STATE SUPER
INVESTMENT FUND
CLASS A
Product Disclosure Statement
Date of Issue 1 July 2014
State Super Financial Services Australia Limited ABN 86 003 742 756
Australian Financial Services Licence No. 238430
› Read this
This Product Disclosure Statement (PDS) is
designed to help you understand the main features
of the registered managed investment schemes
that comprise the State Super Investment Fund
(Investment Fund).
The Investment Fund currently consists of the
following managed investment schemes (Funds):
Cash Fund ARSN 090 078 443
Fixed Interest Fund
ARSN 150 755 249
Capital Stable Fund ARSN 090 078 961
Moderate Fund
ARSN 150 755 150
Balanced Fund ARSN 090 077 991
Growth Fund ARSN 090 078 103
Growth Plus Fund
ARSN 150 755 141
Australian Equities Fund
ARSN 150 755 196
International Equities Fund ARSN 150 755 294
When you invest in a Fund you purchase units in
a particular class of the Fund. This PDS relates to
Class A units in each Fund. In this PDS, when we
refer to the Investment Fund we are referring to the
Investment Fund – Class A, and when we refer to
units in a Fund, we are referring to Class A units. It
is important to bear in mind that this PDS contains
general information only about the Investment Fund.
It does not contain financial product advice nor does
it take into account your specific objectives, financial
situation or needs. You should consider whether it is
appropriate to you, having regard to your objectives,
financial situation and needs. We recommend that
you read this PDS carefully and consult your financial
planner before investing in the Investment Fund.
State Super Financial Services Australia Limited ABN
86 003 742 756, AFSL Number 238430 (referred
to in this PDS as SSFS, the responsible entity, the
trustee, we, us) is the responsible entity of each of
the schemes comprising the Investment Fund and
issues the interests (called units) in each of these
schemes. This PDS is issued solely by SSFS. No
other person (whether or not related to SSFS) is
responsible for any information contained in this
PDS.
2
In this PDS, we refer to SSFS in two roles. Firstly,
as the provider of financial planning services, and
secondly, as the responsible entity of the nine schemes
that comprise the Investment Fund.
The Investment Fund is available only to Australian
resident taxpayers.
Your investment in the Investment Fund is subject
to investment risk. This is because the value of
your scheme (and accordingly, your investment in
that scheme) may rise and fall, and at times the
returns in a scheme may be negative. None of the
Commonwealth, State or Territory Governments,
SSFS, the SAS Trustee Corporation, the investment
managers we appoint or our service providers or their
respective officers, employees or agents guarantee
that your investment in the Investment Fund will
increase or retain its value, guarantee the repayment
of the money you invest in the Investment Fund or
guarantee the performance of each scheme that
comprises the Investment Fund.
The information in each PDS and the Booklets
may change from time to time. We may update
information which is not materially adverse to you
on ssfs.com.au. A paper copy can also be obtained
without charge from your financial planner or by
calling 1800 620 305.
We may change any of the matters described in the
PDS and the Booklets from time to time. We will notify
you of material or significant changes which may affect
you before or after the change has taken place in
accordance with the law.
Changes to Funds
To ensure that the range of Funds continues to suit
the investment needs of our investors, we regularly
monitor our Funds and investment managers. We may
add, close or terminate Funds, add new investment
managers, as well as change the aim and strategy
and asset range or benchmark of a Fund at any
time, without prior notice to investors. If a Fund is
terminated, we will switch your moneys invested in
that Fund to another Fund, which will generally be of
a similar risk/return profile. We will notify you about
any material changes to the Funds or investment
managers.
State Super Investment Fund – Class A • Product Disclosure Statement
› Contents
STATE SUPER
INVESTMENT FUND – CLASS A
› State Super Financial Services Australia Limited
4
› The Investment Fund
4
› Investment process
5
› What are the risks of investing?
8
› Investment options
9
› How to invest
20
› How to switch and withdraw
21
› Transaction processing
23
› Reporting
25
› Death benefits
25
› Fees and other costs
26
› Taxation
34
› Additional Information
35
› Directory
38
Application forms
› Application form
› Regular investment application form
REGISTERED OFFICE
Level 7, 83 Clarence Street, SYDNEY
Mail: GPO Box 5336 Sydney NSW 2001
Telephone: 02 9333 9555
Fax: 02 9262 5472
Internet: www.ssfs.com.au
Visit our website www.ssfs.com.au or call 1800 620 305 for further information
3
› State Super Financial Services
›W
ho is State Super Financial
Services Australia Limited?
› What can our financial planning
service offer you?
SSFS is an integrated financial planning firm
providing financial planning, funds management and
implementation solutions. Services may be provided
to current and former public sector employees
(from all states, territories and federal and local
government) and their family members.
This service is designed to help you achieve your
personal investment and financial goals.
The financial planning service provides you with
financial advice and assistance to enable you to
develop your financial strategy and investment
portfolio in consultation with one of our financial
planners. In this way, we are able to assist you with
many of the complex issues often associated with
making investment decisions.
Our funds management service involves us acting
as the trustee or responsible entity of a number
of investment products, including as responsible
entity of each scheme in the Investment Fund. We
combine specialist investment managers to seek
investment returns consistent with the objective
and level of risk for each scheme. The investment
managers are rigorously and continuously monitored
to ensure compliance with their investment
mandates. Because the investment managers
manage significant pools of assets we are able to
negotiate competitive investment management fees
on your behalf.
Our combined financial planning and funds
management services benefit you by having your
financial strategy and investment managed by the
one organisation, yet spreading your money across a
number of investment managers and markets.
4
The benefits you receive from our financial planning
service include:
 access to a qualified financial planner who is
trained and supported in the technical issues and
changes that are important to financial planning;
 the development of a financial and investment
strategy tailored to your individual needs;
 the preparation of a personal financial plan;
 the opportunity to review your financial needs
with a financial planner;
 reporting on a half yearly basis.
› The Investment Fund
The Investment Fund has been designed to allow
you to develop your own financial strategy and
investment portfolio in conjunction with your financial
planner.
› Classes of units
When you invest in a Fund you purchase units in a
particular class of the Fund. The Trustee may allow
different fees to be charged to different classes,
although all investors of a single class will be treated
equally. This PDS relates to Class A units only.
State Super Investment Fund – Class A • Product Disclosure Statement
› Investment process
› Managed investment schemes
to choose from
A basic requirement of successful investment is
diversification. You can choose to invest in one or
a combination of managed investment schemes
(called Funds), each having a separate investment
strategy. These are:
 the Cash Fund
 the Fixed Interest Fund
 the Capital Stable Fund
the date of this PDS is set out on pages 11 to 19.
We may review and vary a Fund’s strategic asset
allocation from time to time, consistent with the
investment objective of each Fund without notice to
you. However, the strategic asset allocation will be
within the asset allocation range shown on pages
11 to 19. We regularly review the assets associated
with each Fund and, where necessary, take steps to
buy and sell assets to maintain each Fund around
its strategic asset allocation, as adjusted by any
strategic tilt (see below).
 the Moderate Fund
› Strategic tilting
 the Balanced Fund
The tables on pages 11 to 19 setting out the
strategic asset allocations for each Fund represent
the medium to longer term target asset allocations
of the Funds.
 the Growth Fund
 the Growth Plus Fund
 the Australian Equities Fund
 the International Equities Fund
Details of these Funds including their investment
strategies are set out on pages 11 to 19.
›› How do we manage your
money?
We operate a multi-manager investment approach in
which the assets of the Funds are typically managed
by external specialist investment managers, either
directly or through a series of discrete investment
trusts, of which we are the trustee. We regularly
monitor the investment performance of each Fund
and the investment mandates of the investment
managers. We may change investment managers
from time to time without notice to you. You can find
the current list of investment managers by going to
ssfs.com.au/fund-managers.
The assets you will have exposure to will depend on
the Fund(s) you choose to invest in.
›› Asset Allocation ranges
For each Fund we have set a minimum and
maximum amount that can be invested in each
asset class, called the asset allocation range, which
is shown on pages 11 to 19.
›› Strategic asset allocation
Each Fund has a medium to longer term target
allocation of assets between the asset classes
(called the strategic asset allocation for the Fund),
based on the investment objective (goal) of that
Fund. The strategic asset allocation current as at
However, the short to medium term target asset
allocations of the Funds in place at any particular
time may vary from the target amounts set out in
the tables on pages 11 to 19. This is because the
trustee has adopted a strategic tilting approach to
target asset allocations.
When opportunities arise due to market movements,
the trustee may make modest changes to the target
asset allocation of one or more Funds with the
intention of improving the Fund’s ability to meet its
performance and risk objectives. Strategic tilts are
generally in place for the short to medium term, and
must be consistent with the investment objective and
investment strategy for a Fund. Any strategic tilt will
also be within the asset allocation range for the Fund.
Strategic tilting can be applied across, or within,
asset classes and may also apply to the proportion
of international equity exposure that is hedged back
to Australian dollars.
The medium to longer term target strategic asset
allocations remain unchanged when a strategic tilt
is in place. When a strategic tilt ends, the target
allocation of assets of a Fund returns to the strategic
asset allocation.
Strategic tilts may be implemented from time to time
and without prior notice.
The strategic asset allocation of the Funds in force
at any particular time is available on the State Super
Financial Services website (ssfs.com.au) or you can
obtain a copy without additional charge from your
financial planner.
Visit our website www.ssfs.com.au or call 1800 620 305 for further information
5
› Investment process
›› Derivatives
Derivatives are contracts between two parties
providing for a payoff from one party to the other
based on the price of a reference asset (e.g. a share
price index). Derivatives may be used to manage
risk. For example you may use derivatives to hedge
exposure to assets denominated in a foreign
currency. Derivatives may be used to gain exposure
to assets more cost effectively than buying and
selling directly (e.g. when transitioning a portfolio to a
new investment manager or undertaking a strategic
tilt). Derivatives can also be used to enhance
returns from certain market movements. This can
include leveraging your exposure to an asset or by
synthetically selling an asset you do not own with
the aim of profiting from a fall in price of the asset.
This is often termed “short selling”.
›› Environmental, social and
governance issues
We believe that Environmental, social and
governance (ESG) issues may affect the
performance of investment portfolios to varying
degrees through time. We believe that companies
that have a greater regard to ESG issues when
making investment decisions (that is, decisions
about selecting, retaining or realising an investment)
can increase returns to shareholders by properly
managing risks while at the same time contributing
to the sustainable development of the societies in
which they operate.
Our aim is to incorporate ESG issues into our
investment analysis and decision making processes
and to seek to ensure appropriate disclosure and
reporting on ESG matters.
We have no pre-determined views regarding what
constitutes environmental, social or governance
matters or how (or the extent to which) these
matters should be incorporated into investment
practices (e.g. the use of negative “filters” preventing
investment in particular assets and/or the use of
positive “filters” directing investment in assets which
satisfy ESG criteria).
We primarily entrust integration of ESG issues to the
external investment managers we utilise. Whilst we
currently do not require all investment managers to
integrate ESG considerations into their investment
process we consider a manager’s capabilities on
ESG matters as part of our manager selection and
6
review process. You can read our ESG policy on our
website (ssfs.com.au/esg) or you can obtain a copy
without additional charge from your financial planner.
› Proxy voting
Outcomes of Proxy Voting activity undertaken by
investment managers is available on the website
(ssfs.com.au).
› What are the asset classes?
The following paragraphs describe the various asset
classes in which we currently invest. We may vary
the asset classes from time to time.
Cash
This asset class includes short term debt securities
and term deposits issued with a term to maturity of
less than one year. The short term debt securities
are issued or guaranteed by the Australian
Government (or the Government of a State or
Territory of Australia), Australian banks and other
issuers of high credit quality. The term deposits
are issued by Australian and international banks in
Australian dollars and are not guaranteed by any
Government entity.
Enhanced Cash
This asset class includes cash and investment grade
higher yielding debt securities such as floating rate
notes, mortgage backed securities, asset backed
securities and corporate bonds. Investment grade
securities are those rated at least BBB- by Standard
& Poor’s or Baa3 or higher by Moody’s.
The enhanced cash portfolio maintains an average
duration similar to that of traditional cash type
investments. Investments may include derivatives
such as futures and options contracts.
Australian Fixed Interest
This asset class includes debt securities issued
by the Australian Government or the Government
of a State or Territory of Australia. It also includes
investments in investment grade, higher yielding
debt securities such as floating rate notes, corporate
bonds, corporate loans and short-term securities.
Investments may include derivatives such as futures
and options contracts.
International Fixed Interest
This asset class includes debt securities issued by
the government of a country outside Australia and
non-government investment grade, higher yielding
State Super Investment Fund – Class A • Product Disclosure Statement
› Investment process
debt securities such as floating rate notes, corporate
bonds, corporate loans, asset and mortgage backed
securities and short-term securities. Investments
may include derivatives such as futures and options
contracts. International fixed interest investments
are typically 100% hedged to the Australian Dollar.
However, the actual level of hedging at any time may
vary and can be different across different currencies.
Property
This asset class incorporates both listed property
and unlisted property. Listed property includes units
or ordinary shares of property trusts and property
related companies, which are listed on the Australian
and recognised overseas securities exchanges.
Unlisted property provides exposure to Australian
and international property via units or shares in
unlisted managed investment schemes or unit trusts.
International property investments are generally at
least partly hedged to the Australian Dollar. However
the actual level of hedging at any time may vary and
can be different across different currencies.
Infrastructure
This asset class incorporates both listed and unlisted
infrastructure. Listed infrastructure securities include
units or ordinary shares of infrastructure trusts and
infrastructure related companies listed on recognised
overseas and Australian securities exchanges.
Unlisted infrastructure provides exposure to
Australian and international infrastructure assets
via units or shares in unlisted managed investment
schemes or unit trusts. Infrastructure assets include
toll roads, airports and utilities. Global infrastructure
investments are generally at least partly hedged to
the Australian dollar. However, the actual level of
hedging at any time may vary and can be different
across different currencies.
Global High Yield
This asset class includes a range of debt securities
including non-investment grade higher yielding debt
securities such as floating rate notes, corporate
bonds, asset and mortgage backed securities
and emerging market government, supranational
and corporate securities. Non-investment grade
securities are those rated lower than BBB- by
Standard & Poor’s or Baa3 by Moody’s. Investments
may include derivatives such as futures and options
contracts. Global high yield investments are typically
100% hedged to the Australian dollar. However, the
actual level of hedging at any time may vary and can
be different across different currencies.
Australian Equities
This asset class includes ordinary shares, preference
shares and other equity securities or derivatives of
companies or trusts listed on the Australian Securities
Exchange. This asset class can also include
investment in unlisted companies (i.e. private equity)
that will have lower liquidity than listed securities.
International Equities
This asset class includes companies listed on
a recognised overseas securities exchange.
Investments include ordinary shares, preference
shares convertible securities and other equity
securities or derivatives of companies or trusts
listed on these exchanges. This asset class can
also include investment in unlisted companies (i.e.
private equity) that will have lower liquidity than
listed securities. International equity investments
are generally partly hedged to the Australian dollar.
However the actual level of hedging at any time may
vary and can be different across different currencies.
Alternative assets
Alternative assets can be used to reduce risk and/or
enhance returns. The asset class includes a range
of investments such as commodities, hedge funds
and currencies. Hedge funds employ non-traditional
strategies and many aim to provide positive returns
when traditional asset classes experience negative
returns. Alternative assets are typically not traded on
listed exchanges and therefore have lower liquidity
compared to listed securities. Our allocation to this
asset class will vary over time, and depending on
available opportunities may be invested in as few as
one of these sub-asset classes (e.g. hedge funds).
› How are the assets of each
Fund held?
We have appointed JPMorgan Chase Bank N.A. as
Custodian, whose role is to:
 hold the assets of the Funds, and the discrete
investment trusts in which the Cash, Fixed Interest,
Capital Stable, Moderate, Balanced, Growth,
Growth Plus, Australian Equities and International
Equities Funds invest, on our behalf; and
 perform certain administrative, accounting,
monitoring and reporting functions, for both the
Funds and the discrete investment trusts.
We may replace the Custodian at any time without
notice to you.
Visit our website www.ssfs.com.au or call 1800 620 305 for further information
7
› What are the risks of investing
› What are the risks of investing?
All investments involve some level of risk. Risk can
generally be managed but may not be able to be
avoided completely. These risks can be broadly
grouped into two categories: operational (process)
risks and investment risks. The following are some
risk factors you should consider before investing.
Operational (process) risks
Fund risk – a Fund could be terminated, or we
could be replaced as responsible entity.
Custodial risk – the Custodian holds the assets
of the Funds and the discrete investment trusts
in which the Funds invest. There are custodial
risks associated with this duty not being properly
performed. We mitigate this risk by having
a rigorous and detailed assessment of the
Custodian’s capabilities prior to appointment,
adhering to a policy of having formal agreements
with the Custodian which detail the services and
responsibilities it has been contracted to provide,
and by undertaking periodic operational and
performance reviews of the Custodian.
Compliance risk – compliance is continuously
monitored both externally (by our Custodian) and
internally (by our Investment and Compliance
teams). Appointed investment managers are
monitored for us by the Custodian for compliance
against their individual investment mandates and
investment guidelines. There is a risk that a breach
may not be detected in a timely or effective manner.
Legislative risk – changes may be made to
taxation and other laws, which may affect the value
of your investment.
Counterparty risk – there is a risk of loss where
the counterparty to a contract cannot meet its
payment obligations. This risk is mitigated by
appointing investment managers with appropriate
credit assessment skills and imposing limits in the
investment mandates.
Investment risks
Some of the investment risks you may be exposed
to include:
Market risk – economic, technological, political or
legal conditions can change which can adversely
affect investment markets. In turn, this can adversely
affect the value of your investments. Maintaining a
8
well-diversified portfolio across the asset classes can
reduce, but not eliminate, the impact of market risk.
Asset allocation risk – the risk that the asset
allocation of the Fund may not achieve its investment
objectives. We mitigate this risk by careful research
using our own expertise and that of specialist asset
consultants.
Interest rate risk – changes in interest rates
can have a negative effect on investment value
or returns. For example, the cost of a company’s
borrowings can increase or the income return
on a fixed interest investment can be lower
than expected. This risk is mitigated by hiring
professional, specialist investment managers.
Security risk – within each asset class, individual
securities such as shares and government or
corporate bonds are affected by risks specific to
that security. For example, the value of a company’s
shares may be impacted by a change in company
strategy or merger and acquisition activity. We
mitigate this risk by using a diversified mix of
specialist investment managers who we believe are
the most appropriate for each asset class.
Currency risk – where we invest overseas, and
the currency of the countries in which we invest
changes in value relative to our dollar, the value of
the investments will change. We mitigate this risk
by managing the currency exposure as described
on pages 9 to 17 by employing specialist currency
managers.
Manager selection risk – under a ‘manager-ofmanagers’ investment structure there is a risk that
the combination of managers selected for each
specialist sector may underperform their objectives.
We mitigate this risk by careful research and
monitoring of investment managers using our own
expertise and that of specialist asset consultants.
Issuer concentration risk – where an aggregation
of exposure across different asset classes can lead
to excessive exposure to single name issuers. We
mitigate this risk by implementing a counterparty risk
policy and by monitoring aggregation of exposures.
Illiquidity risk – where an investment may not be
able to be quickly sold for a value that approximates
its prevailing market value. We mitigate this risk
through limiting investment in less liquid investments
and ongoing monitoring of liquidity.
State Super Investment Fund – Class A • Product Disclosure Statement
› Investment options
Derivative and short selling risk – investing in
derivatives or short selling securities can expose
a portfolio to additional risks. These include the
possibility that the derivative position does not
perform as expected or that parties do not perform
their obligations under the contract. As using
derivatives may involve leverage, losses can be
significant. We mitigate this risk by having a specific
Derivative Risk Statement.
Strategic tilting may increase one or more of these
investment risks. However, as any strategic tilt will
be modest in size, the trustee expects that the
additional risk will not be significant.
In summary
There are risks in choosing to invest in managed
investment schemes. There are also risks in
choosing particular Funds as different asset classes
perform differently at different times.
› What are the differences
between the Funds?
Each Fund has a different investment objective (goal)
and strategy (way of achieving its goal). Each invests
in different kinds of assets with the mix of assets
depending on the objective of each Fund. There is
a risk that your investment in a Fund will fall in value
from time to time – the level of this risk varies with
the objective, strategy and asset mix of the Fund.
Estimations of the number of years of negative
annual returns in any 20 year period shown as the
Standard Risk Measure for each investment option
are based on long term-assumptions about the
capital markets as obtained from sources including
professional investment advisers. We recommend
that you consult your financial planner prior to
making your investment decision.
Since each Fund has a different investment mix,
the risks associated with investing in each Fund
are different. For example, the Cash Fund carries
fewer risks than the Growth Fund due to the differing
investments held and differing markets into which
each invests.
Visit our website www.ssfs.com.au or call 1800 620 305 for further information
9
› Investment options
›S
tandard Risk Measure
We have adopted the Standard Risk Measure, which is based on industry guidance to allow investors to
compare investment options within and across investment products 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 potential negative return could be or the potential for a positive return to be
less than an investor may require to meet their objectives. Further, it does not take into account the impact of
tax on the likelihood of a negative return.
The Standard Risk Measure should not be considered personal advice. You should regularly review your
investment decision with your financial adviser. More detail on risks which may affect your investment is
included in the ‘What are the risks of investing’ section on page 8. You should still ensure you are comfortable
with the risks and potential losses associated with your chosen investment options. You can find further
information about how the Standard Risk Measure is calculated at ssfs.com.au/our-investment-approach.
Risk Band
Risk Label
Expected frequency of negative annual returns over any 20 year period
1
Very Low
Less than 0.5 years
2
Low
0.5 to less than 1 year
3
Low to Medium
1 to less than 2 years
4
Medium
2 to less than 3 years
5
Medium to High
3 to less than 4 years
6
High
4 to less than 6 years
7
Very High
6 or more years
A description of each of the Funds their risk profile, their current strategic asset allocations and their asset
allocation ranges is set out in the tables on pages 11 to 19.
› Relative Risk Profile
HIGHER
The relative risk profile of each fund can be illustrated by the chart shown below.
Expected Return
GROWTH
GROWTH
PLUS
AUSTRALIAN /
INTERNATIONAL
EQUITIES
BALANCED
MODERATE
CAPITAL STABLE
LOWER
FIXED INTEREST
CASH
LOWER
Expected Risk
HIGHER
The above graph provides a broad overview of the relative overall risk associated with each Fund for comparison purposes only. Expected Return is illustrative only
and is not a forecast or prediction of the future returns of the Funds. Each Fund is subject to different types of risks, and can be impacted by those particular risks to
varying degrees, depending on the nature of the Fund’s investments. For these reasons, the above graph should not be relied on as providing an accurate indication
of the level of risk associated with any one Fund. For further information regarding the risk profile of each Fund, see the descriptions of each Fund set out on pages
11 to 19.
10
State Super Investment Fund – Class A • Product Disclosure Statement
› Investment options
Cash Fund
Overall Objective
To achieve rates of return consistent with the yield on the UBS Australia Bank
Bill Index.
Return Objective1
To meet or exceed the returns of a cash benchmark net of investment fees
and taxes over rolling 12 month periods.
Investment
strategy
Primarily invests2 in short term debt securities and term deposits with a
maturity of less than one year. The short term debt securities are issued,
guaranteed or otherwise supported by the Australian or State Governments of
Australia (or their statutory authorities) or by Australian banks and authorised
dealers in the short term money market. The term deposits are issued by
Australian and international banks in Australian dollars and are not guaranteed
by any Government entity.
Standard Risk
Measure
1 – Very low
Type of investor this
option is intended to
be suitable for
Designed to suit investors with a time horizon of up to 2 years and who seek
secure returns from cash.
Minimum suggested
investment timeframe
Up to 2 years
Strategic asset
allocation
Target
Defensive assets
100%
■ Cash
100%
Range
n/a
1T
he return objective is not a guarantee of performance. The actual return may vary up or down from the return objective stated.
The current benchmark is the UBS Australian Bank Bill Index. The benchmark index stated may be substituted for a similar
benchmark index consistent with the overall objective of the Fund without prior notice.
2 Through discrete investment trusts.
Further information
If you would like to obtain information about investment returns for the Investment Fund then go to our
website located at ssfs.com.au or contact any of our offices.
Past performance is not a reliable predictor of future investment returns. Markets can be volatile and can
move rapidly up or down.
Visit our website www.ssfs.com.au or call 1800 620 305 for further information
11
› Investment options
Fixed Interest Fund
Overall Objective
To invest in fixed interest securities and related instruments, which aim to
provide the potential for modest capital growth over the medium term. Capital
gains can be expected to be achieved, but there is also the risk of capital loss.
Return Objective1
To meet or exceed the return of a blend of 70% Australian and 30% Global
fixed interest benchmarks net of investment fees and taxes over rolling 3 year
periods.
Investment
strategy
Primarily invests2 in a broad range of Australian and overseas fixed interest
investments.
Standard Risk
Measure
2 – Low
Type of investor this
option is intended to
be suitable for
Designed to suit investors who wish to take moderate levels of risk with a
modest potential for capital appreciation.
Minimum suggested
investment timeframe
2 years
Strategic asset
allocation
Target
Range
100%
n/a
70%
40% to 80%
■ International fixed interest* 30%
20% to 60%
Defensive assets
■A
ustralian fixed interest
* Typically 100% hedged to the AUD
1 The return objective is not a guarantee of performance. The actual return may vary up or down from the return objective stated.
The current benchmark is 70% UBS All Maturities Composite Bond Index and 21% Barclays Capital Global Aggregate
(ex-Treasury) Index 100% hedged and 9% PIMCO GLADI Government Index 100% hedged. The benchmark index, including the
split between Australian and Global benchmarks, may be substituted for a similar benchmark index consistent with the overall
objective of the Fund without prior notice.
2 Through discrete investment trusts
12
State Super Investment Fund – Class A • Product Disclosure Statement
› Investment options
Capital Stable Fund
Overall Objective
To maintain the value of investors’ capital while achieving a higher rate of return
over the medium term than could be achieved through investments in cash or
short term money market securities. Capital gains can be achieved, but there
is also the risk of capital loss. Accordingly, the value of investments in the Fund
may fall as well as rise in line with the changing value of the assets of the Fund.
Return Objective1
CPI + 2.5% net of investment fees and taxes over rolling three year periods.
Investment
strategy
Primarily invests2 in a diversified portfolio of defensive and growth assets
including (but not limited to) cash, fixed interest securities, property, listed and
unlisted shares and infrastructure assets. To maintain a low risk profile exposure
to growth assets is constrained. Investments may include currency, futures and
options contracts.
Standard Risk Measure
2 – Low
Type of investor this
option is intended to be
suitable for
Designed to suit investors who seek some capital growth over the medium term
(3-4 years) while at the same time maintaining a relatively high level of capital
security.
Minimum suggested
investment timeframe
3-4 years
Strategic asset
allocation (Current to
30 September 2014)
Strategic asset
allocation (From
1 October 2014)
Target
Range
Defensive assets
80% 80% to 90%
■C
ash & enhanced cash
48%
35% to 65%
■A
ustralian fixed interest
32%
25% to 40%
Growth assets
20% 10% to 20%
■P
roperty
8%
0% to 10%
■A
ustralian equities
12%
5% to 15%
Target
Range
Defensive assets
80% 70% to 90%
■C
ash & enhanced cash
48%
15% to 80%
■A
ustralian fixed interest
32%
20% to 40%
Growth assets
20% 10% to 30%
■P
roperty
7%
0% to 17%
■A
ustralian equities
7%
3% to 15%
■ International equities*
3%
0% to 8%
■ Alternatives*
3%
0% to 5%
* 0 to 100% hedged to the AUD
1 The return objective is not a guarantee of performance. The actual return may vary up or down from the return objective stated.
2 Through discrete investment trusts.
Visit our website www.ssfs.com.au or call 1800 620 305 for further information
13
› Investment options
Moderate Fund
Overall Objective
To invest in a broad range of asset classes which have the potential to achieve
moderate capital growth over the medium to longer term. Capital gains can be
expected to be achieved, but there is also the risk of capital loss.
Return Objective1
CPI + 3.0% net of investment fees and taxes over rolling five year periods.
Investment
strategy
Primarily invests2 in a diversified portfolio of defensive and growth assets.
Defensive assets include fixed interest securities and cash. Growth assets,
include Australian and overseas listed shares, property, infrastructure securities
and alternative assets. Investments may include currency, futures and options
contracts.
Standard Risk
Measure
3 – Low to medium
Type of investor this
option is intended to
be suitable for
Designed to suit investors who seek capital growth over the medium term and
are willing to accept a moderate level of risk.
Minimum suggested
investment timeframe
4-5 years
Strategic asset
allocation
Target
Range
Defensive assets
60% 50% to 70%
■C
ash & enhanced cash
20%
5% to 40%
■A
ustralian fixed interest
28%
20% to 40%
■ International fixed interest* 12%
10% to 20%
Growth assets
40% 30% to 50%
■ Property**
8%
0% to 15%
■ Infrastructure**
4%
0% to 8%
■G
lobal High Yield*
2%
0% to 5%
■ Australian equities
11%
5% to 15%
■ International equities**
10%
5% to15%
■A
lternatives**
5%
0% to 10%
* Typically 100% hedged to the AUD ** 0-100% hedged to the AUD
1 The return objective is not a guarantee of performance. The actual return may vary up or down from the return objective stated.
2 Through discrete investment trusts.
14
State Super Investment Fund – Class A • Product Disclosure Statement
› Investment options
Balanced Fund
Overall Objective
To invest in a broad range of asset classes which have the potential to achieve
capital growth over the longer term. Capital gains can be expected to be
achieved, but there is also the risk of capital loss.
Return Objective1
CPI + 3.75% net of investment fees and taxes over rolling 5 year periods.
Investment
strategy
Primarily invests2 in a portfolio of Australian and overseas investments including
(but not limited to) Australian cash, fixed interest securities, property, unit trusts,
listed shares and alternative assets. Investments may include currency, futures
and options contracts.
Standard Risk
Measure
4 – Medium
Type of investor this
option is intended to
be suitable for
Designed to suit investors who are seeking higher returns and are willing to
accept a higher level of risk.
Minimum suggested
investment timeframe
5-6 years or longer
Strategic asset
allocation
Target
Range
Defensive assets
40% 30% to 50%
■C
ash & enhanced cash
10%
0% to 30%
■A
ustralian fixed interest
20%
10% to 30%
■ International fixed interest* 10%
5% to 15%
Growth assets
60% 50% to 70%
■ Property**
8.5%
0% to 15%
■ Infrastructure**
■G
lobal High Yield*
3%
0% to 10%
3%
0% to 6%
■ Australian equities
21%
10% to 30%
■ International equities**
20%
10% to 30%
■A
lternatives**
4.5%
0% to 10%
* Typically 100% hedged to the AUD ** 0-100% hedged to the AUD
1 The return objective is not a guarantee of performance. The actual return may vary up or down from the return objective stated.
2 Through discrete investment trusts.
Visit our website www.ssfs.com.au or call 1800 620 305 for further information
15
› Investment options
Growth Fund
Overall Objective
To invest substantially in assets which achieve capital growth over the long term
(7 or more years). Capital gains can be expected to be achieved, but there is
also the risk of capital loss.
Return Objective1
CPI + 4.0% net of investment fees and taxes over rolling seven year periods.
Investment
strategy
Primarily invests2 in a broad range of Australian and overseas investments with a
strong bias on capital growth. Such investments include (but are not limited to)
listed shares property, alternative assets, interest bearing securities and deposits
Investments may include currency, futures and options contracts.
Standard Risk
Measure
5 – Medium to high
Type of investor this
option is intended to
be suitable for
Designed to suit investors who wish to maximise long term investment returns
and are willing to accept a higher level of risk than the Balanced Fund.
Minimum suggested
investment timeframe
7 or more years
Strategic asset
allocation
Target
Range
Defensive assets
15% 10% to 30%
■C
ash & enhanced cash
3.5%
0% to 15%
■A
ustralian fixed interest
7.5%
0% to 15%
4%
0% to 7.5%
■ International fixed interest*
Growth assets
85% 70% to 90%
■ Property**
6%
0% to 18%
■ Infrastructure**
5%
0% to 15%
■G
lobal High Yield*
5%
0% to 10%
■ Australian equities
32%
20% to 40%
■ International equities**
32%
20% to 40%
■A
lternatives**
5%
0% to 10%
* Typically 100% hedged to the AUD ** 0-100% hedged to the AUD
1 The return objective is not a guarantee of performance. The actual return may vary up or down from the return objective stated.
2 Through discrete investment trusts.
16
State Super Investment Fund – Class A • Product Disclosure Statement
› Investment options
Growth Plus Fund
Overall Objective
To invest in assets which achieve capital growth over the long term (10 or more
years). Capital gains can be expected to be achieved, but there is also the risk
of capital loss.
Return Objective1
CPI + 4.25% net of investment fees and taxes over rolling ten year periods.
Investment
strategy
Primarily invests2 in a broad range of high growth assets. Such investments
include (but are not limited to) listed Australian and overseas shares, property
infrastructure securities and alternative assets. Investments may include
currency, futures and options contracts.
Standard Risk
Measure
6 – High
Type of investor this
option is intended to
be suitable for
Designed to suit investors who wish to maximise long term investment returns
and are willing to accept a higher level of risk than the Growth Fund.
Minimum suggested
investment timeframe
10 years or longer
Strategic asset
allocation
Target
Range
Defensive assets
0%
0% to 10%
■C
ash & enhanced cash
0%
0% to 10%
■A
ustralian fixed interest
0%
0% to 5%
■ International fixed interest* 0%
0% to 5%
Growth assets
100% 90% to 100%
■ Property**
5%
0% to 10%
■ Infrastructure**
7%
0% to 15%
■G
lobal High Yield*
6%
0% to 10%
■ Australian equities
40%
30% to 50%
■ International equities**
37%
25% to 45%
■A
lternatives**
5%
0% to 10%
* Typically 100% hedged to the AUD ** 0-100% hedged to the AUD
1 The return objective is not a guarantee of performance. The actual return may vary up or down from the return objective stated.
2 Through discrete investment trusts.
Visit our website www.ssfs.com.au or call 1800 620 305 for further information
17
› Investment options
Australian Equities Fund
Overall Objective
To invest in Australian equities with the aim of achieving capital growth over the
long term (10 or more years). Capital gains can be expected to be achieved, but
there is also the risk of capital loss.
Return Objective1
To meet or exceed the return of the benchmark over rolling five year periods net
of investment fees and taxes.
Investment
strategy
Primarily invests2 in Australian equities. Investments may include futures and
options contracts.
Standard Risk
Measure
6 – High
Type of investor this
option is intended to
be suitable for
Designed to suit investors who wish to maximise long term investment returns
and have a 100% exposure to Australian equities.
Minimum suggested
investment timeframe
10 years or longer
Strategic asset
allocation
Target
Range
Growth assets
100%
n/a
■A
ustralian equities
100%
1T
he return objective is not a guarantee of performance. The actual return may vary up or down from the return objective stated.
The current benchmark is the FTSE ASFA Australia 300 Tax Exempt Index. The benchmark index stated may be substituted for a
similar benchmark index consistent with the overall objective of the Fund without prior notice.
2 Through discrete investment trusts.
18
State Super Investment Fund – Class A • Product Disclosure Statement
› Investment options
International Equities Fund
Overall Objective
To invest in international equities with the aim of achieving capital growth over
the long term (10 or more years). Capital gains can be expected to be achieved,
but there is also the risk of capital loss.
Return Objective1
To meet or exceed the return of the benchmark over rolling five year periods.
Investment
strategy
Primarily invests2 in international equities. Investments may include currency,
futures and options contracts.
Standard Risk
Measure
6 – High
Type of investor this
option is intended to
be suitable for
Designed to suit investors who wish to maximise long term investment returns
and have a 100% exposure to international equities.
Minimum suggested
investment timeframe
10 years or longer
Strategic asset
allocation
Target
Range
Growth assets
100%
n/a
■ International equities**
100%
** 0 to 100% hedged to the AUD
1 The return objective is not a guarantee of performance. The actual return may vary up or down from the return objective stated.
The current benchmark is 85% MSCI World ex Australia Index (partly hedged) and 15% MSCI Emerging Market Free Index
(unhedged). The benchmark index stated, including the split between benchmarks, may be substituted for a similar benchmark
index consistent with the overall objective of the Fund without prior notice.
2 Through discrete investment trusts.
Visit our website www.ssfs.com.au or call 1800 620 305 for further information
19
› How to invest
How much is needed?
Initial investment: The minimum initial investment in
the Investment Fund is $10,000 and the minimum
initial investment in any one Fund is $500.
Additional investment: Each subsequent ad hoc
investment in a Fund must be at least $500, and
each monthly investment in a Fund under the
Regular Savings Plan must be at least $100.
› Who can invest?
We will only accept investments into the Investment
Fund from Australian resident taxpayers. If at any
time we are not satisfied that you qualify as an
Australian resident taxpayer, we have the right under
the trust deed to redeem your investment in full.
Further we may refuse to accept an application to
invest in one or more Funds in the Investment Fund
without giving reasons.
› How can you invest in the
Investment Fund?
Initial investments
To make an initial investment in the Investment Fund
complete the application form and send it to us
together with, unless you are transferring from an
existing SSFS product, your cheque to Attention:
Registry Services, State Super Financial Services
Australia Limited (see address inside the back
cover).
If your application does not specify the Fund(s) for
investment, we will invest your initial investment
wholly in the Cash Fund. However, you may be able
to switch your investment from the Cash Fund, as
outlined on page 21.
Additional investments (ad hoc)
After you have become a unitholder in the
Investment Fund, additional ‘ad-hoc’ investments
can be made at any time by forwarding a cheque
or money order to Attention: Registry Services,
State Super Financial Services Australia Limited
(see address inside the back cover) or using
BPAY ®. When sending a cheque or money order
the following details must be provided:
 your personal details;
 the amount of your investment; and
 the Fund allocation.
® Registered to BPAY Pty Ltd
ABN 69 079 137 518.
Alternatively, you can send a cheque with a
completed additional application form (available from
our offices).
BPAY payments can be made via your bank or
financial institution. Details of Biller Code(s), together
with your Customer Reference Number(s) can be
located on SSFS’s client website (ssfs.com.au)
or by contacting your local regional office.
If you wish to change the Fund allocation for future/
additional investments, you will need to complete
a ‘Request to Change Fund Allocation – Future
Contributions/Investments’ form (available from
ssfs.com.au or any of our offices).
If you do not specify the Fund(s) for investment, your
monies will be invested wholly in the Cash Fund.
However, you may be able to switch your investment
from the Cash Fund, as outlined on page 20.
As a unitholder in the Investment Fund – Class A,
you can only make additional investments into Class
A units of a Fund.
Additional investments
(Regular Savings Plan)
You can arrange to make regular investments into
the Investment Fund using the Regular Savings Plan
(see page 22).
20
State Super Investment Fund – Class A • Product Disclosure Statement
› How to switch and withdraw
Switching
A switch is the process of redeeming units in a
Fund(s), and using the redemption proceeds to
purchase units in another Fund(s). Please note that
if you switch out all your units from the Cash Fund,
any interest which has accrued but has not yet been
paid to you will also be switched out.
You can switch a minimum amount of $500 in one
Fund (or the total of your investment in that Fund, if it
is less than $500) to one or more of the other Funds
in the Investment Fund, at any time. You can arrange
a switch by completing a switch notification form
available from any of our offices or by providing the
necessary details in writing to us.
As a unitholder in the Investment Fund – Class A,
you can only switch from Class A units in one Fund
to Class A units in another Fund.
Prior to switching, you should ensure that you have
read the latest PDS for the Investment Fund – Class
A (and all updates and supplements). The latest PDS
(and any updates and supplements) will be provided
to you without additional charge upon request from
any of our offices (see inside back cover).
There is no restriction on the number of times you
may switch part or all of your investment. Switching
will involve a disposal of units for tax purposes
and may have capital gains tax consequences. It
is recommended you consult with your financial
planner before switching so as to understand the
consequences of switching.
› Withdrawals
You can make a withdrawal from a Fund by
redeeming your units in that Fund at any time. The
minimum amount that can be withdrawn from any
one Fund is $500 (or the total of your Account
Balance in that Fund, if it is less than $500).
This can be done by completing a redemption
notification form available from any of our offices. It
is recommended that you consult with your financial
planner before withdrawing.
Should you redeem all units held in the Cash Fund,
interest accrued on those units will be paid to you at
that time.
You are entitled to withdraw your Account Balance
at any time. Your Account Balance is calculated by
multiplying the number of units held in each Fund
by the then prevailing unit price for each Fund and
totalling these amounts. You should note however,
that the amount received will be dependent on the
prevailing unit price at the date the withdrawal is
processed.
You should allow at least two business days after
the processing of your withdrawal for the monies to
be credited to your bank, credit union, or building
society account.
› Defaults on withdrawals and
switches
If you request a withdrawal or switch and you fail
to provide us with details of the Fund(s) from which
you wish your units to be redeemed, or your request
cannot be followed, we will deem that you have
requested us to redeem sufficient units in order
to satisfy your withdrawal or switch request in the
following order:
1. from the Cash Fund (until all funds are exhausted);
2. from the Fixed Interest Fund (until all funds are
exhausted);
3.from the Capital Stable Fund (until all funds are
exhausted);
4. from the Moderate Fund (until all funds are
exhausted);
5. from the Balanced Fund (until all funds are
exhausted);
6. from the Growth Fund (until all funds are
exhausted);
7. from the Growth Plus Fund (until all funds are
exhausted);
8. from the Australian Equities Fund (until all funds
are exhausted); and finally
9. from the International Equities Fund.
You should be aware that the above order for
redeeming units may not be the best suited for your
particular circumstances, therefore it is important
that you provide us with full withdrawal details.
Visit our website www.ssfs.com.au or call 1800 620 305 for further information
21
› How to switch and withdraw
› Special investment and
withdrawal facilities
Regular Savings Plan
You can arrange to make regular investments into
the Investment Fund using the Regular Savings Plan.
This facility involves us making automatic deductions
from your bank, credit union or building society
account on the 16th day of each month. If this is not
a business day, the amount will be deducted on the
first business day thereafter.
Please note: You should check whether your
financial institution will charge you a fee for each
withdrawal from your account before establishing a
Regular Savings Plan.
A business day is a day other than a Saturday or
Sunday that banks are open for business in Sydney.
Should you wish to take advantage of the Regular
Savings Plan facility, complete the Regular Savings
Plan application form.
If your application for the Regular Savings Plan does
not specify the Fund(s) for investment, until you tell
us otherwise, each investment made through the
Regular Savings Plan will be invested wholly in the
Cash Fund. However, you may be able to switch
your investment from the Cash Fund, as outlined
on page 21.
Progressive Investment Facility
You may benefit from regularly investing a specified
amount into one or more Funds over time, as this
may reduce the risk linked to attempting to time the
market with a lump sum investment. This is often
called ‘dollar cost averaging’. By doing so, more
units may be purchased when prices are low and
fewer units purchased when prices are high. The aim
is to lower the total average cost per units of your
investment, giving you a lower overall cost for the
units purchased over time
The Progressive Investment Facility enables you to
access the benefits of dollar cost averaging. This
Facility enables you to switch fixed amounts on a
regular basis (monthly or quarterly) into nominated
Fund(s) from amounts held in your Cash Fund.
22
This Facility involves us making automatic switches
on:
 if you have selected a monthly facility, the
25th day of each month; and
 if you have selected a quarterly facility, the 25th
day of March, June, September and December.
If this is not a business day, the switch will occur on
the first business day thereafter.
The minimum amount that can be switched under
the Progressive Investment Facility is $2,000 per
switch.
Where the amount invested in the Cash Fund is less
than $2,000, we will switch the remaining balance of
the Cash Fund.
Should you wish to take advantage of the
Progressive Investment Facility, complete the
Progressive Investment Facility application form
available from any of our offices.
The Progressive Investment Facility application form
must be received in our office by the 20th of the
relevant month to take effect from the 25th of that
month.
Monthly withdrawal facility
A Monthly Withdrawal Facility is also available. The
minimum amount that can be withdrawn under
this facility is $500 each month. Withdrawals under
the Monthly Withdrawal Facility are processed
on the 15th day of each month. If the 15th day
of the month is not a business day, payments will
be processed on the preceding business day.
Withdrawals using this facility are made from your
account using the default withdrawal arrangements
described on page 21.
Payments are made directly to your bank, credit
union or building society account. Payments are
not made by cheque. Due to delays that may
be experienced by your financial institution, you
should allow at least a further 2 business days after
processing of your withdrawal for the funds to be
credited to your bank, building society or credit
union account.
State Super Investment Fund – Class A • Product Disclosure Statement
› Transaction processing
Unit prices and valuations
Your investment in each Fund is represented by
Class A units in that Fund. The price of Class A units
in a Fund, the ‘unit price’ for that class, is:
 in respect of the Cash Fund, $1.00 per unit; and
 in respect of the other Funds, based on the net
value of the assets (assets minus liabilities) of the
relevant Fund(s). Any rise or fall in the value of the
Fund’s investments is reflected in a corresponding
rise or fall in the unit price.
Each Fund is required to be valued at least weekly;
however, we currently value each Fund as at the close
of each business day. We may change this practice
without notice to you. The unit price based on that
valuation is the applicable unit price for that day.
Income earned on an investment in the Cash Fund
is accrued on a daily basis for each Class A unit on
issue and is accumulated for distribution to you.
Investment income earned on the investments
referrable to the Fixed Interest, Capital Stable,
Moderate, Balanced, Growth, Growth Plus,
Australian Equities and International Equities Funds,
such as dividends and interest, capital gains, capital
losses and costs are all reflected in each Fund’s unit
price of the Class A units for each Fund.
The assets referrable to the Fixed Interest, Capital
Stable, Moderate, Balanced, Growth, Growth Plus,
Australian Equities and International Equities Funds
are valued at market prices. Assets may rise or fall in
value.
Currently, the issue price of a Class A unit is the
same as the redemption price of a Class A unit.
This is because we do not currently apply a buy/sell
spread to the unit prices for the Investment Fund.
A buy/sell spread is effectively a fee that seeks to
cover the costs incurred when buying and selling
assets as a result of investments in or switches or
withdrawals from a Fund. The responsible entity
may choose to apply a buy/sell spread in the future.
As the responsible entity does not apply a buy/sell
spread, investors do not incur direct transaction
costs when making investments in a Fund or
switches or withdrawals from a Fund. Transaction
costs (see page 32) are taken into account at
the time the assets of a Fund are valued and are
reflected in unit prices. Should we propose to
change this in the future we will provide you with at
least 30 days’ notice.
For your convenience, the latest available unit
price information is available 24 hours a day on our
website at ssfs.com.au.
We may exercise certain discretions that could affect
unit prices on investment, switching or withdrawal in
each of the Fixed Interest, Capital Stable, Moderate,
Balanced, Growth, Growth Plus, Australian
Equities and International Equities Funds. The
types of discretions that we may exercise, in what
circumstances, our policies on how we exercise
the discretions and the reasons why we consider
our policies are reasonable, are set out in our Unit
Pricing Discretions Policy.
If we exercise discretion in a way that departs from
the policies set out in our Unit Pricing Discretions
Policy, we are required to keep a record of this in a
Register of Exceptions.
You can obtain a copy of our Unit Pricing Discretions
Policy or Register of Exceptions, or both, without
additional charge, by calling any of our Regional
Offices (see the Directory on the inside back cover).
We may suspend or delay unit pricing where:
 a significant event or incident occurs that has the
potential to affect the investment markets; or
 an event occurs that has the potential to affect
unit prices (such as an external investment
manager being unable to provide current unit
prices).
We are not responsible for any losses caused by
these suspensions or delays.
Income and income distributions
Following the end of each income period (see
below) for a Fund, other than for the Cash Fund, the
net income (if any) of each Fund in which you are
invested is distributed to you in proportion to the
number of units you hold in the Fund at that time.
For the Cash Fund, you will receive any income
entitlement for each day that you hold units in that
Fund during the period (less any income entitlement
that has already been paid to you on those units
during the income period).
Net income comprises both income (such as
interest and dividends) plus any realised capital
gains on assets sold. Realised capital gains (if any)
are generally distributed at the end of the financial
year. Instead of paying your distribution(s) into your
Visit our website www.ssfs.com.au or call 1800 620 305 for further information
23
› Transaction processing
bank, credit union or building society account,
you can choose to purchase additional Class A
units (re-invest) in the same Fund(s) from which the
distribution was made.
If you do not tell us whether you wish to have
distributions paid to you or re-invested, income
distributions (net of any tax withheld) will be
automatically reinvested in the relevant Fund.
When are distributions paid?
The Cash, Fixed Interest, Capital Stable, Moderate
and Balanced Funds distribute the net income
of each Fund as at the end of each September,
December, March and June quarter. The Growth,
Growth Plus, Australian Equities and International
Equities Funds’ distribution periods are half yearly as
at the end of December and June. Each quarter (for
the Cash, Fixed Interest, Capital Stable, Moderate
and Balanced Funds) or six month period (for
the Growth, Growth Plus, Australian Equities and
International Equities Funds) is known as an ‘income
period’.
The trustee may change the income period for a
Fund at any time without notice.
Processing of investment, withdrawal and
switch transactions
We generally process investment applications and
withdrawal and switch requests each business day.
If your investment application or your withdrawal or
switch request is received before 3.00pm Sydney
time on any business day, it will be processed using
the unit price applicable for that day. This price is
not known until Business Day 2. It is important to
consider this when making your transaction request.
If we receive your investment application or your
withdrawal or switch request after 3.00pm Sydney
time on a business day, or on a day that is not a
business day, we treat it as having been received
before 3.00pm Sydney time on the next occurring
business day and it will be processed using the unit
price applicable for that next occurring business day.
Please note: if you ask for a unit price or investment
valuation we can provide an historical unit price or
investment valuation only.
24
You should allow at least two business days after
the processing of your withdrawal for the funds to
be credited to your bank, credit union or building
society account.
There may be situations where we delay or
suspend the processing of investment application,
withdrawal or switch transactions. This could occur,
for example, because of the closure, termination or
suspension of an external fund by an investment
manager, where processing of a transaction would
adversely affect the interests of others invested in a
Fund or we are unable to realise sufficient assets to
satisfy the transaction.
We are not responsible for any losses caused by
these suspensions or delays.
You should be aware that the Investment Fund
constitution allows up to 30 days for the completion
of any withdrawal or switch from the Fixed Interest,
Capital Stable, Moderate, Balanced, Growth,
Growth Plus, Australian Equities and International
Equities Funds.
State Super Investment Fund – Class A • Product Disclosure Statement
› Reporting
› Regular reporting
of documents lodged with ASIC in relation to
the Investment Fund may be obtained from, or
inspected at, any ASIC office.
Transaction statement
A transaction statement will be sent to you when
you invest in, withdraw from or switch between any
of the Funds in the Investment Fund.
Transaction statements will not be sent to you
for investments in the Regular Savings Plan or
withdrawals from the Monthly Withdrawal facility.
Annual Statement and Six monthly
statement to 31 December
If you have registered to view your account balances
online, you may elect to receive:
 An email notifying you that your Annual Statement
and six monthly statement can be viewed online;
or
 A paper copy of your Annual Statement and six
monthly statement in the mail.
If you have not registered to view your account
balances online, or have not made one of the above
online elections, your Annual Statement and six
monthly statements will be sent to you in the mail.
Annual tax report
An annual tax report will be sent to you on or
before each 31 August. This report will assist you in
preparing your Income Tax Return for the year.
Annual report
The annual report of the Investment Fund, containing
information about the Investment Fund, together
with the audited financial statements will be available
from our website within three months after the end
of each financial year.
The direct link for the annual report is:
ssfs.com.au/if.
You can ask us to send you a copy of the annual
report, without additional charge. Alternatively, we
can notify you by email when the annual report is
available on our website. Please see section titled
‘Accessing information online’ adjacent for further
information.
Documents lodged with ASIC in relation to
the Investment Fund
You may also obtain a copy of:
(a) each Fund’s annual financial report most recently
lodged with ASIC;
(b) a
ny half-year financial reports lodged with ASIC in
relation to any Fund in the Investment Fund; and
(c) any continuous disclosure notices lodged with
ASIC in relation to any Fund in the Investment
Fund,
on request from State Super Financial Services
Australia Limited without additional charge by
contacting one of our offices (see the Directory on
the inside back cover).
Important Note: Where interests in the Investment
Fund are held jointly (e.g. husband and wife), all
reports will be sent to the joint investors at the
one postal address – separate reports will not be
provided to each joint investor.
› Accessing information online
We offer you a service whereby you can view your
Account Balance and other useful information online
via our website located at ssfs.com.au.
If you choose to use this service your unique
password in conjunction with your client code
(provided to you by us at the time you first invest
in any product issued by SSFS), can be used to
access your investment information at any time. Use
of this service is subject to the terms and conditions
listed on the ssfs.com.au website.
› Death Benefits
What happens on your death?
In the event of your death, your Account Balance in
the Investment Fund:
 is paid to your Estate – if you are the sole
investor; or
 is transferred to the surviving investor(s) – if you
are a joint investor.
Each Fund in the Investment Fund is a ‘disclosing
entity’ and, as required by law, is subject to regular
reporting and disclosure obligations. Copies
Visit our website www.ssfs.com.au or call 1800 620 305 for further information
25
› Fees and other costs
Government regulation requires us to provide the following consumer advisory warning:
DID YOU KNOW?
Small differences in both investment performance and fees and costs
can have a substantial impact on your long term returns.
For example, total annual fees and costs of 2% of your account balance
rather than 1% could reduce your final return by up to 20% over a 30 year period
(for example reduce it from $100,000 to $80,000).
You should consider whether features such as superior investment performance or the provision
of better member services justify higher fees and costs.
TO FIND OUT MORE
If you would like to find out more, or see the impact of the fees based on your own
circumstances, the Australian Securities and Investments Commission (ASIC) website
(www.moneysmart.asic.gov.au) has a managed investment fee calculator to help you
check out different fee options.
This document shows fees and other costs that you may be charged. These fees and costs may be
deducted from your money, from the returns on your investment or from the fund assets as a whole.
Taxes are set out in another part of this document.
You should read all the information about fees and costs because it is important to understand their impact
on your investment.
26
State Super Investment Fund – Class A • Product Disclosure Statement
› Fees and other costs
Fees and Other Costs Table
STATE SUPER INVESTMENT FUND – CLASS A
AMOUNT
TYPE OF FEE OR COST
Cash Fund
Fixed
Interest Fund
Capital
Stable Fund
Moderate
Fund
HOW AND WHEN PAID
Fees when your money moves in or out of the fund
Establishment fee
The fee to open your
investment.
Nil
Nil
Nil
Nil
Contribution fee
The fee on each
amount contributed
to your investment.
Nil
Nil
Nil
Nil
Withdrawal fee
The fee on each
amount you take out
of your investment.
Nil
Nil
Nil
Nil
Termination fee
The fee to close your
investment.
Nil
Nil
Nil
Nil
Management Costs
The fees and costs
for managing your
investment1,2
The amount you pay
for specific Funds is
shown on the right.
Management fee:
Management fees are calculated
0.99% pa 1.15% pa 1.30% pa 1.35% pa and accrued each day, and
included in the calculation of the
of the
of the
of the
of the
amount you amount you amount you amount you unit price of Class A units in each
invest in the invest in the invest in the invest in the Fund on each business day and
paid monthly. Management fees
Fund
Fund
Fund
Fund
are deducted from Fund assets
at the end of each month.
PLUS: Performance fee:
An estimated performance fee of
Nil
Nil
Performance fees are calculated
and accrued on a regular
0.03% pa 0.06% pa basis (at least monthly) and
incorporated into the calculation
of the
of the
amount you amount you of unit prices. Performance fees
invest in the invest in the are deducted from Fund assets
Fund
Fund
at the end of each financial year.
Service Fees
Investment switching fee
The fee for changing
investment options.
Nil
Nil
Nil
Nil
1 The investment fee includes financial planning costs. See “Costs of financial advice” section under the heading ‘Additional explanation of
fees and costs’.
2 You may be eligible to receive a rebate on the management fees payable on your investment. Please see ‘Additional explanation of fees
and costs’ for more details.
Visit our website www.ssfs.com.au or call 1800 620 305 for further information
27
› Fees and other costs
AMOUNT
TYPE OF FEE
OR COST
Balanced
Fund
Growth
Fund
Growth Plus
Fund
Australian International
Equities
Equities
Fund
Fund
HOW AND WHEN PAID
Fees when your money moves in or out of the fund
Establishment fee
The fee to open your
investment.
Nil
Nil
Nil
Nil
Nil
Contribution fee
The fee on each
amount contributed
to your investment.
Nil
Nil
Nil
Nil
Nil
Withdrawal fee
The fee on each
amount you take out
of your investment.
Nil
Nil
Nil
Nil
Nil
Exit fee
The fee to close your
investment.
Nil
Nil
Nil
Nil
Nil
Management Costs
The fees and costs
for managing your
investment1,2
The amount you pay
for specific Funds is
shown on the right.
Management fee:
Management fees are
1.40% pa 1.50% pa 1.50% pa 1.50% pa 1.50% pa calculated and accrued
each day, and included
of the
of the
of the
of the
of the
amount
amount
amount
amount
amount in the calculation of the
you invest you invest you invest you invest you invest unit price of Class A units
in each Fund on each
in the
in the
in the
in the
in the
Fund
Fund
Fund
Fund
Fund
business day and paid
monthly. Management
fees are deducted from
Fund assets at the end of
each month.
PLUS: Performance fee:
An estimated performance fee of
0.07% pa 0.08% pa 0.08% pa
of the
of the
of the
amount
amount
amount
you invest you invest you invest
in the
in the
in the
Fund
Fund
Fund
Nil
Nil
Nil
Nil
Performance fees are
calculated and accrued
on a regular basis (at least
monthly) and incorporated
into the calculation of unit
prices. Performance fees
are deducted from Fund
assets at the end of each
financial year.
Service Fees
Investment switching fee
The fee for changing
investment options.
Nil
Nil
Nil
1 The investment fee includes financial planning costs. See “Costs of financial advice” section under the heading ‘Additional explanation of
fees and costs’.
2 You may be eligible to receive a rebate on the management fees payable on your investment. Please see ‘Additional explanation of fees
and costs’ for more details.
28
State Super Investment Fund – Class A • Product Disclosure Statement
› Fees and other costs
› Additional explanation of fees
and costs
Performance fees
Rebates do not apply to performance fees. The
rebate applies to the management fee on the total
account balance that exceeds $1,000,000.
Eligibility criteria
We may pay some investment managers of the
Funds a performance fee for achieving specific
targets. This is passed onto you through an increase
in the management costs. The management
costs set out in the ‘Fees and other costs’ table
above includes estimated performance fees where
applicable. Performance fees are based on the
returns a manager delivers. They will vary from
year to year in line with performance. We estimate
that the performance fee for the Capital Stable,
Moderate, Balanced, Growth and Growth Plus
Funds to be from 0.03% pa to 0.08% pa and this
estimate is shown in the ‘Fees and other costs table’
on pages 27 and 28. In exceptional circumstances
the performance fee may be outside this range.
Each performance fee is calculated slightly differently
however they all have the following common
elements:
 A performance fee is only payable to a manager if
they achieve a target level of return;
 Each time a performance fee is paid the portfolio
must reach the previous highest value plus the
appropriate performance hurdle before a new
performance fee is payable;
You are eligible for a rebate in respect of a six month
period if:
 you and your spouse (married, de facto or
same sex) have a total account balance of over
$1,000,000 in one or more eligible products on
any business day during each six month period;
and
 at any time during the six month period, you were
invested in the Fixed Interest Fund, Capital Stable
Fund, the Moderate Fund, the Balanced Fund,
the Growth Fund, the Growth Plus Fund, the
Australian Equities Fund and/or the International
Equities Fund; and
 you are invested in one or more eligible products
on the date the rebate is paid – this means that if
you are not invested in any eligible product on the
date the rebate is paid, no rebate shall be paid
to you (although your spouse may still be entitled
to the rebate if he or she satisfies the eligibility
criteria).
The six month periods are 1 October to 31 March
and 1 April to 30 September.
Payment of the rebate
 Performance fees are calculated and accrued
regularly (at least monthly) and incorporated
into the calculation of unit prices. The accrued
performance fee can rise or fall in line with
delivered performance; and
The overall effect of the rebate is that:
 Performance fees are only payable at the end of
each financial year and in certain circumstance
payments may be delayed.
(b)the maximum management fee on the total
account balance over $1,000,000 is 0.99% pa
plus any performance fee payable.
Rebating of management fee
You may be eligible to receive a rebate of the
management fee payable on your investment in the
State Super Investment Fund – Class A, the State
Super Personal Retirement Plan, the State Super
Allocated Pension Fund and the State Super Term
Allocated Pension Fund (each, an eligible product).
(a)the management fee on the first $1,000,000 of
the total account balance are as outlined in the
table on page 30 of the PDS; and
As described in the table on page 27 of the PDS,
management fees are calculated and accrued each
business day. Accordingly, the rebate is calculated
on a daily basis, having regard to the daily total
account balance. This means that you will not
receive a rebate of management fee on any business
day that your total account balance does not exceed
$1,000,000.
Visit our website www.ssfs.com.au or call 1800 620 305 for further information
29
› Fees and other costs
This means that your management fee will be as
follows:
Management fee
on First $1 Million
of Total Account
Balance (per day)
Maximum
Management fee
on Remainder
of Total Account
Balance over
$1 Million after
Rebate (per day)
Cash Fund
0.99% pa
0.99% pa
Fixed Interest
Fund
1.15% pa
0.99% pa
Capital Stable
Fund
1.30% pa
0.99% pa*
Moderate
Fund
1.35% pa
0.99% pa*
Balanced
Fund
1.40% pa
0.99% pa*
Growth Fund
1.50% pa
0.99% pa*
Growth Plus
Fund
1.50% pa
0.99% pa*
Australian
Equities Fund
1.50% pa
International
Equities Fund
1.50% pa
You should discuss the tax implications of these
rebates with your financial planner.
Rebate methodology
The rebate for a six month period is calculated as
follows:
1.Calculate the management fee (refer to page 27
of the PDS) deducted from each Fund you (and,
if relevant, your spouse) are invested in (as an
annual amount).
2.Convert the amount of management fees from
Step 1 into an average rate of management fee
payable on the total account balance.
3.Calculate the total management fee after the
effect of the rebate (as an annual amount) by
applying:
(a)the average rate calculated in Step 2 to the
first $1,000,000 of the total account balance;
and
0.99% pa
(b)0.99% pa to that part of the total amount
balance that exceeds $1,000,000.
0.99% pa
4.Calculate the rebate amount (as an annual
amount) by subtracting the management fee
from Step 3 from the management fee from Step
2.
* Plus any performance fee payable
Where your entitlement to a rebate is based on the
total of your and your spouse’s account balance,
the rebate will be paid proportionately based on
the account balance of each spouse on the date
of payment. The rebate will be allocated between
the Funds that you are invested in on the date of
payment. Accordingly, while the rebate represents a
reduction in management fees of the Fixed Interest
Fund, the Capital Stable Fund, the Moderate Fund,
the Balanced Fund, the Growth Fund, the Growth
Plus Fund, the Australian Equities Fund and the
International Equities Fund each day in the six month
period, part or all of your rebate would be paid to the
Cash Fund if you are invested in the Cash Fund on
the payment date.
We will normally pay the rebate within one month
after the end of each six month period.
30
The rebate will be paid in the form of an allocation of
additional units in the Funds that you are invested in
at the date of payment of the rebate at the unit price
for that day.
5.Convert the annual amount of the rebate to an
amount for the six month period.
6.Allocate the amount of the rebate from Step 5
between each Fund that you (and, if relevant,
your spouse) are invested in at the time of
payment.
For example, if you had $1,050,000 invested in
the State Super Investment Fund ($500,000 in the
Cash Fund, $250,000 in the Capital Stable Fund
and $300,000 in the Balanced Fund) and your
spouse had $1,500,000 invested in the State Super
Allocated Pension Fund ($500,000 in the Cash
Fund, $600,000 in the Balanced Fund and $400,000
in the Growth Fund) from 1 October to 31 March
(assuming no change in value of investment) and
no performance fees were payable and you both
otherwise satisfied the eligibility criteria, the rebates
payable would be calculated as per page 31.
State Super Investment Fund – Class A • Product Disclosure Statement
› Fees and other costs
Example: Rebate Calculation (see page 30 for example assumptions)
This table gives an example of how the fees and costs in the balanced investment option for this managed
investment product can affect your investment over a 1 year period. You should use this table to compare
this product with other managed investment products.
Total annual management fee for you and your
spouse before rebate
Management fee for Cash Fund
= ($500,000 x 0.99% pa) + ($500,000 x 0.99% pa)
= $9,900 pa
Management fee for Capital Stable Fund
= $250,000 x 1.3% pa
= $3,250 pa
Management fee for Balanced Fund
= ($300,000 x 1.4% pa) + ($600,000 x 1.4% pa)
= $12,600 pa
Management fee for Growth Fund
= $400,000 x 1.5% pa
= $6,000 pa
Total annual management fee = $31,750 pa
Average annual management fee for you and your
spouse before rebate
= $31,750 ÷ $2,550,000
Total annual management fee for you and your
spouse after rebate
Management fee for first $1,000,000
= 1.25%
$1,000,000 x 1.25% pa = $12,500 pa
Management fee for amount over $1,000,000
$1,550,000 x 0.99% pa = $15,345 pa
Total annual management fee = $27,845 pa
Amount of rebate for you and your spouse
(as an annual amount)
= $31,750 - $27,845
Amount of rebate for six month period for you
and your spouse
= $3,905 x 182 ÷ 365
Allocation of rebate to your investment in the
State Super Investment Fund
Rebate allocated to Cash Fund
$500,000 ÷ $2,550,000 x $1,947.15= $381.79
= $3,905 pa
= $1,947.15
Rebate allocated to Capital Stable Fund
$250,000 ÷ $2,550,000 x $1,947.15 = $190.90
Rebate allocated to Balanced Fund
$300,000 ÷ $2,550,000 x $1,947.15 = $229.08
Allocation of rebate to your spouse’s investment
in the State Super Allocated Pension Fund
Rebate allocated to Cash Fund
$500,000 ÷ $2,550,000 x $1,947.15 = $381.79
Rebate allocated to Balanced Fund
$600,000 ÷ $2,550,000 x $1,947.15 = $458.15
Rebate allocated to Growth Fund
$400,000 ÷ $2,550,000 x $1,947.15 = $305.44
Note: The above example is illustrative only and is based on the factors stated for example, the number of days in each six month
period may vary. It should not be taken to provide an estimate of the rebate you or your spouse may be paid in any circumstances.
Visit our website www.ssfs.com.au or call 1800 620 305 for further information
31
› Fees and other costs
Taxation
Taxation costs are discussed on page 34.
Government charges
Where applicable, government charges will be
deducted from your Account Balance. These
deductions will be itemised in your Annual Statement
(see page 25 for discussion of your Annual
Statement).
Costs of financial advice
The management fess in the ‘Fees and other costs’
table above include the costs of access to financial
advice. See the Statement of Advice from your
financial planner for further details.
Further, although we do not currently charge a
switching fee, the trust deed allows a switching fee
of $100 (CPI indexed from 30 June 1993) to be
charged per switch.
The Trustee reserves the right to change the rebate
percentage and/or the total account balance
threshold and/or the eligibility conditions at any
time. However, we will give you 30 days prior notice
of any such change. We have the right to withhold
the rebate if we consider the eligibility criteria are no
longer met.
We will give you at least 30 days prior notice of any
increase in fees or of the introduction of new fees.
Transactional and operational costs
Transactional and operational costs are the costs
of buying and selling assets associated with
each Fund. They include brokerage, the costs of
settlement and clearing of assets, and Government
taxes and duties. Such costs are deducted from
the assets relating to each Fund at the time they are
incurred.
Transactional and operating costs are reflected in
the unit prices of the Funds. They are an additional
cost to you, in addition to the fees and costs set out
in the ‘Fees and costs’ table above. Estimates are
included in unit prices.
Can the fees change?
Yes, fees can change. We may increase fees or may
commence charging new fees without your consent.
Reasons for doing so might include changing
economic conditions and changes in regulation.
The current fee we receive for overseeing the
Investment Fund’s operations which includes
ongoing administration is less than the maximum fee
we are entitled to receive under the trust deed. The
maximum fee allowable for the Cash, Capital Stable,
Balanced and Growth Funds is 1.5% per annum,
and for all other Funds is 2% per annum. We are
also entitled to be reimbursed for certain costs,
charges and expenses we incur.
32
State Super Investment Fund – Class A • Product Disclosure Statement
› Fees and other costs
Example of annual fees and costs for the Balanced Fund
This table gives an example of how the fees and costs in the Balanced Fund can affect your investment
over a 1 year period. You should use this table to compare this product with other managed investment
products.
EXAMPLE – the Balanced Fund
BALANCE OF $50,000 WITH A CONTRIBUTION
OF $5,000 DURING YEAR
Contribution Fees
Nil
For every additional $5,000 you put in, you will be charged $0.
PLUS Management Costs1
1.47%
And, for every $50,000 you have in the fund you will be charged
$735.002 each year
EQUALS Cost of Balanced
Fund
If you had an investment of $50,000 at the beginning of the year
and you put in an additional $5,000 during that year, you would be
charged fees of:
$735.002
What it costs you will depend on the investment option
you choose and the fees you negotiate with your fund
or financial adviser.
1. Management costs are calculated as the sum of the management fee of 1.40% pa plus estimated performance fees of 0.07% pa.
Note: The example assumes the $5,000 contribution was made at the end of the year, therefore, management costs re calculated using
the $50,000 balance only.
The example above is illustrative only and is based on the factors stated. It should not be taken to contain or provide an estimate of the
management costs you will pay in relation to the Investment Fund – Class A.
Visit our website www.ssfs.com.au or call 1800 620 305 for further information
33
› Taxation
What tax is payable?
The following taxation information is a summary only
of the main income tax issues affecting managed
investment schemes. It is a brief guide only and
does not purport to be a complete statement
of relevant tax law. It is recommended that you
contact seek independent professional tax advice
before investing in the Investment Fund in order
to obtain tax information applicable to your own
circumstances.
The Funds in the Investment Fund are not expected
to pay Australian income tax as it is intended that
investors will be ‘presently entitled’ to all of the
income of each Fund.
You may be liable to pay tax on your share of the
income from the Funds comprising the Investment
Fund in the year in which your entitlement arises
(whether you receive your distribution in cash or
reinvest after 30 June). Distributions could comprise:
 income (from dividends and interest);
 net capital gains (from the sale of the Funds’
investments);
 tax offsets (like franking credits attached to
dividend income and credits for tax paid on
foreign income) which can reduce the tax you
pay. You may be entitled to a refund of excess
franking credits. Foreign tax credits can reduce
the tax payable on your foreign source income.
Can a tax liability arise when you withdraw,
switch or transfer?
Depending on the kind of taxpayer you are, and
how long you have held your units, you may be
entitled to a capital gains tax concession which can
reduce your tax liability by up to one half. Where you
have capital losses, and you offset them against a
discount capital gain, the discount capital gain must
be grossed up to the nominal gain before offsetting
the capital loss.
When units are redeemed from the Fixed interest,
Capital Stable, Moderate, Balanced Growth, Growth
Plus, Australian Equities and International Equities
Funds (as a result of a switch or a withdrawal of
funds) they will be redeemed in the following order
from each Fund unless we are otherwise advised.
Firstly, units which provide a capital loss (if any) are
selected on a Last In First Out (LIFO) basis. Once
these have been exhausted, units which provide a
capital gain are selected on a lowest to highest gain
basis.
Do you need to give your tax file number
(TFN) or Australian business number
(ABN)?
It’s up to you, but we recommend it strongly. You
can advise us of your TFN or ABN on the application
form or otherwise notify us in writing.
If you choose not to provide your TFN or ABN and
don’t have an exemption, we must deduct tax at
the highest marginal tax rate, plus the Medicare levy,
before distributing your net income entitlement to
you.
Yes, Australian residents are generally subject to
capital gains tax on gains when they withdraw any
money (excluding withdrawals from the Cash Fund),
including when a switch is made, or when units are
transferred to someone else.
Distributions of tax-free or tax-deferred amounts
may impact on the cost base of your units in a Fund
for capital gains tax purposes.
34
State Super Investment Fund – Class A • Product Disclosure Statement
› Addtional Information
Can you change your mind?
If you change your mind about investing in the
Investment Fund, you have a 14 day cooling-off
period to tell us in writing. This starts from the earlier
of either:
 the day you receive confirmation of your initial
investment; or
 the end of the 5th business day after the day on
which we issue units in the Investment Fund to
you.
You should be aware the amount refunded under
the cooling-off rules may be less than the amount
you invested. The amount refunded is based on the
unit price for the business day in which we receive
your request (provided it is received prior to 3.00pm
Sydney time on a business day), less any applicable
tax.
Cooling-off does not apply to switching between
Funds, distribution re-investments or regular savings
plan investments.
You cannot exercise your cooling-off rights if you
have exercised any other right or power you have in
relation to the Investment Fund.
› Any enquiries or complaints?
If you have an enquiry or would like further
information about the Investment Fund, please
contact a Client Service Officer at your nearest office
– see inside back cover for contact details.
If you are not satisfied with the service or advice you
receive from us, you are entitled to complain. We
have established procedures to ensure all enquiries
are answered and complaints are resolved.
Any complaint, should be directed in writing and
sent to the General Manager – Financial Planning,
State Super Financial Services Australia Limited,
GPO Box 5336, Sydney NSW 2001.
We will respond to your complaint as quickly as
possible and will make every effort to resolve your
complaint within 45 days.
If your complaint is not satisfactorily resolved
within 45 days you can refer your complaint to the
Financial Ombudsman Service (FOS) at GPO Box 3,
Melbourne VIC 3001, phone 1300 780 808,
fax 03 9613 6399 or email [email protected].
Time limits apply to complaints to FOS. If you have
a complaint you should contact FOS immediately to
find out the time limit that applies.
› Personal information
It is SSFS’s policy to respect the privacy of
individuals. SSFS is bound by the Australian Privacy
Principles contained in the Privacy Act 1988 (the
‘Act’).
We understand the importance you attach to
information that identifies you. Our business
provides a financial advice service and financial
products. To operate effectively, we need to collect
personal information. This policy applies to the
personal information obtained through, and held in
relation to, our services and products.
Where reasonable and practicable, we collect
personal information directly from you. In some
cases, we may collect personal information about
you from:
 your employer;
 your spouse or partner;
 your lawyer or accountant if they have been
authorised by you;
 the trustee of your superannuation fund or its
related parties, associates or affiliates;
 government agencies and corporate entities.
Our main purpose for collecting and holding
personal information is to establish and manage our
financial products and services for our customers
and reviewing their ongoing needs.
To do this effectively, we obtain personal information
about you:
 to establish and administer the financial products
and services that you acquire;
 for internal administration, including development
of new products & services, systems
development and testing and accounting
functions;
 to comply with various legal, statutory and
regulatory obligations;
 for fraud investigation and prevention; and
 for your beneficiaries to receive death benefit
payments.
FOS is an independent body that deals with
complaints arising in financial services.
Visit our website www.ssfs.com.au or call 1800 620 305 for further information
35
› Additional Information
We may collect personal details unlikely to be known
to other people to help us identify you over the
telephone, internet or other digital communications.
Collecting personal information also allows us to
meet legal obligations we might have including
those under the Corporations Act, the Anti-Money
Laundering and Counter-Terrorism Financial Act and
the U.S. Foreign Account Tax Compliance Act.
We may also use personal information for purposes
related to those set out above – such as market
research or surveys for enhancing our products and
customer service and providing you with information
about investment, retirement and financial planning
opportunities or special offers that may be of interest
to you.
You have the right not to provide personal
information to us. However, if you choose not to
provide the information we need, it may affect the
appropriateness of our financial advice or we may
not be able to provide you with your requested
product or service.
We may disclose information about you to:
 our related parties, associates and affiliates;
 other financial institutions;
 Government bodies in Australia or in the US;
 your executor, attorney or accountant;
 courts, tribunals and other dispute resolution
bodies;
 anyone authorised by law to obtain information
about you; and
 our external service providers.
Under the Act, you generally have the right to
request access to personal information that we
hold about you and to request its correction. Your
right to access this information however is subject
to certain exceptions under the Act. We will, prior
to providing access in accordance with this policy,
require you to provide evidence of your identity. Our
Privacy Policy at ssfs.com.au tells you how you
can access or correct the information we hold and
our privacy complaints process. It also contains
information about how you may complain to us
about a breach of the Australian Privacy Principles
and how we will deal with such a complaint.
36
› Our responsibilities to you
The trust deed, this PDS and the law govern our
relationship with you. You can inspect a copy of the
trust deed during normal business hours at any of
our offices without charge.
The trust deed limits our need to compensate you if
we comply with our duties. In these circumstances,
we do not need to compensate you for any loss you
may suffer.
› Anti-Money Laundering and
Counter Terrorism Financing
Customer identification and verification
We are required to comply with the Anti-Money
Laundering and Counter-Terrorism Financing Act
2006 (Cth).
This means that we may need to obtain information
and documentation verifying your identity
(identification documentation) when you
first apply to invest in the Investment Fund and
when undertaking transactions in relation to your
investment.
If you are investing through a financial planner, your
financial planner may ask to see either original or
certified copies of your identification documentation
and may retain copies of the documentation. If your
application form is signed under Power of Attorney,
we will also require a certified copy of the Power of
Attorney and a specimen signature of the attorney.
If you are not investing through a financial planner
and have not invested in another State Super
Financial Services investment, we will ask to be
provided with either the original or certified copies
of your identification documentation and may retain
copies of the documentation.
We may need to ask you for additional information
about yourself or anyone acting on your behalf,
either when we are processing your application or at
some stage after we issue units in a Fund.
State Super Investment Fund – Class A • Product Disclosure Statement
› Additional Information
What identification documentation do you
need to provide?
The actual identification documentation that you
need to provide will depend on whether you are
an individual investor or a non-individual investor
such as a self-managed superannuation fund,
trust or a company. We have outlined the required
identification documentation in the Identification
Verification Form.
If we do not receive all the required identification
documentation or we are unable to verify your
identity, we may not be able to proceed with your
investment or a transaction in relation to your
investment. We will contact you as soon as possible
if we require more information.
Who can certify identification
documentation?
Any of the following people can certify identification
documentation as a true copy of an original
document:
 Officer with, or authorised representative of, a
holder of an Australian financial services licence,
having 2 or more continuous years of service with
one or more licensees
 Member of the Institute of Chartered Accountants
in Australia, CPA Australia or the National Institute
of Accountants
 Judge of a court
 Magistrate
 A person who is enrolled on the roll of the
Supreme Court of a State or Territory, or the High
Court of Australia, as a legal practitioner (however
described), i.e. a lawyer
 Agent of the Australian Postal Corporation who is
in charge of an office supplying postal services to
the public
 Permanent employee of the Australian Postal
Corporation with 2 or more years of continuous
service who is employed in an office supplying
postal services to the public
 Chief Executive Officer of a Commonwealth court
 Justice of the Peace
 Registrar or deputy registrar of a court
 Police officer
 Australian consular officer or an Australian
diplomatic officer (within the meaning of the
Consular Fees Act 1955)
 Officer with 2 or more continuous years of service
(for the purposes of the Statutory Declaration
Regulations 1993)
 Finance company officer with 2 or more
continuous years of service (for the purposes of
the Statutory Declaration Regulations 1993)
 Notary public (for the purposes of the Statutory
Declaration Regulations 1993)
Visit our website www.ssfs.com.au or call 1800 620 305 for further information
37
› Directory
Registry Services
GPO Box 5336 Sydney NSW 2001
Brisbane QLD
Parramatta NSW
Level 10, 133 Mary Street, BRISBANE
PO Box 15499 City East QLD 4002
Client Services: 07 3335 7055
Charge Free: 1800 357 085
First Floor, 90 Phillip Street, PARRAMATTA
PO Box 966 Parramatta NSW 2124
Client Services: 02 8895 2355
Charge Free: 1800 626 000
Canberra City ACT
Penrith NSW
86-88 Northbourne Avenue, BRADDON
PO Box 725 Civic Square ACT 2608
Client Services: 02 6232 2155
Charge Free: 1800 028 918
Level 3, 331 High Street, PENRITH
PO Box 1014, Penrith NSW 2751
Client Services: 02 4724 4855
Charge Free: 1800 102 700
Canberra Woden ACT
Wollongong NSW
Level 1, 10 Corinna Street, PHILLIP
PO Box 49 Woden ACT 2606
Client Services: 02 6122 2855
Charge Free: 1800 502 100
Level 4, 280 - 286 Keira Street,
WOLLONGONG
PO Box 349 Wollongong East NSW 2520
Client Services: 02 4231 2455
Charge Free: 1800 060 166
Melbourne VIC
Level 16, 440 Collins Street, MELBOURNE
GPO Box 2817 Melbourne VIC 3001
Client Services: 03 8615 3055
Charge Free: 1800 805 233
Perth WA
Level 3, 197 St Georges Terrace, PERTH
PO Box 5657 Perth WA 6831
Client Services: 08 9214 4155
Toll Free: 1800 332 308
Sydney Clarence Street NSW
Level 9, 83 Clarence Street, SYDNEY
GPO Box 5336 Sydney NSW 2001
Client Services: 02 9333 9500
Charge Free: 1800 222 211
Sydney Pitt Street NSW
Level 9, 175 Pitt Street, SYDNEY
GPO Box 5058, Sydney NSW 2001
Client Services: 02 8295 7950
Charge Free: 1800 985 950
Liverpool NSW
Level 3, 1 Moore Street, LIVERPOOL
PO Box 137 Liverpool NSW 2170
Client Services: 02 8738 2555
Charge Free: 1800 899 315
Newcastle NSW
Level 2, 22 Honeysuckle Drive, NEWCASTLE
PO Box 1765 Newcastle NSW 2300
Client Services: 02 4016 2255
Charge Free: 1800 807 855
38
Central Coast NSW
Level 2, 40 Mann Street, GOSFORD
PO Box 354 Gosford NSW 2250
Client Services: 02 4304 8255
Charge Free: 1800 801 965
Mid North Coast NSW
40 Gordon Street, PORT MACQUARIE
PO Box 2117 Port Macquarie NSW 2444
Client Services: 02 6516 1455
Charge Free: 1800 676 839
North West NSW
Ground Floor, 17 White Street, TAMWORTH
PO Box 297 Tamworth NSW 2340
Client Services: 02 6755 2055
Charge Free: 1800 248 609
Northern Rivers NSW
193-199 River Street, BALLINA
PO Box 1078 Ballina NSW 2478
Client Services: 02 6686 1655
Charge Free: 1800 656 474
South West NSW
14 Morrow Street, WAGGA WAGGA
PO Box 13 Wagga Wagga NSW 2650
Client Services: 02 5908 1755
Charge Free: 1800 641 109
Central West NSW
180 Anson Street, ORANGE
PO Box 2381 Orange NSW 2800
Client Services: 02 5310 1855
Charge Free: 1800 803 708
State Super Investment Fund – Class A • Product Disclosure Statement
PDSIFA 0714