A “dependant” is defined as including:

• the spouse of the member – this can include a de facto or same-sex spouse;

• any child of the member;

• any person with whom the member had an ‘interdependency relationship’; and

• any person who was wholly or partially financially dependent on the member.

There are two types of beneficiary nominations:

• binding

• non-binding.

Please remember to review the beneficiaries listed on your superannuation fund whenever your personal circumstances change over the years.

Your contributions. While the Trustee does have a follow-up process in place to contact employers who have not made contributions to the Fund by the due date, you should also check your pay slip and online super fund account details regularly to ensure that you are receiving the contributions you are entitled to. Your SG payments are due at least quarterly and potentially more often under certain industrial awards.


Unclaimed benefitsIf we have to make a payment to you and are unable to do so because we cannot contact you or your beneficiaries to ask for payment instructions, we will pay the money to the Australian Tax Office [ATO]. This money can be claimed at any time by contacting the ATO on 13 10 20.

Keeping you in the loopTo help you stay fully informed about your Intrust Super account and superannuation matters in general, we provide the following regular communications:

• An annual Member Statement.

• This Annual Report.

• Lunchroom seminars at various work places.

• Phone and email support through our Contact Centre.

• Your very own Super Concierge who can contact you at a time that suits your schedule.

• Information at your fingertips at intrust.com.au.

Trustee indemnity insuranceTo protect both the Trustee and our members’ benefits, the Trustee has taken out indemnity insurance. This protects the Trustee against any claims it cannot satisfy from Fund assets.

Trust Deed amendmentsThe Trust Deed is the document that sets out the rules associated with Intrust Super. The Trust Deed was recently reviewed and no updates were required.

Additional information At any time you can ask for a copy of the Trust Deed [the Fund’s rules], the latest audited accounts, a copy of the Fund’s Life and PayGuard Insurance policies or the latest Product Disclosure Statements. Contact us on 132 467 or visit intrust.com.au if you would like any of these documents.

Enquiries Please direct all enquiries to the Intrust Super Contact Centre by phone, email, in writing, or in person. The Fund’s Contact Centre is open from 8am to 8pm [AEST].

Core Super, Executive Super and Select Super members:Phone 132 467

Visit Level 21, 10 Eagle Street Brisbane QLD 4000

Mail GPO Box 1416 Brisbane QLD 4001

Fax 1800 603 234

Email [email protected]

Super Stream members:Phone 1800 000 324

Visit Level 21, 10 Eagle Street Brisbane QLD 4001

Mail Locked Bag 5042 Parramatta NSW 2124

Fax 1800 663 833


Complaints Intrust Super aims to deliver high-quality customer service to all our members. If you have any feedback for us, please give us a call on 132 467. You can also submit a complaint to the Enquiries and Complaints Managers per the contact details above.

We will do our best to acknowledge all complaints in writing within one working day of receipt and aim to resolve all complaints within five working days of receipt. However, at times, the nature of the complaint may not make this possible. In these cases, the Trustee will resolve any complaints within a maximum of 90 days.


If you are not satisfied with the way we handle your complaint or with its resolution, you may contact the Australian Financial Complaints Authority [AFCA]. AFCA is an independent body set up by the Federal Government to assist members or beneficiaries to resolve certain superannuation complaints and complaints relating to financial advice.

You can lodge a complaint with AFCA via the contact details below. AFCA provides fair and independent financial services complaint resoution that is free to customers.

Australian Financial Complaints Authority [AFCA]Mail GPO Box 3

Melbourne Vic 3001

Phone 1800 931 678


Website afca.org.au

Privacy Intrust Super collects your personal information to establish and administer your account. If you would like to access any personal information we hold about you, please contact us. A copy of the Fund’s Privacy Policy is available on request or by visiting intrust.com.au.

Contact

Visit Level 21, 10 Eagle Street, Brisbane QLD 4000

Mail GPO Box 1416, Brisbane QLD 4001

Fax 1800 603 234


CONNECT WITH US

132 467 intrust.com.au


Documents

2017 18 - Intrust Super … · Australia’s hospitality industry union, United Voice [Qld branch], formerly the Liquor, Hospitality and Miscellaneous Union [Qld branch], Fiona Scalon