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Slate Super

Product Disclosure Statement (PDS)

Issue date: 1 July 2020

This is an important document. You should read it before making a decision to join Slate Super

This Product Disclosure Statement (PDS) is a summary of the significant information applicable to participation in Slate Super from 1 July 2020. It contains references to important information that forms part of the PDS and is included in the Additional Information Booklet (issued 1 July 2020) and the Insurance Guide (issued 1 July 2020).

The information in this PDS is general information only and does not take account of your personal financial objectives, situation or needs. You should obtain financial advice that is tailored to your personal circumstances before making a decision about Slate. Super. The information in this PDS was up to date at the time of issue. We may change or update the information in the PDS (including information in the other documents that form part of the PDS) from time to time. Where the change in information is not materially adverse, the updated information can be obtained from our website or by contacting us. You may request an electronic or paper copy of this PDS and any updated information at any time, free of charge.

This PDS can only be used by people receiving it (including electronically) in Australia. Applications for membership of Slate Super from outside Australia will not be accepted.

Section 1 – About Slate Super

Welcome to Slate: Smarter, easier, more personalised superannuation that works as hard as you do. Here’s how we’re different:

  • Super is complicated. Slate isn’t.
    We believe there’s a better way to take control of your financial future — through a superannuation experience that just works. Everything we do is about making the complex simple, straightforward, and most importantly, easy.
  • Built by humans, powered by technology.
    We’re a team of humans who believe that technology can do some things better than people. That’s why we’re building a modern mobile-first superannuation fund, to help you reach your financial goals faster.
  • Competitive fees, and total transparency.
    We work hard every day to keep your fees as low as possible, so you can save more for retirement. We don’t automatically charge you insurance fees either — we let you decide if insurance through super is right for you.
  • This time it’s personal.
    When you join Slate, we tailor your super experience to suit you. We treat you like a real person, not a number, so you can speak to a real person here at the fund to help with your account.
  • A better future for you and the planet.
    We believe in doing good things, and making the world a better place for future generations. That’s why we invest ethically, so you can rest assured your savings are doing good things, too.

Slate Super is a Choice product offering a single lifecycle investment strategy into which 100% of your account balance will be invested. Death, disablement and income protection insurance is available on application, subject to eligibility.

Join online to become a member of Slate Super, or download the printable application form and submit it to us. You can only have one account open with the Fund at any time.

Interests in Slate Super are issued by Diversa Trustees Limited (ABN 49 006 421 638; AFSL 235153; RSE Licence L0000635) (“the Trustee”) as trustee of the Grosvenor Pirie Master Superannuation Fund – Series 2 (ABN 32 367 272 075; RSE Registration R1001204) (“GPMSF-2”). Simple Choice Super is a sub-plan of GPMSF-2 which is marketed under two brands – Simple Choice Super and Slate Super. The Fund is administered by OneVue Super Services Pty Limited (ABN 74 006 877 872; AFSL 246883). Insurance cover is provided to eligible members by AIA Australia Limited (ABN 79 004 837 861; AFSL 230043).

The Promoter and Investment Manager of Slate Super is Responsible Investment Services Pty Ltd (ABN 77 630 578 200; AFS Representative No. 001271438), which is a Corporate Authorised Representative of RevTech Media Pty Ltd (ABN 75 150 963 474; AFSL 455982). The Sub-Promoter of Slate Super is Simple Financial Choices Pty Ltd (ABN 58 629 890 900; AFS Representative No. 001269407), which is a Corporate Authorised Representative of True Oak Investments Ltd (ABN 81 002 558 956; AFSL 238184).

You can find the information we are required to make available to members on the Slate Super website. To access information regarding the Trustee, including the policies that the Trustee must make available to members, please visit www.sargon.com/documents.

Section 2 – How super works

Superannuation is a long-term, tax effective way to save for your retirement which is, in part, compulsory.

For many Australians, superannuation will be their main source of retirement income. The Government provides tax concessions and other benefits to encourage people to contribute, which generally makes superannuation one of the best long-term investment products.

Contributions and Rollovers

+

Net Investment Returns

Fees and Taxes Insurance Premiums Withdrawals

=

Your Super Account Balance

It’s your choice

While you are working you may be entitled to employer contributions to your super. Most people have the right to choose which super fund their employer pays their super into; it’s called having a “Choice of Fund”. It is important to use the Standard Choice Form to tell your employer if you want your employer contributions paid into your Slate Super account. By taking an interest in your super you can help it grow into a healthy retirement nest egg. Contact your employer to check whether you can make a Choice of Fund, or visit the ATO’s website.

Building your super

In addition to employer contributions, there are other types of contributions that may be able to be made to your super account, depending on your age and employment status. Even small amounts can help grow your superannuation balance over time.

You can make additional contributions by:

  • Salary sacrificing – asking your employer to deduct additional contributions from your pay before tax is deducted;
  • Making personal contributions from your own savings or after-tax earnings; and
  • Transferring (also called “rolling over”) the superannuation you have in an account with another fund to your Slate Super account.

When you make personal contributions to your super account, you may be entitled to a co-contribution or a low-income superannuation tax offset from the Government. Other types of contributions, such as spouse contributions and downsizer contributions, can also help grow your super balance. Check out the ATO’s website for more details.

Annual limits apply to the type and amount of contributions that can be made to your super account each financial year without incurring additional tax. Further information is provided in the Additional Information Booklet or by contacting us.

By combining all the accounts you have with different super funds, you may save on fees and will be able to easily keep track of your investments. Use the App to consolidate your accounts online or download the printable Rollover Form and submit it to us. We recommend you seek financial advice and consider any fees or loss of insurance or other benefits before combining your accounts. You can keep track of your super through the ATO’s online services if you have a MyGov account.

Accessing your super

There are restrictions on when you can withdraw your super or start using it for income. Generally, you cannot access your super until you either turned 65, permanently retired after reaching your preservation age (between ages 55-60, depending on your date of birth) or ceased employment after turning 60. In limited circumstances you may be able to access your super before you retire. This is generally referred to as “meeting a condition of
release”.

For more information about how super works, see Section 1 of the Additional Information Booklet or contact us. You should also visit the How Super Works section of ASIC’s MoneySmart website. You should read the important information about how super works before making a decision. The information relating to how superannuation works may change between reading this PDS and the day when you acquire this product.

Section 3 – Benefits of investing with Slate Super

Features of Slate Super include:

  • Lifecycle investment strategy that evolves with you
  • Advanced mobile app to track your savings and visualise your path to retirement
  • Our Investment Manager has a long history of providing investment management services
  • We’re digital-first, but you can always speak to a real person if you need to
  • Find and combine your other super accounts, and manage your super all in one place
  • Opt-in life insurance — we let you decide if this is right for you
  • Use our app to seamlessly take Slate with you when you change jobs

For more information about the benefits of investing with Slate Super, see Section 2 of the Additional Information Booklet or contact us. You should read the important information about the benefits of investing with Slate Super before making a decision. The information relating to the benefits of investing with Slate Super may change between the time you read this PDS and the day when you acquire this product.

Section 4 – Risks of super

Superannuation, like all investments, carries risks.

How much risk depends on several factors, an important one being the type of assets you are invested in. Slate Super invests in different types of assets, including Australian shares, international shares, property, alternative assets and fixed interest, via Exchange Traded Funds (ETFs) listed on the Australian Stock Exchange (ASX). Different asset classes behave differently over time and have different levels of risk. Assets with the highest expected returns over the long-term may also have the greatest chance (risk) of producing a negative return in the short term.

The significant risks relevant to Slate Super include investment risks arising from:

  • A lifestages investment strategy;
  • Changes in the economic and political climate;
  • Use of derivatives;
  • Changes in government policies and superannuation laws;
  • Inadequate diversification; and
  • Changes in interest rates;
  • Investment decisions made by the Investment Manager.

When considering an investment in Slate Super, you should also bear in mind ethical screening risk. Slate Super’s investments are screened in relation to ethical and other values, reducing the possible number of investments Slate Super may invest in.

The appropriate level of risk for you will depend on a range of factors including your age, investment timeframe and risk tolerance, and other investments held and how they are invested. You need to assess your personal situation carefully before making an investment decision.

When investing your super, it is important to understand that:

  • The value of your investment will go up and down depending on the market prices of the assets we’re invested in;
  • Returns are not guaranteed and will vary, meaning past performance is not indicative of future performance and you may lose some or all of your money;
  • Your super account balance may not be enough on its own to pay for the retirement lifestyle you want, particularly if you rely solely on contributions from your employer; and
  • Superannuation laws may change in the future.

For more information about the risks of investing with Slate Super, see Section 3 of the Additional Information Booklet or contact us. You should read the important information about the risks of investing with Slate Super before making a decision. The information relating to the risks of investing with Slate Super may change between the time you read this PDS and the day when you acquire this product.

Section 5 – How Slate Super invests your money

Lifestages investment strategy

Slate Super’s lifestages investment solution selects from four pre-mixed investment options – Sand, Coral, Ocean and Sky – to personalise an investment strategy that’s relevant to your gender, age and account balance.

WARNING: When joining Slate Super, it is important to consider the likely investment return and risk, to ensure that the Fund best suits your age, investment timeframe, risk tolerance, and where other parts of your wealth are invested.

Here’s how the lifestages investment solution works:

We invest your super account into one of four pre-mixed investment options based on your gender, your age and your account balance (together, your “lifestage”). Younger members with smaller account balances will generally be invested in an option that has a higher allocation of growth assets such as shares, as you have more time to withstand the rises and falls of the share market.

As you age, and as your account balance grows, your account balance will move through investment options that are gradually investing more heavily in defensive assets, such as cash and fixed interest, to make your investment portfolio more stable as you approach retirement.

We’ll review your personal investment strategy against your gender, age and account balance annually, and change the investment option you’re invested in if you meet the criteria of a new lifestage.

IMPORTANT: You are not able to elect the investment option that you want your account balance invested in, or switch investment options.

Slate Super Lifestages Investment Solution

SAND

CORAL

OCEAN

SKY

Suitability

Likely to suit long-term investors who want exposure to assets with potentially higher returns.

Likely to suit medium to long-term investors who want exposure to assets with potentially higher returns.

Likely to suit medium- term investors who want exposure to assets with potentially higher returns.

Likely to suit short to medium-term investors who are closer to retirement. 

Investment Return Objective 1

CPI + 3.00% p.a. over rolling 10-year periods

CPI + 2.50% p.a. over rolling 8-year periods 

CPI + 1.75% p.a. over rolling 6-year periods

CPI + 0.50% p.a. over rolling 3-year periods

Asset Classes Benchmark Allocations

Lower

Upper

B/Mark

Lower

Upper

B/Mark

Lower

Upper

B/Mark

Lower

Upper

B/Mark

Australian Equities

43%

63%

53%

3%

52%

42%

23%

43%

33%

7%

27%

17%

International Equities

35%

55%

45%

28%

48%

38%

17%

37%

27%

3%

23%

13%

Australian Direct Property 2

0%

12.5%

0%

0%

10%

0%

0%

7.5%

0%

0%

5%

0%

Total Growth

90%

100%

98%

70%

90%

80%

50%

70%

60%

20%

40%

30%

Australian Fixed Interest

0%

2.5%

0%

2.5%

7.5%

5%

5%

25%

15%

15%

35%

25%

International Fixed Interest

0%

2.5%

0%

5%

15%

10%

5%

25%

15%

15%

35%

25%

Investment Grade Credit

0%

2.5%

0%

0.5%

5.5%

3%

2.5%

7.5%

5%

5%

25%

15%

Cash

0%

4.5%

2%

0%

4.5%

2%

2.5%

7.5%

5%

2.5%

7.5%

5%

Total Defensive

0%

10%

2%

10%

30%

20%

30%

50%

40%

60%

80%

70%

SRM 3

High

High

High

Medium / High

ENR 4

5.30

5.00

4.60

3.30

Target investment return objective is after investment fees and taxes have been paid but before administration fees have been deducted. While we aim to achieve this return objective, future returns are not guaranteed.
There is currently no allocation to Direct Property. On obtainment of sufficient funds under management, an Australian Direct property manager will be appointed, and the investment strategy updated.
Standard Risk Measure. For more information, see the Additional Information Booklet or contact us.
Estimated number of negative annual returns over any 20-year period. For more information, see the Additional Information Booklet or contact us.

Moving through the Slate Super Lifestages

Male* (Other)

Account Balance ($,000)

AGE

0-100

100-200

200-300

300-400

400-500

500-600

600-700

700+

18-24

Sand

Coral

Ocean

Sky

Sky

Sky

Sky

Sky

25-34

Sand

Sand

Coral

Ocean

Sky

Sky

Sky

Sky

35-44

Sand

Sand

Sand

Coral

Ocean

Sky

Sky

Sky

45-54

Sand

Sand

Sand

Sand

Coral

Ocean

Sky

Sky

55-64

Sand

Sand

Sand

Sand

Sand

Coral

Ocean

Sky

65-69

Sand

Sand

Sand

Sand

Coral

Sky

Sky

Sky

70-74

Coral

Coral

Ocean

Ocean

Sky

Sky

Sky

Sky

75-84

Ocean

Sky

Sky

Sky

Sky

Sky

Sky

Sky

85+

Sky

Sky

Sky

Sky

Sky

Sky

Sky

Sky

* If you elect Transgender, Intersex or Other on the Join Form, you will be invested in accordance with the investment strategy outlined above.
^
If you are under the age of 18, you will be invested in accordance with the 18-24 age group.

Female

Account Balance ($,000)

AGE

0-100

100-200

200-300

300-400

400-500

500-600

600-700

700+

18-24

Sand

Coral

Ocean

Ocean

Ocean

Sky

Sky

Sky

25-34

Sand

Sand

Coral

Ocean

Ocean

Sky

Sky

Sky

35-44

Sand

Sand

Sand

Coral

Ocean

Ocean

Sky

Sky

45-54

Sand

Sand

Sand

San

Coral

Ocean

Sky

Sky

55-64

Sand

Sand

Sand

Sand

Sand

Coral

Ocean

Sky

65-69

Sand

Sand

Sand

Sand

San

Coral

Ocean

Sky

70-74

Coral

Coral

Coral

Sand

Coral

Coral

Coral

Sky

75-84

Ocean

Ocean

Sky

Ocean

Sky

Sky

Sky

Sky

85+

Sky

Sky

Sky

Sky

Sky

Sky

Sky

Sky

^ If you are under the age of 18, you will be invested in accordance with the 18-24 age group.

IMPORTANT: Your personal investment strategy is reviewed annually, on the last business day of the month that you joined Slate Super. If our review indicates that your account should be moved to a different investment option, this may take up to a week to action.

Responsible investment policy

We take environmental, social, ethical and labour standards into account in the selection, retention and realisation of investments.

Slate Super’s Investment Manager engages in a negative screening process which seeks to exclude the following activities from the Fund’s investment portfolio:

  • Fossil fuels – no exposure to companies directly involved in mining or burning of fossil fuels, or companies which have fossil fuel reserves.
  • Tobacco – no exposure to companies producing or manufacturing, or making 10%+ of their revenue from the sale of tobacco products.
  • Armaments – no exposure to companies which produce or manufacture weapons or armaments.
  • Gambling – no exposure to companies which derive more than 10% of their revenue from gambling services.
  • Human rights – no exposure to companies where there is evidence of violations of human rights and United Nation Conventions.

Performance and portfolio information

We may make changes to how Slate Super invests your money from time to time, including the investment strategy and the types of assets the portfolio holds. We will notify members of these changes. In periods of uncertainty in investment markets, strategic changes may need to be made to the underlying allocation of assets or investment categories. Any decision taken will depend on the length of time the uncertainty is expected to persist.

For more information about investments, see Section 4 of the Additional Information Booklet or contact us. You should read the important information about investments before making a decision.The information relating to investments may change between the time you read this PDS and the day when you acquire this product.

Section 6 – Fees and Costs

You should read all the information about fees and costs because it is important to understand their impact on your investment. You can also use this information to compare costs between different superannuation products.

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. You or your employer, as applicable, may be able to negotiate to pay lower fees. Ask the Fund or your financial adviser.
**This text is required by law. Slate Super does not negotiate 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) MoneySmart website has a Superannuation Calculator to help you compare different fee options.

The following table sets out the fees and other costs that you may be charged in relation to your Slate Super account. These fees and other costs may be deducted directly from your account balance, from the calculation of the investment return before it is allocated to your account, or from the Fund’s assets as a whole. The fees quoted in this section are inclusive of GST. Other fees, such as activity fees, advice fees for personal advice and insurance fees, may also be charged, but these will depend on the nature of the activity, advice or insurance chosen by you. Entry fees and exit fees cannot be charged. For information about taxes, see Section 7 – How super is taxed. For a list of definitions relating to fees please refer to Section 5 of the Additional Information Booklet.

Slate Super Fees and Costs

Type of fee 1

Amount

How and when paid

Investment fee 2

0.11% per annum

Accrued and reflected in the unit price when the unit price is calculated and paid in arrears. 3
This fee is not deducted directly from your account.

Administration fees 2

$78 per annum ($1.50 per week)

Deducted directly from your account balance on a monthly basis, payable in arrears.

Nill

0.73% per annum

Accrued and reflected in the unit price when the unit price is calculated and paid in arrears. 3
This fee is not deducted directly from your account.

Buy-sell spread 4

0.04% buy
0.04% sel

Taken into account when the unit prices for payments in and benefit payments/transfers out are calculated.
This fee is not deducted directly from your account.

Switching fee

Nil

Not Applicable

Advice fee relating to all members in the investment option

Nil

Slate Super does not provide or charge for advice. If you engage the services of a financial adviser, you can agree to pay a fee to the adviser deducted from your account balance monthly and paid to your adviser quarterly in arrears.

Other fees and costs

Varies

Other fees and costs may apply. 5
Refer to the “Additional Explanation of Fees and Costs” in the Additional
Information Booklet for more detailed information.

Indirect cost ratio 2

0.22% per annum

Deducted from the investment returns of the underlying investments. 6
This fee is not deducted directly from your account.

1 This information is relevant for the financial year ending 30 June 2021.
2
If your account balance is less than $6,000 at the end of the financial year (30 June), the total combined amount of investment fees, administration fees and indirect costs charged to you is capped at 3% of your account balance. Any amount in excess of that cap must be refunded to your account. Refer to the Additional Information Booklet for more information.
3 Unit prices are calculated weekly.
4 The buy-sell spread is a mechanism to recover transaction costs incurred by the Trustee in relation to the purchase or sale of assets for Simple Choice Super when monies move into, or out of, an investment option in Slate Super. The buy-sell spread may change without prior notice to meet changes in transaction costs, including in circumstances of adverse market conditions.
5 Other fees, such as activity fees, advice fees for personal advice and insurance fees, may also be charged, but these will depend on the nature of the activity, advice or insurance chosen by you. Refer to the Additional Information Booklet for more information. Taxes, insurance fees and other costs relating to insurance are set out in sections 7 and 8 of this PDS.
6 The Indirect Cost Ratio (ICR) is an estimate based on assumed investment-related costs (including possible performance-related fees payable to external investment managers where applicable) that may be incurred for the 12 months ending 30 June 2021. The ICR is the same for each of the four stages of the Slate Super lifestages investment solution. Actual costs may vary from year to year. If actual costs vary considerably from this estimate, the estimate will be updated.

Example of annual fees and costs

This table gives an example of how the fees and costs for this superannuation product can affect your superannuation investment over a one-year period. You should use this table to compare this superannuation product with other superannuation products.

Slate Super Fees and Costs Example*#

Type of fee

Amount

Balance of $50,000

Investment fee

0.11% per annum

For every $50,000 you have invested in Slate Super, you will be charged $55.00 each year

PLUS Administration fees

$78 ($1.50 per week) Plus 0.73% per annum

And, you will be charged $443.00 in administration fees.

PLUS Indirect costs for the superannuation product

0.22% per annum

And, indirect costs of $110.00 will be deducted from your investment, although it is not deducted directly from your account.

EQUALS Cost of the product

If your balance was $50,000
then for that year you will be charged fees of $608.00 for the superannuation product.

* Note: This information is relevant for the financial year ending 30 June 2021. Additional fees may apply.
# If you leave the superannuation entity, you will be charged a sell spread of 0.04% (this is equal to $20 for every $50,000 you withdraw). An activity fee of 0.20% of the total amount of any rollover received into your account from another superannuation fund will be charged to your account at the time the rollover is processed and reflected on your transaction listing (this is equal to $100 for every $50,000 you rollover into the Fund).

WARNING: If you consult a financial adviser, additional fees may be payable to the adviser. You should refer to the Adviser’s Statement of Advice for details.

For more information about fees and costs (including the relevant fee definitions), see Section 5 of the Additional Information Booklet or contact us. You should read the important information about fees and costs before making a decision. The information relating to fees and costs may change between the time you read this PDS and the day when you acquire this product.

Section 7 – How super is taxed

Super may be subject to tax when contributions are made to your account, on investment earnings, and when withdrawals are made from your account.

Tax on contributions 1

There are limits on the contributions that can be made to your super account each financial year – known ascontribution caps. If contributions exceed the applicable limits, you may be taxed at a higher rate.

Type of contribution

Contribution Cap

Tax Rate

Concessional (before-tax contributions) e.g. employer contributions, salary sacrifice contributions, contributions by those who are substantially self-employed.

$25,000 per annum
Higher if you have unused carry-
forward concessional contribution
caps and your total superannuation
balance is less than $500,000.

15% 2
If the contribution cap is exceeded, the rate is your top marginal rate plus the Medicare Levy. 3

Non-Concessional (after-tax
contributions) e.g. personal contributions 4, spouse contributions.

$100,000 per annum

(or $300,000 under the bring forward rule 5 )
Nil
– if your total superannuation balance exceeds $1.6 million.

Nil
If the contribution cap is exceeded, you can choose to withdraw the excess contributions and any earnings. The earnings are then included in your income tax assessment and taxed at your marginal rate. If you don’t withdraw the earnings, the excess is taxed at the top marginal rate plus the Medicare Levy.

1 This information relates to the financial year ending 30 June 2021.
2 For more information, see the Additional Information Booklet. Those earning over $250,000 per annum are required to pay contributions tax of 30%, while those earning less than $37,000 per annum may be eligible to receive low income super tax offset on the 15% contributions tax, provided we have your tax file number on record.
3 The Medicare Levy is 2%.
4 You can claim a tax deduction on any personal contributions you make to your super account (subject to certain conditions). If you do this, those contributions will be treated as concessional contributions, be subject to the concessional (before-tax) contributions cap and taxed at 15%.
5 If you are under 65 years of age, you may be eligible to make non-concessional contributions of up to three times the annual non-concessional contributions cap in a single year. This is known as the “bring forward” rule. For more information, see the Additional Information Booklet.

WARNING: There are taxation consequences if the contribution caps are exceeded. It’s your responsibility to track your contributions against the caps and make sure you don’t exceed them.

Tax on investment earnings

Investment earnings are generally taxed at a rate of 15%, however the rate may be lower due to offsets like tax credits and rebates. This tax is calculated and deducted before investment returns are applied to your super account.

Tax on withdrawals 1

Your age at withdrawal

Tax Component

Tax Rate 2

Under preservation age

Tax free component

0%

Taxed component

20% + Medicare Levy 4

Between preservation age and
age 60

Tax free component

0%

Taxed component

No tax up to $210,000 then 15% + Medicare Levy on the balance

Age 60 or above

All components

0%

1  This information relates to the financial year ending 30 June 2021.
2  Additional tax may be payable if you have not provided your Tax File Number.
The tax rate for a taxed component may be higher if you have an untaxed portion in your taxed component.
The Medicare Levy is 2%.

WARNING: You should provide your TFN when joining Slate Super. If we don’t hold your TFN then: higher tax will apply to your concessional contributions; we cannot accept non-concessional contributions for you; the tax on lump sum withdrawals may be higher; and it may be more difficult to locate any lost super benefits or consolidate your accounts. The Trustee has also determined that it will not accept (or will refund within 30 days) any concessional contributions received for a member where a TFN is not held for that member. Tax rules are complete and are subject to frequent changes.You should refer to the ATO website for up to date information or consult a financial advisor. 

For more information about tax (including contribution caps), see Section 6 of the Additional Information Booklet or contact us. You should read the important information about tax before making a decision. The information relating to tax may change between the time you read this PDS and the day when you acquire this product.

Section 8 – Insurance in your super

Through Slate Super you can apply for three types of insurance cover:

Type of Insurance

Description of Insurance

Death cover

A lump sum benefit is payable in the event of your death or terminal illness diagnosis. You can advise the Trustee of the person you would like to receive your death benefit if you die through a non-lapsing binding or non-binding nomination of beneficiary.

Death and Total and Permanent Disablement (TPD) cover

A lump sum is payable in the event you become totally and permanent disabled.

Income Protection cover

Also known as Salary Continuance cover, this type of insurance cover pays a regular monthly income should you be unable to work due to illness or injury (subject to acceptance of your claim by the Insurer).

The cost of insurance cover depends on the type and amount of cover you apply to hold and your personal circumstances, including your age, gender, occupation and health status. You are responsible for paying the insurance costs which will be deducted from your account monthly.

Insurance cover only commences once the Insurer has accepted your application. Insurance cover ceases in certain circumstances, including when you reach your maximum insurable age, when there is insufficient money in your account to pay for cover, and when your account has been inactive for 16 consecutive months (i.e. no contributions or rollovers received) and you have not

elected to maintain cover despite inactivity. If your insurance ceases for any reason and you later decide you want to recommence cover, you will need to apply and be accepted by the Insurer.

You may be able to transfer existing cover held through another super fund when rolling over to Slate Super under transfer terms acceptable to the Insurer.

Insurance cover is optional with Slate Super. Information about the insurance offered and how to apply for cover or transfer cover is provided in the Insurance Guide or by contacting us.

WARNING: Insurance terms and conditions (in particular eligibility criteria, cover cessation circumstances and exclusions) may affect your entitlement to insurance cover or the payment of insured benefits, so you should read the Insurance Guide before deciding whether insurance is appropriate for you.

For more information about insurance (including when cover starts and ends, eligibility criteria for commencement of cover and payment of insured benefits, the level and types of cover available, premium costs, exclusions, and other important terms and conditions) see the Insurance Guide or Contact Us. You should read the important information about insurance before making a decision. The information relating to insurance may change between the time you read this PDS and the day when you acquire this product.

Section 9 – How to open an account

There are just 3 easy steps to becoming a member of Slate Super:

  1. Read and understand this Product Disclosure Statement, the Additional Information Booklet and the Insurance Guide. All documents are available on this website or by contacting us.
  2. Join online OR download and complete the printable Application Form and send it to us.
  3. You and your employer can then start to make payments into your account by direct debit or BPay.

Making information available electronically

Slate Super may make certain information available to you electronically rather than sending it by post. If we have an email address for you, we will either email you the information or send you an email notification that the information is available on our website. We may also make this information available or send you a notification by SMS or through the App. The information we will make available in this way includes significant event notifications, financial services guides (FSG), product disclosure statements (PDS), your benefit statement, our annual report, and exit statements. If you don’t want to receive this type of information electronically, please contact us.

Cooling off period

If you change your mind about joining Slate Super, there is a 14-day cooling off period in which you can tell us in writing that you no longer wish to join the fund. You will not be eligible for the cooling off period if you have exercised any right in relation to your Slate Super account (such as rolling over funds from another account). If you exercise your right to cool off, your money will be returned to you, adjusted for the increase or decrease in the value of the investment at the date we received notification, and reasonable transaction or administrative costs. Note, any preserved and restricted amounts must be transferred to another complying superannuation fund.

Respecting your privacy

Protecting your personal information is important to us and is also a legal requirement. Our Privacy Policy outlines the types of personal information we collect and how we use, disclose and store this information.

Enquiries and complaints

If you have an enquiry or complaint about Slate Super, please Contact Us. If we’re unable to resolve your concerns over the phone, we will refer the matter to our Complaints Officer who will investigate your complaint and provide a formal response within the 90-day limit prescribed by legislation. You may also lodge a complaint with the Australian Financial Complaints Authority (AFCA).

This Authority’s contact details are:

Address: GPO Box 3, MELBOURNE VIC 3001
Telephone: 1800 931 678
Email: [email protected]
Website: www.afca.org.au