For Slate Super (a sub-plan in the Master Superannuation Fund – Series 2 (ABN 32 367 272 075; RSE Registration R1001204). Interests in Slate Super are issued by Diversa Trustees Limited (ABN 49 006 421 638; AFSL 235153; RSE Licence L0000635).
This target market determination (TMD) seeks to offer an understanding of the class of consumers for which this product has been designed, having regard to the objectives, financial situation and needs of the target market. This TMD is not to be treated as a full summary of Slate Super’s terms and conditions and is not intended to provide financial advice. Customers should refer to the Slate Super Product Disclosure Statement and any supplementary documents which outline the relevant terms and conditions when making a decision about the product.
Product Disclosure Statement to which this target market determination applies
This TMD applies to Slate Super referred to in the following Product Disclosure Statement:
Date from which this target market determination is effective
Date when this target market determination was last reviewed
Date when this target market determination will be next reviewed
5 October 2021
5 October 2021
5 October 2022
The information below summarises the overall class of consumers that fall within the target market for Slate Super.
The Slate Super product is designed for consumers who:
Slate Super is not designed for consumers who:
Product description and key attributes:
The key eligibility requirements and product attributes of Slate Super are:
Objectives, financial situation, and needs:
The table below sets out the class of customers the Slate Super lifecycle investment option which has been designed for.
Objective
Seeking a return of CPI + 3.00% p.a. over rolling 10-year periods
Needs
Risk appetite is high with estimated number of negative annual returns over any 20-year period being 4 to less than 6
Financial Situation
Likely to suit long-term investors who want exposure to assets with potentially higher returns
Lifecycle Investment Option
Sand
Seeking a return of CPI + 2.50% p.a. over rolling 8-year periods
Risk appetite is high with estimated number of negative annual returns over any 20-year period being 4 to less than 6
Likely to suit medium to long-term investors who want exposure to assets with potentially higher returns
Coral
Seeking a return of CPI + 1.75% p.a. over rolling 6-year periods
Risk appetite is high with estimated number of negative annual returns over any 20-year period being 4 to less than 6
Likely to suit medium term investors who want exposure to assets with potentially higher returns
Ocean
CPI + 0.50% p.a. over rolling 3-year periods
Risk appetite is medium with estimated number of negative annual returns over any 20-year period being 2 to less than 3
Likely to suit short to medium-term investors who are closer to retirement
Sky
The table below sets out the class of customers the Slate Super insurance offering has been designed for:
Age Next Birthday
Death Cover
Total and Permanent (TPD) Disability Cover
16-54
Available
Available
55-65
Available
Not Available
Income Protection Cover
Available
Available
Is automatic cover available?
For Death and TPD:
Opt-In only within 60 days of joining. Subject to satisfying the eligibility questionnaire.
For Income Protection:
Subject to Insurer approval.
For Death:
Opt-In only within 60 days of joining. Subject to satisfying the eligibility questionnaire.
For Income Protection:
Subject to Insurer approval.
Death Cover Eligibility
Death and TPD Cover Eligibility
Income Protection Cover Eligibility
Voluntary Cover
Available
Transfer of Cover
Available
Consistency between target market and the product:
Attributes of target market
Attributes of Slate Super
Save for retirement via a compliant superannuation product within the Australian superannuation system.
Slate Super is a product of a complying superannuation fund.
Engage with a technology facilitated superannuation product.
Slate Super offers a fully digitised member app.
Invests in a lifecycle ethical investment option.
Slate Super offers a lifecycle ethical investment option that’s equities investments exclude fossil fuels, tobacco, armaments, gambling and human rights violations activities.
A product that offers different insurance options catering to different insurance needs as their circumstances change throughout their life.
Slate Super offers a range of insurance choices, including:
Death cover, Total and permanent disability cover and Income protection cover
Distribution channels:
Slate Super is designed to be distributed through the following means:
Distribution conditions:
Slate Super should only be distributed under the following circumstances:
Adequacy of distribution conditions and restrictions:
The distribution conditions above will make it likely that customers who acquire Slate Super are within the target market because customers of Slate Super can only join Slate Super through the Slate Super website and must consent to reading the product disclosure statement before becoming a member. To ensure Slate Super’s product remains adequate to its target market regular reviews will be conducted on all fund collateral disclosed on its website and mobile application. All customers and employers will be notified of any material product and legislated changes in line with the reporting and monitoring requirements. Through this process customers will understand Slate Super’s restrictions and the class of consumers this product is not suitable for.
We will review this target market determination in accordance with the below:
Initial review
Within twelve (12) months of 5 October 2021.
Next Periodic review
At least every three (3) years from the initial review, in line with Slate Super’s Product Approval and Review Process.
Review triggers or events
Any event or circumstances arise that would suggest the TMD is no longer appropriate. This may include (but not limited):
Where a review trigger has occurred, this target market determination will be reviewed within 10 business days.
We may collect the following information from our distributors in relation to this TMD:
Complaints
Distributors will be required to report to issuers, complaints and other requested information that they receive, assisting issuers to assess whether their product governance arrangements are appropriate and their products are meeting the needs of consumers. Ensure that this information is reported within 24 hours or as soon as practicable.
This will include the substance of complaints and general feedback relating to the product and its performance.
Significant dealings
Distributors will report if they become aware of a significant dealing in relation to this TMD within 10 business days.
Any potential or actual issue of Slate Super to a retail customer in breach of the distribution conditions or otherwise outside of the target market
As soon as practicable after becoming aware of the information and within 10 business days.
Information that suggests that, if Slate Super is issued to retail customers in the target market, it may not be consistent with the likely objectives, financial situation and needs of those customers
As soon as practicable after becoming aware of the information and within 10 business days.
Compliance incidents or breaches in relation to Slate Super
As specified in the relevant contracts of Slate Super’s outsourced service provider agreement.