BOC Super. It`s my fund

Transcription

BOCSUPER
BOC Super. It’s my fund
ANNUAL REPORT
FOR THE YEAR ENDING 30 JUNE 2007
Issued by
BOC Superannuation Pty Limited
ABN 83 080 598 821
AFS Licence No. 287131
RSE Licence No. L0000710
as Trustee of the
BOC Gases Superannuation Fund
ABN 49 620 344 668
RSE Registration No. R1000832
10 Julius Avenue, North Ryde NSW 2113
Phone 1300 136 829
Fax 03 9245 5827
www.bocsuper.com.au
Headline news in 2007
Investment return of 14.52% in
the year to 30 June 2007 for the
High Growth investment option
Further protected your super
savings by ongoing improvements
to systems and processes
You’re part of a successful and growing
fund: there are now 3,474 members and
$589 million in BOC Super
Members contributed $6.8 million to their super more than twice the amount they contributed in 2006
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BOC SUPER ANNUAL REPORT 2007
Gave you a choice of four investment
options, so you can invest your super
to suit your needs
Answered over 3,250 inquiries
from members who called the
Fund’s Helpline, sent us an email or
rang the Fund manager
Visited 14 BOC locations to speak directly with
members – over 550 people attended one of the
23 presentations and 200 DVDs were distributed
Continued to improve our communications, with
easier to read newsletters and annual reports
70
BOC Super
celebrates
years of
looking
after our
members’
retirement
savings
3
super
How your super was invested
What happened in investment markets
Growth in the Australian economy was strong despite the impact of the drought.
However, the growth wasn’t evenly spread – the resources sector continued to boom but the
residential construction market was flat. The strong growth in the economy provided the
basis for overall strong growth in equity markets.
Inflation reached a ten-year high. To keep it under control the Reserve Bank increased
interest rates twice during the year, with a total increase of 0.5%.
Global economic growth was also strong in 2006/2007, with strong performances
in Europe and Asia, but a slowdown in the US economy. China continued to show
phenomenal growth, which benefited various parts of the Australian economy.
Unemployment was at a 30-year low.
Private equity investors were active in the Australian market, being involved in a
number of deals or potential deals with large, well-known Australian companies (eg Coles,
Qantas, PBL, Cleanaway, Channel 7).
The beginning of the 2007/2008 year saw the emergence of sub-prime lending problems in
the US (ie lending to high risk borrowers). This has resulted in volatility in global financial
markets and declining share prices. The full impact of this situation is not yet known.
KATHY HOCKER
Area Business Manager, NSW
BOC Super member for 13 years
BOC Super is a great fund and I’m passionate
about using my business skills to serve the
interests of members. We need to keep up the
excellent returns and to continue innovating to
provide members with the options they want.
Retirement is a long way off for me but super is
a great, tax-effective way to save and just a few
extra dollars now will have a significant impact
on my retirement savings.
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AUSTRALIAN SHARES
INTERNATIONAL SHARES
PROPERTY
AUSTRALIAN BONDS
INTERNATIONAL BONDS
ALTERNATIVES
CASH
Your investment options
High Growth
Aggressive Growth
Low Growth
Cash
14.52%
(for 12 months to 30/06/2007)
11.92% **
(for 9 months only)
4.02% **
(for 9 months only)
3.70% **
(for 9 months only)
Net return for
pension members
2006/07 (no tax
applies)
17.18%
(for 12 months to 30/06/2007)
14.11%**
(for 9 months only)
4.74%**
(for 9 months only)
4.37%**
(for 9 months only)
Investment
strategy
To deliver a high level of return
within a portfolio invested
across a diverse mix of assets
and markets, including shares,
property, alternative assets and
bonds.
To deliver the maximum
possible long-term return by
accepting increased volatility
in returns over the short to
medium term. Has a very high
exposure to Australian and
international share markets.
A substantially more defensive
option than High Growth
although it offers higher returns
than the Cash option with
commensurately higher risk.
Invested across a diverse mix
of assets and markets, including
shares, property and bonds.
To preserve capital and match
the return of bank bill index
(the common measure of the
institutional cash rate) after
fees and tax. Minimal scope of
positive returns after inflation.
Investment
objective
To earn a rate of return (net of
tax and investment fees) that
exceeds the prevailing inflation
rate by at least 4% per annum
over rolling 7-year periods.
To earn a rate of return (net
of tax and investment fees)
that exceeds the prevailing
inflation rate by at least 4.75%
per annum over rolling 10-year
periods.
To earn a rate of return (net of
tax and investment fees) that
exceeds the prevailing inflation
rate by at least 1% per annum
over rolling 3-year periods.
To earn a positive rate
of return (net of tax and
investment fees) over rolling
1-year periods.
Risk profile
Medium to high
High
Low
Low
Net return for
non-pension
members 2006/07*
Investment
mix as at
30/06/2007
9%
9.8%
10.5%
5.5%
5%
35%
High
Growth
10%
25%
9.5%
10%
36%
Aggressive
Growth
1%
Low
Growth
9%
Cash
15%
35%
Net returns
for non-pension
members for
periods ending
30/06/2007*
2007
2006
2005
2004
2003
5-year compound
average
10-year compound
average
14.5%
16.5%
12.2%
16.9%
0.7%
44.7%
30%
Not applicable
Not applicable
100%
Not applicable
12.0% pa
9.8% pa
** Return is for 9 months to 30 June 2007 as the option was only introduced from 1 October 2006. The comparative rates for the High Growth
option for the 9 months from 1 October 2006 to 30 June 2007 are 11.59% for non-pension members and 13.66% for pension members.
* All rates are net of fees and taxes.
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Guidelines for investing
BOC Super has an investment policy that sets the investment strategy and objectives for the Fund, and sets
benchmarks for monitoring the Fund’s performance. It helps ensure that BOC Super gets strong investment
returns for you.
The investment policy also covers details like the appointment of investment managers and guidelines for
investing in futures and options.
Who manages your investments
BOC Super uses a number of professional investment managers to manage its assets. Intech Fiduciaries Limited
(Intech) is BOC Super’s investment consultant.
Intech also oversees the management of a considerable portion of the BOC Super assets through the Intech
implemented consulting product suite: these are the Intech Investment Trusts.
During the financial year, the Trustee continued to move assets progressively into Intech investment trusts.
MANAGERS FOR THE NEW INVESTMENT
OPTIONS AT 30 JUNE 2007
Investment manager or product
2006
2007
Intech Australian shares
36.4%
37.4%
Intech international shares
34.7%
33.0%
AMP property & alternative assets
10.6%
10.6%
PIMCO international bonds
4.6%
0.0%
Intech international bonds
0.0%
4.3%
BGI cash
7.6%
7.5%
BGI TAA
2.1%
0.0%
Mellon active overlay
3.0%
0.0%
Intech global tactical strategies
0.0%
5.5%
Mellon passive overlay
0.7%
1.7%
BNP Paribas funding account
0.3%
0.0%
Total
100.0% 100.0%
SPECIALIST INVESTMENT MANAGERS IN
VARIOUS SECTORS MANAGED BY INTECH
AS AT 30 JUNE 2007
DOMESTIC SHARES
452 Capital, Bernstein, Concord, GMO, Northcape,
Lazard, Platypus, Quest, Wallara
INTERNATIONAL SHARES
Altrinsic, Axiom, Bernstein, BGI, Marathon, Pzena,
Sands Capital, Vanguard, Trilogy, William Blair
INTERNATIONAL BONDS
Aberdeen, Colchester, Vanguard
GLOBAL STRATEGIES
BGI, Mellon, First Quadrant, AQR
ALLAN MURPHY
Superannuation Manager, South Pacific
I came to BOC Super as I knew it was a well-run, not-for-profit fund.
It’s got great benefits for members including free insurance, paid for
by BOC. One of my aims is to help members save on unnecessary fees by
consolidating their super. For me, super is a great, tax-effective way to save
and I try and add a bit to my super even though it can be hard with
a mortgage and four kids to support.
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Three new investment options were introduced from 1 October 2006.
MANAGERS FOR THE NEW INVESTMENT OPTIONS AT 30 JUNE 2007
Aggressive Growth
Low Growth
Cash
Intech Australian shares
36.2%
10.3%
0%
Intech international shares
45.5%
10.0%
0%
Intech Australian property securities
0.0%
5.1%
0%
Intech international property securities
9.5%
3.9%
0%
Intech global tactical strategies
8.8%
1.0%
0%
Intech Australian bonds
na
14.9%
0%
Intech international bonds
na
29.9%
0%
Intech cash
na
24.9%
100%
Total
100.0%
100.0%
100.0%
How your investment returns are calculated
Investment earnings are calculated on your daily account balance. The rate depends on the
investment performance of the investment option(s) in which your account is invested.
The Trustee calculates the earnings rate for each option at least annually and this rate is
called the crediting rate. The crediting rate is determined from the net investment earnings
of each option after deducting investment related expenses.
Interim crediting rates are calculated weekly to enable pricing of contribution receipts and
benefit payments. These weekly rates are used to calculate the benefit values shown in your
personal account pages on the Fund’s website.
Our policy on derivatives
The Trustee does not directly use derivative instruments (eg futures contracts, forward
transactions and options). With the exception of one investment manager with specialist
expertise in using derivatives (an asset allocation overlay manager), no investment manager
is permitted to use derivatives to an extent greater than the value of BOC Super’s assets
that are managed by them. Under the Trustee’s investment policy statement, an asset
allocation overlay manager may use derivatives to the extent of the total value of assets and
asset classes of BOC Super and under investment management agreement guidelines which
ensure that the net exposures that are created are consistent with the provisions of the
Trustee’s investment policy statement.
GRAEME BARTRAM
Director of Human Resources, South Pacific and Company Secretary
I feel privileged to have been appointed a Trustee of
BOC Super to represent the interests of members. It
is a great fund with a long history of innovation and it
doesn’t have the high fees of commercial funds. We need
to continue to be innovative while being prudent and
sensible to achieve good returns. I know it’s important to
put a little extra into super each month as the impact on
my retirement income will be significant.
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Super for those who can’t yet imagine
While you might not like to
think about getting old, think
how much worse it would be to
be old and poor!
When you’re in your 20s and 30s, and perhaps even 40s, retirement can be a foreign
concept. You may even wonder whether it will still be possible to retire by the time you
turn 60. So investing in super might seem like a waste of money, but there are plenty of
reasons why saving just a bit of money in super now is worthwhile.
Here are 6 good reasons why super is a good idea.
1. No fuss, no bother way to save
Super is a simple, easy way to save for the long term. For a start, you’ve already got a super
account that BOC contributes to for you.
There are a couple of easy ways you can save a bit more:
• organise for payroll to make a regular deduction from your salary (pre-tax or after-tax)
and pay this directly into your super account, or
• make a lump sum contribution by completing a Personal Lump Sum Contribution form.
You can also increase or decrease how much personal contribution you want to make at any time.
2. Pay less tax
The contribution that BOC pays into your super fund is taxed at just 15%, compared with
a tax of 31.5% on incomes of $30,001 to $75,000 pa.
On top of this, you can make your own additional contributions to super on a pre-tax basis
(often called salary sacrifice). Your additional pre-tax contributions are similarly only taxed
at 15%.
EXAMPLE
Earn $40,000 pa no salary sacrifice
Earn $40,000 pa contribute $2,000
to super pre-tax
Earn $80,000 pa
- no salary sacrifice
Earn $80,000 pa contribute $8,000
to super pre-tax
Tax paid
Medicare levy
Income less tax
Contribution to super 1
2
Total tax paid
Total funds you receive (in salary and super)
$6,600
$600
$32,800
nil
$7,200
$32,800
$6,000
$570
$31,430
$1,700
$6,870
$33,130
$19,100
$1,200
$59,700
nil
$20,300
$59,700
$16,200
$1,080
$54,720
$6,800
$18,480
$61,520
1
2
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Contribution less 15% contributions tax.
Income tax plus Medicare levy plus contributions tax.
retirement
3. Receive a super gift from the government
If you earn less than $58,980 pa and make an after-tax contribution to your super, the
government will give you some extra money for your super. That’s right – free money, no
strings attached!
The government will add up to $1.50 for every after-tax $1 you contribute with a
maximum contribution of $1,500 for people earning $28,980 or less.
4. A little bit saved over the long term adds up
It’s amazing how saving just a little bit now really adds up over the long term. And if you
are a long way from retiring, why not make the most of the “magic of compound interest”?
For example, if you put $2,000 into super this year and it grew at 7% a year (with the
interest being re-invested) then you’d have over $7,700 in 20 years.
Even better, if you saved $2,000 a year for 20 years and it grew at 7% you’d end up with
over $87,700.
5. Choose how your money is invested
BOC Super offers you four different ways to invest your super savings. Each of these options
has been carefully constructed to offer investments with different levels of risk and different
levels of return.
You can choose one of these options, or a mix of options, to suit your needs. It’s up to you
how much risk you’re comfortable with, and what level of retirement savings you want to
achieve. If you don’t make a choice, your money will be automatically invested in the High
Growth option. You can change your investment option at any time.
6. Super looks after your loved ones
Right now, your spouse and children might be the most important thing in your life. Your
super can help look after them if something happens to you.
If you are a part-time or full-time BOC employee, you generally receive disability income
and death cover as part of your membership of BOC Super. Your death benefit is your
account balance plus a multiple of your salary. That means, the more you have in your super
account the more your beneficiaries receive.
www.bocsuper.com.au
The disability income benefit can provide up to 75% of your normal salary while you’re
unable to work to help you financially through an extended period of illness. (See the
Product Disclosure Statement for full details.)
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Super for those who realise they’ll retire
There comes a time when we
start to accept that one day
we’ll have to retire. In fact, you
might already be concerned that
retirement isn’t that far off, and
be wondering what you should
know, and what you should do,
about your super.
If this sounds like you then the following features of super will help you plan your future.
(For a refresher on the basics of super, see pages 8 and 9 of this Annual Report.)
1. Tax-free super – from age 60
From 1 July 2007, people aged 60 or more can withdraw money from their super, either as
a lump sum or pension, tax free.
If you are aged 55 to 59, you can receive $140,000 tax free (this is a life-time limit and will
be indexed from time to time). Above that limit, super is taxed at 16.5% including the
Medicare levy.
2. How much you can contribute to super
From 1 July 2007, you can make pre-tax contributions to super of up to $50,000 pa at
concessional tax rates (this limit includes your employer’s contributions). However,
people aged 50 or more have been given a final opportunity to top up their super
with pre-tax earnings. Until 1 July 2012, they can make a pre-tax contribution
of up to $100,000 pa. After that date, the limit is $50,000 (indexed)
regardless of your age.
You can also contribute $150,000 pa from your post-tax income or
savings. People aged less than 65 can make three years’ worth of post-tax
contributions ($450,000) in one go, but then won’t be able to make further
post-tax contributions until the end of the three years.
TREVOR HALL
Engineering Manager, Southern
As a BOC Super member for 41 years, I’ve witnessed the Fund’s history of
good management and above-average investment performance. I became a
trustee in 2001 when several colleagues suggested it to me and I want to see the
Fund continue to achieve strong returns and excellent service. When I eventually
move on to retirement, the BOC Super pension will be my preferred choice
because it offers excellent investment options.
10
one day
3. RBLs are gone
The removal of Reasonable Benefit Limits (RBLs) from 1 July 2007 means that you don’t
have to worry about having “too much” super anymore. RBLs limited the amount of super
you could receive at a concessional tax rate, but they no longer apply. If you are aged 60 or
more there is no limit to how much super you can receive tax free.
4. Easing yourself into retirement
You don’t have to jump into retirement in one big leap. You can take it slowly, one step at
a time, gradually reducing your work hours. AND, by topping up your reduced income
from less hours of work with an income stream from your super (such as a BOC Super
pension), you can maintain your standard of living.
Less hours of work, same income – sounds like a good deal!
You can alternatively use this option to top up your super and save tax, while continuing
to work full time. By salary sacrificing some of your income into super, and drawing on a
pension to make up the lost take-home pay, you will save on tax. That means more money
for you.
You need to make sure you understand all the implications of “transitioning to retirement”,
but it can make this life changing event easier.
5. Leave your money in super – even when you retire
There’s no need to take your money out of super even when you stop
working. Your money can stay in a BOC Super account for as long as
you like. And you can continue to make personal contributions to super
between ages 65 and 75 if you’re employed for at least 40 hours in any
period of 30 consecutive days over each financial year.
If you retire from BOC (or leave the company before then) and have
at least $10,000 in BOC Super then you can stay with the Fund in a
Retained member account. Alternatively, if you’re over 55 and have more
than $25,000 you can take out a tax-effective pension.
Helpline
1300 136 829
11
What’s great about BOC Super
A fund just for you
BOC Super is a not-for-profit fund. It is run by BOC employees for BOC employees, their
spouses and ex-employees. We focus on looking after your super and don’t have to make
profits for shareholders.
The trustees of the Fund are your colleagues at BOC and members of the Fund so they
understand your needs. There are three trustees elected by Fund members and three
appointed by BOC.
Great value, free insurance
In BOC Super, the Company pays the costs of administering your account while you’re an
employee.
The Company also pays for death and disability insurance cover for permanent employees
(subject to evidence of good health) who work more than 15 hours a week and are aged
under 60. While you are employed, you are covered 24 hours a day, 7 days a week. You get
a lump sum death benefit payable to your dependants if you die, and an income benefit of
up to 75% of your salary if you become disabled.
The only fee paid by current employees is a competitive investment management fee that
covers the cost of the professional investment managers we use.
JOHN LEETHAM
Manager, Commercial Business Analysts
I became a trustee to have a say in how my money
was invested, and to help build long-term wealth for
members. We need to continue to maximise the Fund’s
returns, but we also need to get younger members
more interested in their super and make it relevant to
them. Having the funds to live the lifestyle I desire
throughout my retirement is important to me as I
get closer to my post-work life.
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Choice of investments
We offer you a choice of four investment options so you can choose the one that best suits
you. Each option has a different mix across the asset classes – shares, property, fixed interest
and cash (see below). This means you can choose an option, or a combination of options, to
suit your objectives for growth and your risk tolerance.
You don’t have to make a choice and if you don’t your money will be invested in the High
Growth option. You can change your investment choice at any time and you get one
free switch a year. But remember, super is an investment for the long term so frequently
changing your option may not be a good idea.
We’re always here to help
Our focus is on providing you with the information and assistance you need to keep your
super on track. To do this, we provide you with:
• 24/7 online access to your super account (via a PIN, mailed soon after joining) so you
can check your account balance online and update your personal details when it suits you
• website www.bocsuper.com.au with our publications, forms, and helpful information
about super and investing
• Helpline to answer your inquiries from 8am to 7pm AEST, call 1300 136 829
• information to keep you up-to-date with news about super (newsletters, annual
reports, personal benefit statements, seminars and presentations).
Accounts for all the “BOC family”
As well as our accounts for current BOC employees, the Fund also offers:
• spouse accounts so your spouse can also join BOC Super and build their super savings
in a low-cost, well-managed, reliable fund (see the Spouse member Product Disclosure
Statement on our website).
• a pension product for people aged 55 or over who want to retire or transition to
retirement and have $25,000 or more in their super account fund (see the Pension
Product Disclosure Statement on our website).
• Retained member accounts for members who leave BOC and have more than $10,000
in their account.
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Financial summary
This is a summary of BOC Super’s audited accounts for the year ended 30 June 2007. If you
would like a copy of the audited accounts and the audit report, please call the Helpline on
1300 136 829.
STATEMENT OF CHANGE IN FINANCIAL POSITION 2006-2007
Net assets at 30 June 2006
Plus
Net investment revenue
Employer contributions
Member contributions
Transfers from other funds
Total revenue
Less
Benefits paid
Superannuation contributions surcharge
Income tax expense
General administration expenses
Total expenses
Equals
STATEMENT OF FINANCIAL POSITION AT 30 JUNE 2007
Assets
Investments
Other assets
Total assets
Less
Liabilities
Accrued expenses (including unpaid benefits)
Provision for income tax
Deferred tax liabilities
Total liabilities
Equals
Vested benefits at 30 June 2007
14
$509,249,058
$87,027,582
$19,498,622
$6,837,113
$7,840,687
$121,204,004
$33,493,621
$168,439
$6,534,061
$1,249,320
$41,445,441
$589,007,621
$589,690,632
$7,878,812
$597,569,444
$1,405,070
$7,142,350
$14,403
$8,561,823
$589,007,621
$559,154,753
Events during the year
Trustee election
Looking after your money
Offering investment options
As a member, you get to elect three trustees
to the BOC Super Trustee board. BOC
appoints another three trustees. Elections
are held every three years, with the latest
election being held in June 2007.
The three trustees elected by members
from eight candidates were:
The BOC Super trustees and manager
recognise that they have an important
responsibility to look after your savings.
While there are many laws and regulations
that help to keep your super safe, we
also believe in going a step further and
continually improving our systems and
processes to protect your money.
Investing can be a very personal thing.
Some people are comfortable seeing their
savings go up and down, knowing they will
grow in the long term, others prefer to see
small, steady growth and no losses. Some of
you may be getting close to retiring, while
for others it could be a very long way off.
Trevor Hall – first elected in 2001 and
re-elected in 2004 and 2007
In 2007, we continued our focus on trying
to make BOC Super even better. We:
John Leetham – first elected in 2001 and
re-elected in 2004 and 2007
• conducted a formal review of the BOC
Super investment arrangements
Warwick Webb – a BOC appointed
trustee from 2003 to March 2007 (when
he ceased employment at BOC). Elected
in June 2007 as a member representative
(Warwick is now a Retained member of the
fund).
• held a strategic planning day to plan for
the future of BOC Super
Linde takeover
• regularly reviewed compliance with the
Trustee’s legal and risk management
obligations
The global takeover of BOC by Linde was
completed during the year. BOC is still
operating under that name in Australia and
so there will also be no change to the name
of BOC Super.
• reviewed and updated policies on
investment management, compliance,
conflicts of interest, outsourcing, and
dispute resolution
In October 2006, we introduced four
investment options so you can choose an
option, or combination of options, to suit
your needs. Each option has a different mix
across the asset classes. If you don’t make
a choice, your money is invested in the
High Growth option. You can change your
investment at any time.
UK pensions
BOC Super was classified as a Qualifying
Recognised Overseas Pension Scheme under
United Kingdom legislation during the
year. This means that we can accept transfers
from a UK pension fund on your behalf.
• revised and replaced the formal Product
Disclosure Statements.
While there have been many changes at
BOC as a result of the takeover, it has not
had an impact on the Fund. We remain
focused on our services to you, and on how
we can continue to improve them.
www.bocsuper.com.au
15
Managing and protecting your super
Who runs your fund
Your fund is run by a Trustee company, BOC Superannuation Pty Limited, in line with its
governing legal document, the Trust Deed and super laws. There are six directors in the
Trustee Company – three elected by you, the members of BOC Super, and three appointed
by BOC Limited.
Directors of the Trustee at 30 June 2007 were
MEMBER REPRESENTATIVES
APPOINTED BY BOC LIMITED
Trevor Hall
John Leetham
Warwick Webb
Graeme Bartram
Kathy Hocker (Chairman)
Roger Smith
Allan Murphy is the Superannuation Manager for BOC Limited, South Pacific and manages
BOC Super.
During the year:
BOC Super’s advisers
The following specialist advisers help run
BOC Super.
• Neil Gleeson stood down as a member-elected trustee on ceasing employment with BOC
• Warwick Webb stood down as a BOC appointed trustee when he left BOC and was
replaced by Graeme Bartram. He was elected a member representative in June 2007.
• Sandra Bishop left the Board in October 2006 and was replaced by Roger Smith.
INVESTMENT
ADMINISTRATOR
CONSULTING
Mercer *
Trustee insurance protection
Intech Fiduciaries
Limited
LEGAL
The Trustee does not presently hold indemnity insurance as, under the Trust Deed, BOC
Limited has agreed to cover it for any loss suffered in exercising its power and duties as
Trustee, other than where the loss is because of dishonest acts or intentional or reckless
failure to exercise due care and diligence.
MASTER CUSTODIAN
Mercer Legal Pty Ltd
Henry Davis York
OF ASSETS
ACTUARY
BNP Paribas Security
Services
Watson Wyatt
AUDITOR
Aon Consulting
COMMUNICATIONS
Ernst & Young
* The Fund Helpline is administered by Mercer
(Australia) Pty Ltd under an agreement with the
Trustee. Mercer is a corporate authorised representative
of Mercer Investment Nominees Limited, AFS licence
number 235906.
Protecting your privacy
To provide your super benefits, and to properly manage BOC Super, the Fund collects and
holds personal information about you including your name, address, date of birth, gender,
occupation, and tax file number.
Your personal information may be provided to BOC Super’s administrator and professional
advisers, insurers, government bodies and other parties as required and permitted by law,
including the trustee of any other super fund you may transfer to.
BOC Super abides by the National Privacy Principles under the Privacy Act 1988 (Cth)
and has a Privacy Policy which sets out the way your personal information is handled.
If you would like a copy of our Privacy Policy or to request access to your personal
information, contact the Helpline on 1300 136 829 or contact BOC Super’s Privacy Officer.
16
Collection of tax file numbers (TFN)
You don’t have to provide your TFN to BOC Super, but if you don’t provide it you may
pay more tax than you need to. Also, if we don’t have your TFN we can’t accept any
contributions from post-tax earnings. Normally, the company provides your TFN to the
Fund when you start work.
The Trustee will treat your TFN as confidential and will use it for legal purposes only.
For details on the purposes currently authorised, see the full Product Disclosure Statement at
www.bocsuper.com.au.
BOC Super’s Eligible Rollover Fund (ERF)
An ERF is a fund designed for members who cannot be located or who do not respond to
letters from their superannuation fund.
Generally, the circumstances on which BOC Super transfers your benefit to an ERF are where:
(i) you leave employment with BOC and satisfy the following criteria:
(a) your gross benefit is less than $10,000, and
(b) we do not receive your response to our request for payment instructions within
90 days of requesting it, or
(ii) we write to you advising you that your benefit will be transferred to an ERF
unless, within the timeframe specified in the notice, you nominate an
alternative fund that is eligible to receive the benefit.
WARWICK WEBB
Member-elected Trustee Director
I was delighted to be elected by members as their first
retained member trustee in July 2007. I look forward
to contributing to further developing the Fund’s services
such as the internet site and investment choice and,
most importantly, working hard to achieve strong fund
investment performance in challenging times.
17
The ERF currently nominated by the
Trustee is:
AMP Eligible Rollover Fund
Locked Bag 5400
Parramatta NSW 1741
Phone
1300 653 456
Fax
03 9614 5682
Below is a summary of some of the
significant features of the ERF as at
1 July 2006.
The assets of the ERF are invested
in a capital guaranteed life insurance
policy (ERF Policy) issued to AMP
Superannuation Limited (ASL) by AMP
Life Limited (AMP Life). The ERF Policy
is a participating policy in AMP Life’s
Number 1 Statutory Fund (AMP No 1
Fund). There is no choice of investment
available to members within the ERF.
Returns are guaranteed never to be
negative. For larger account balances
(currently over $2,500) the investment
objective is to provide returns over the
longer term exceeding those from cash with
security of capital.
The investment strategy for the assets in
the AMP No 1 Fund (that are backing
the ERF Policy) is centred on cash and
fixed interest investments, supplemented
by investments in shares and property to
provide long-term growth.
AMP Life declares multi-tiered crediting
rates of investment earnings with respect to
the ERF Policy. The earnings to be credited
to a member’s account are calculated based
on a member’s daily balance and credited
annually (or on withdrawal). Where a
member’s account balance is less than
$1,000 no earnings are credited.
ROGER SMITH
Head of Finance and Control
When I took on my current role, I thought it was important
to become involved in running BOC Super. The company
makes a big commitment to the Fund and it’s an important
benefit for members. The Fund is an attractive option for past
and present BOC employees as it offers good returns and
minimal fees. To me super isn’t just about retirement, it’s
about having the financial security to make lifestyle choices
even before reaching retirement age.
18
There are no fees charged directly to a
member’s account by ASL. AMP Life
deducts administration and investment fees
as well as taxes (including earnings tax)
before declaring any interest to be credited
under the ERF Policy.
The ERF is unable to accept contributions
from members or their employers, however,
rollovers from other superannuation funds
are permitted.
Complaints process
If you have a question about your benefits
in BOC Super, please contact us. Most
enquiries can be dealt with over the phone.
If not, you may be asked to put your
enquiry in writing and you will generally
be answered within 28 days.
If your query or problem isn’t resolved to
your satisfaction, you should send a written
complaint to BOC Super’s Complaints
Officer. The matter will be investigated
and you will be advised of the Trustee’s
decision, or progress, as soon as possible
and within 90 days of receipt of the
complaint.
If you are not satisfied with the Trustee’s
decision, you may take the matter to the
Superannuation Complaints Tribunal
(SCT), an independent body set up by
the Federal Government to provide a
low-cost, informal forum for resolving
superannuation disputes. The SCT can be
contacted on 1300 780 808.
If the Tribunal accepts your complaint, it
will try to help you and the Trustee reach
a mutual agreement through conciliation.
If conciliation is unsuccessful, the Tribunal
can make a binding determination.
For privacy-related matters, the Privacy
Commissioner may review your complaint.
You can contact the Privacy Commissioner
on 1300 363 992.
About this report
This report has been issued by BOC
Superannuation Pty Limited (the Trustee)
to meet its Fund reporting obligations
under the Corporations Act. The
information in this report is general
information only and does not into take
into account any person’s individual
financial objectives, financial situation or
needs. We recommend that you speak to
a financial adviser if you need any specific
advice. The value of investments in the
investment options may rise and fall
from time to time. The Trustee and BOC
Limited (the Company) do not guarantee
the investment performance, earnings or
return of capital invested in BOC Super.
Please remember that past performance
is not necessarily a guide to future
performance.
All statements of law or matters affecting
superannuation policy are up-to-date as at
1 October 2007. Unless stated otherwise,
all other information contained in this
report is for the year ended 30 June 2007.
The terms of your membership in BOC
Super are set out in the Trust Deed. Should
there be any inconsistency between this
report and the Trust Deed, the terms of the
Trust Deed prevail. While all due care has
been taken in the preparation of this report,
the Trustee reserves its right to correct any
errors and omissions.
Unless expressly stated otherwise or
otherwise implied, any reference to ‘your
super’ is limited to mean your benefits with
BOC Super.
19
Contact BOC Super
We’re here to help. If you have any questions
about BOC Super, please contact us at:
BOC Gases Superannuation Fund
GPO Box 4303
Melbourne VIC 3001
Helpline: 1300 136 829
Fax: 03 9245 5827
www.bocsuper.com.au
Issued by BOC Superannuation Pty Limited
ABN 83 080 598 821
AFS Licence No. 287131
RSE Licence No. L0000710
as Trustee of the BOC Gases Superannuation Fund
ABN 49 620 344 668
RSE Registration No. R1000832
10 Julius Avenue, North Ryde NSW 2113
Thanks to BOC employee
Dane Atkinson for permission
to use his photo in this document.

BOC Super. It`s my fund

Transcription

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