AMP Retirement Savings Account

Product Disclosure Statement

Contents

1. AboutAMPRetirementSavingsAccount

2. Howsuperworks

3. BenefitsofinvestingwithAMPRetirementSavingsAccount

4. Risksofsuper

5. Howweinvestyourmoney

6. Feesandcosts

7. Howsuperistaxed

8. Howtoopenanaccount

9. Otherinformation

This Product Disclosure Statement (PDS) is a summary of significant information and contains a number of references to important information in a Fact Sheet (which forms part of this PDS). You should consider that information before making a decision about AMP Retirement Savings Account. Information in the PDS may change from time to time. We may update information which is not materially adverse to you on amp.com.au/pdsupdates. The information can also be obtained (at no charge) by calling us on 131 267 or from your financial planner.

The information provided in this PDS is general information only and does not take account of your personal financial situation or needs. You should obtain financial advice tailored to your personal circumstances.

1. About AMP Retirement Savings AccountAMP Retirement Savings Account (”RSA”) is a superannuation account open to new employees of existing employer sponsors.

AMP Retirement Savings Account is capital guaranteed so that your crediting rate cannot be negative.

You should read the important information about Information on your account before making a decision. Go to the Fact Sheet available at www.amp.com.au/rsa. The material relating to Information on your account may change between the time you read this PDS and the day when you acquire the product.

AMP Retirement Savings Account is part of a superannuation fund known as the AMP Superannuation Savings Trust (the fund). AMP Superannuation Limited is the trustee of the fund and is referred to as “we” or “our” in this PDS.

2. How super worksSuper is a long-term investment and a tax-effective way of saving for your retirement. Putting in place a suitable super strategy can increase the likelihood of you doing what you want to do when you retire.

In most cases, your employer is required to contribute to a super fund for you. And subject to the terms of your employment, you are usually able to choose which super fund you would like your employer to make its compulsory employer contributions to.

Boosting your super savingsThere are many types of contributions that can be made to your super. These include:

– Making salary sacrifice contributions. – Making additional personal contributions. – Taking advantage of the Government co-contribution. – Arranging spouse contributions to be made into your account.

Issued 21 June 2012 Issued by AMP Superannuation Limited ABN 31 008 414 104, AFSL No. 233060, the trustee of the AMP Superannuation Savings Trust ABN 76 514 770 399.

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You may also help build up your super savings in your AMP Retirement Savings Account more quickly by:

– Consolidating your super into the one account. – Finding your lost super.

Limits on contributionsThere are limits on the contributions that can be made into your AMP Retirement Savings Account, depending on your age, how many hours you are working and other factors.

The Government also has set dollar limits (or caps) on the amount of contributions that can be made to your super each year before additional tax becomes payable. See How super is taxed on page 5.

Accessing your superBecause super enjoys tax advantages, the law restricts when you can access your super money. These restrictions are known as “preservation rules”.

Generally this means that you can only access your money after you reach your “preservation age” (between ages 55 and 60, depending on your date of birth) and retire (with some exceptions) or in certain other circumstances. Once you have satisfied the “preservation rules”, you can start withdrawing from your super account or access your super in the form of an account based pension (see Benefits of Investing with AMP Retirement Savings Account below).

Temporary residents of Australia: If you are a non-resident who has permanently left Australia and not withdrawn your superannuation benefit within 6 months of your temporary visa expiring, we may be required to pay your benefit to the Australian Taxation Office (ATO), after which you will need to apply to the ATO to claim your superannuation.

You should read the important information about Types of contributions, Contributions caps and the excess contributions taxes and Money out (Accessing your money) before making a decision. Go to the Fact Sheet available at www.amp.com.au/rsa. The material relating to Types of contributions, Contributions caps and the excess contributions taxes and Money out (Accessing your money) may change between the time you read this PDS and the day when you acquire the product.

3. Benefits of investing with AMP Retirement Savings AccountThe AMP Retirement Savings Account has the following benefits:

Security for your superRSA is capital guaranteed so that your crediting rate in RSA cannot be negative. AMP Life’s No.1 Fund that has assets in excess of $25 billion as at 31 December 2011 provides this guarantee.

As there are no administration fees charged directly to your account, this means that for as long as it stays in RSA, your account balance cannot reduce due to administration fees.

Beneficiary nomination options and paying your Death benefitYou can provide the Trustee with your preferences on who you want your benefit paid to in the event of your death. You have a choice of:

Option 1 - Non-binding (or preferred) nomination.

Option 2 - No nomination.

You should read the important information about Paying your Death benefit before making a decision. Go to the Fact Sheet available at www.amp.com.au/rsa. The material relating to Paying your Death benefit may change between the time you read this PDS and the day when you acquire the product.

Access to your superOnce you satisfy the “preservation rules” you can make partial withdrawals from your super, withdraw your super as a lump sum or, you can access your super in the form of an account-based pension.

Easy to deal withAMP Retirement Savings Account puts you in control of your super. You can:

– View and manage your account online through My Portfolio at any time.

– Keep your super in one place with our Super Consolidation Service (at no additional cost to you).

You should read the important information about Consolidating your super and My Portfolio before making a decision. Go to the Fact Sheet available at www.amp.com.au/rsa. The material relating to consolidating your super and My Portfolio may change between the time you read this PDS and the day when you acquire the product.

4. Risks of superAll investing involves some risk – it’s the trade-off for the returns we all want to earn. The key risk with investing in super is “investment risk”, but there are also other significant risks you need to consider.

Investment riskInvestment risk means the value of investments and returns are likely to vary. Future returns may differ from past returns. Returns from investing are generally not guaranteed (which means an investor may lose some of his or her money). However, AMP Retirement Savings Account invests in a capital guaranteed life policy, which means that your investment return (crediting rate) in AMP Retirement Savings Account cannot be negative.

The rate of return for investing in a fund like AMP Retirement Savings Account which invests in capital guaranteed assets is likely, in the longer term, to be less than for most other asset classes

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Depending on your account balance, and crediting rate, your investment rate of return can be equal to or lower than the rate of inflation. This means there is a risk that the value of your super can fall, in real terms.

A capital guaranteed investment is designed to give you security in the shorter term. This is usually at the potential cost of lower returns over the longer term.

Other risksWhen investing in super, it is important to understand that:

– You may not be able to access your super, because of preservation rules.

– Laws affecting super may change, which may affect the amount of your super and when you can access it.

– We can change the rules of AMP Retirement Savings Account at any time.

– Your investment and future super savings may not be sufficient to provide an income for the rest of your life.

You should read the important information about Risk of investing before making a decision. Go to the Fact Sheet available at www.amp.com.au/rsa. The material relating to Risk of investing may change between the time you read this PDS and the day when you acquire the product.

5. How we invest your moneyAMP Retirement Savings Account invests in a capital guaranteed life insurance policy issued to us by AMP Life. We are the policyowner of the life insurance policy. Under this policy, AMP Life guarantees to us the full value of members’ benefits.

This life insurance policy is a participating policy in AMP’s No.1 Fund. Participating policies are administered in accordance with the Life Insurance Act 1995 and the Insurance Contracts Act 1984. Under these Acts, an annual profit is determined for each class of participating policies and shared between the policyowner and the life office. At least 80% of that profit must be allocated to the participating policyowner(s).

Currently for the AMP Retirement Savings Account, 92.5% of the annual profit is allocated to the policyowner (the trustee) and 7.5% is allocated to AMP Life.

The RSA crediting rates declared are a distribution of our profit to members.

Who is AMP Retirement Savings Account designed for?Individuals who want:

– Capital security for their super. – To consolidate all their super in a secure investment.

Investment objectiveThe investment objective for account balances over $2,500, is to provide returns (adjusted for costs and tax) over the longer term exceeding those from cash. For all account balances, returns are guaranteed to not be negative.

Investment strategyThe investment strategy is to invest in a portfolio with a core of cash and limited exposure to shares. Changes to investments can be made according to the outlook for the various sectors and the nature of the plan.

The long-term strategic mix of assets that back the plan are usually in the following ranges:

Shares and Alternative Investments 0% - 20% Fixed Interest and Cash 80% - 100%

Minimum suggested timeframe and risk levelAs the RSA invests in a capital guaranteed life policy, there is no minimum suggested timeframe for investment and the overall level of risk of investing in the RSA is low.

You should read the important information including How your investment works before making a decision.

Go to the Fact Sheet available at www.amp.com.au/rsa. The material relating to How your investment works may change between the time you read this PDS and the day when you acquire the product.

6. Fees and costs

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 may be able to negotiate to pay lower contribution fees and management costs where applicable. Ask the fund or your financial planner.

To find out more

If you would like to find out more, or see the impact of fees and costs based on your own circumstances, the Australian Securities and Investments Commission (ASIC) website (www.moneysmart.gov.au) has a superannuation fee calculator to help you check out different fee options.

The calculator on the ASIC website (www.moneysmart.gov.au) can be used to calculate the effect of fees and costs on your super account balance.

The table below indicates the fees and costs for the AMP Retirement Savings Account. The table can be used to compare the costs of different superannuation products. These fees and costs are deducted from your investment returns.

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Type of fee or cost Amount

Fees when your money moves in or out of the fund

Establishment Fee Nil

Contribution Fee Nil

Withdrawal Fee Nil

Termination Fee Nil

Management costs

The fees and costs for managing your investment.*

The management costs consist of expenses incurred in running the fund and Performance Based Fees paid monthly out of the fund assets.

These costs are reflected in the crediting rates which are set in advance and applied daily to your account balance.

These costs are not deducted directly from your account.

The gross costs of the fund are estimated as 2.17% pa.**

The net costs of the fund are estimated at 1.84% pa.**

* This fee includes an amount payable to your financial planner (see “Payments to your financial planner” in the Fact Sheet).

** The estimates are based on the actual fund costs for the year to 31 December 2011. The management costs are not fixed and will vary depending on performance and expenses.

Example of annual fees and costs for AMP Retirement Savings AccountThis table gives an example of how the fees and costs in the AMP Retirement Savings Account can affect your superannuation investment over a 1 year period. You should use this table to compare this product with other superannuation products.

Example Balance of $50,000 with total contributions1 of $5,000 during the year.

Contribution Fees Nil For every $5,000 put in, you will be charged $0.

Plus Management costs

2.17%2 And, for every $50,000 you will have in the account you will be charged $1,0852,3 each year.

Equals Cost of Account

If you put in $5,000 during a year and your balance was $50,000, then for that year you will be charged fees of:

$1,0853

What it costs you will depend on the investment option you choose and the fees you negotiate with your fund or financial planner.4

1. The contribution of $5,000 is assumed to be deposited to your account at the end of the year.

2. The Management Costs of 2.17% above are for the 12 month period ending 31 December 2011.

3. The amount of fees and costs you actually pay in your account is reduced by 15% to allow for the benefit of the tax deductions passed on to you. The amount you actually pay is $922.25.

4. There is no other investment option and fees cannot be negotiated with the fund or financial planner.

Fees paid to financial plannersAMP Life will pay a standard commission to the financial planner who advises you or your employer on AMP Retirement Savings Account. This commission is a cost of the fund. The commission amount is not negotiable. These costs are reflected in the crediting rates for all members.

The standard commission is 0.25% pa of your total account balance as at 30 June each year. AMP Life pays an additional 10% on the commission amount above for GST if your financial planner is registered for GST purposes. Your financial planner will pay this extra 10% to the ATO.

You do not pay this standard commission in addition to the management costs shown in the Fees and costs table above.

You may have to pay additional fees to a financial planner if you consult one. You may agree with your financial planner a fee to be paid for financial planning services provided to you in relation to AMP Retirement Savings Account. This fee may be:

– a one-off dollar amount paid as a lump sum, and/or – an ongoing fee, paid monthly, which is either a fixed dollar

amount or a set percentage of your account balance.

The Statement of Advice from your financial planner details any fees for their financial planning services.

Changing the feesWe can introduce new fees or change existing fees at any time. We will notify you at least 30 days before we introduce new fees or increase existing fees.

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The trust deed permits us to introduce a Trustee Fee of 3% each year of the amount you have invested (this fee is currently not charged).

New fees can be charged or existing fees changed if: – AMP Life changes its fees under the superannuation policy

we hold. – Permitted by law.

In this product, expenses are ultimately reflected in the crediting rates (crediting rates can change at any time without prior notice to you).

You should read the important information about Fees and other costs before making a decision. Go to the Fact Sheet available at www.amp.com.au/rsa. The material relating to Fees and other costs may change between the time you read this PDS and the day when you acquire the product.

7. How super is taxedAs an incentive to save for your retirement, the super system offers attractive tax benefits.

Generally your super may be taxed in the following situations:

Type of tax Description How the tax is paid

When contributions are made

Employer, salary sacrifice and personal member contributions for which a tax deduction is claimed are taxed at a rate of up to 15%, which is known as “contributions tax”.

Contributions tax is paid by us to the ATO quarterly. We will deduct this tax from your account quarterly (or earlier when you close your account).

On your earnings while your money is invested

A maximum of 15% tax is applied to the investment earnings of your super.

This tax is deducted before we declare investment returns (that is, crediting rates are net of this tax).

When you withdraw money from super and you are under age 60

If you withdraw your money as a lump sum and don’t transfer that money directly to another super fund, then generally you are subject to lump sum tax based on the taxable component of your withdrawal benefit.

Tax is payable on assessment of your income tax return, but we deduct an amount from your withdrawal benefit as prescribed by law. The prescribed amount deducted may differ from the tax payable on assessment.

When you withdraw money from super and you are age 60 or over

No tax is payable. -

Collecting your Tax File Number (TFN)When you apply for AMP Retirement Savings Account, you should consider providing us with your TFN. If your employer nominates you to join AMP Retirement Savings Account they must give us your TFN if you have given it to them. If you or your employer don’t tell us your TFN:

– Any employer contributions will have the “No-TFN tax” applied at the rate of 31.5%. This is in addition to the contributions tax you have already paid on those contributions. This “No-TFN tax” is calculated and deducted at the earlier of 30 June each year and when you close your account.

– We may have to deduct higher tax than we would otherwise have to on your superannuation lump sum withdrawals and the income payments we make to you.

– We cannot accept any personal contributions and certain other types of contributions.

Tip: Check your statement to see if we have your TFN. If we don’t, you should consider giving it to us to avoid us deducting extra tax from your account.

Excess contributions taxesIf you exceed the maximum amount of contributions (called “caps”) set by the government in any financial year for a person your age, you may be required to pay an excess contributions tax of up to 46.5% of the excess. If this occurs, the Australian Taxation Office will issue you with an assessment and a Release Authority and you will need to pay the tax within 21 days. This tax may, or in some circumstances must, be paid from your super account balance.

Tip: Keep an eye on contributions to all your superannuation funds to avoid exceeding the caps. We do not monitor super contributions made to your account against the caps.

You should read the important information about Tax and social security before making a decision. Go to the Fact Sheet available at www.amp.com.au/rsa. The material relating to Tax and social security may change between the time you read this PDS and the day when you acquire the product.

8. How to open an account

IndividualsAMP Retirement Savings Account no longer accepts new personal applications.

Employer sponsorsAMP Retirement Savings Account no longer accepts new employer-sponsored applications. Existing employer sponsors can continue to add new employees to their employer plan.

Employee membersYour account is automatically opened when your employer nominates you to join their AMP Retirement Savings Account - Employer plan.

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Cooling-off period“Cooling-off” rights do not apply to employee members.

Enquiries and complaints processAll aspects of AMP Retirement Savings Account are governed by the fund’s trust deed and insurance policies held by us, including in the event of a dispute.

You can find out additional information about your AMP Retirement Savings Account, and request a copy of this PDS and any additional information that has been referred to in this PDS, from your financial planner or AMP Customer Service.

If you are unhappy about any aspect of your account or our service, please contact AMP Customer Service:

Online amp.com.au/enquiry Phone 131 267 Mail Customer Service AMP Life Limited PO Box 300 PARRAMATTA NSW 2124 Fax 1300 301 267 Internet www.amp.com.au My Portfolio www.amp.com.au/myportfolio

We will try to resolve your complaint as quickly as possible. If we cannot resolve it immediately, we will keep you informed about our progress.

Where we cannot resolve your complaint within 90 days or if you are unhappy with our decision, you may be able to lodge a complaint with the Superannuation Complaints Tribunal (SCT). The SCT is an independent body established by the Government to review certain decisions of superannuation trustees.

Superannuation Complaints Tribunal

Website sct.gov.au Phone 1300 884 114 Or write to Locked Bag 3060 MELBOURNE VIC 3001

Time limits apply to certain complaints to the SCT. If you have a complaint, you should contact the SCT immediately to find out if a time limit applies.

The SCT can only become involved after the Trustee’s efforts at resolving your complaint have failed.

9. Other informationYou should read the additional important information about Collection of Tax File Numbers, AMP and your privacy, (including our collection of your personal information to establish and manage your AMP Retirement Savings Account and for related purposes such as providing you with information about other AMP financial services), Additional identification requirements, and what occurs when Leaving your employer, before making a decision. Go to the Fact Sheet available at www.amp.com.au/rsa. The material relating to these subjects may change between the time when you read this PDS and the day when you acquire the product.

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AMP Retirement Savings AccountFact Sheet

ISSUED 21 JUnE 2012

Issued by AMP Superannuation Limited ABN 31 008 414 104, AFSL No. 233060, the trustee of the AMP Superannuation Savings Trust ABN 76 514 770 399.

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This is the Fact Sheet for AMP Retirement Savings Account (RSA). The AMP Retirement Savings Account Fact Sheet is an important document. The information in this Fact Sheet forms part of the AMP Retirement Savings Account Product Disclosure Statement (PDS) dated 21 June 2012 for new employee members of existing employer plans. You should consider the PDS and this Fact Sheet before making any decision about whether to acquire or continue to hold the account. The PDS is available online at www.amp.com.au/rsa.

The information in this Fact Sheet is of a general nature only. It is not based on your personal objectives, financial situation and needs. You should consider whether the information in this Fact Sheet is appropriate for you in accordance with your objectives, financial situation and needs. To obtain advice or more information about the account covered in the PDS you should speak to a licensed or authorised financial planner.

AMP Superannuation Limited (ASL) and other providersAMP Superannuation Limited is the trustee of the AMP Superannuation Savings Trust (of which AMP Retirement Savings Account is a part) and is referred to as “Trustee”, “we” or “us” in this Fact Sheet.

AMP Life Limited guarantees that the rate of return will never be negative. Apart from this, none of the trustees, or any other company in the AMP group or any of the investment managers of AMP Retirement Savings Account:

– is responsible for any statements or representations made in this Fact Sheet, or – guarantees the performance of ASL’s obligations to members nor assumes any liability to members in connection with AMP Retirement

Savings Account.

An investment in AMP Retirement Savings Account is not a deposit with the trustee and is not a deposit with, or other liability of, AMP Bank Limited ABN 15 081 596 009 (AMP Bank), or any other company in the AMP group. The trustee is not a bank. The AMP Bank does not stand behind the trustee.

AMP companies receive fees and charges in relation to AMP Retirement Savings Account outlined in the PDS and Fact Sheet. AMP employees and directors receive salaries and/or benefits from AMP companies.

This offer is available only to persons receiving (including electronically) the PDS and Fact Sheet within Australia.

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Information on your account 2How it works 2How do I join? 2Types of contributions 2Consolidating your super 5Other information 5Contribution Caps and the Excess Contributions Taxes 5Tax and social security 7Family law and your super 9Your Death benefit 9Your beneficiaries 9Paying your Death benefit 10Keeping you informed 11My Portfolio - online information about your account 11Legal arrangements 11The relationship between the Trustee and other service providers 12AMP and your privacy 12Additional identification requirements 13Collection of Tax File Numbers 13Other information on your account 13

How to transact 14Transacting on your account - quick reference table 14Money in 14Choosing your super fund 14Your employer’s contributions 14How we invest your money 15Money out 15Leaving your employer 16

How your investment works 17Investment manager 17Investment objective 17Investment strategy 17Risk of investing 17How are crediting rates determined? 17

Fees and other costs 19Fees and other costs 19Additional explanation of fees and other costs 20Performance Based Fees 20Small account protection 20Payments to your financial planner 20Alternative Forms of Remuneration Register 21Transaction and operational costs 21Changing the fees 21

Employer plans 22Award modernisation - Important information for employers in respect of Award covered employees 22How to transact 22Making contributions 22Additional information 23Policy committee 23Cooling-off 23

Enquiries and complaints process 24Super Complaints Tribunal 24

Contents

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Information on your account

How it worksAMP Retirement Savings Account (RSA) is a capital guaranteed superannuation account open to new employees of existing employer sponsors.

How do I join?

Individuals

AMP Retirement Savings Account no longer accepts new personal applications.

Employer sponsors

AMP Retirement Savings Account no longer accepts new employer-sponsored applications. Existing employer sponsors can continue to add new employees to their employer plan.

Employee members

You can become a member of AMP Retirement Savings Account by being nominated for membership by your employer.

Types of contributionsWe can accept the following contributions into your account:

Contribution type Description

Member contributions Contributions you as a member pay either from your after-tax income or which you personally claim as a tax deduction.

Spouse contributions Contributions your spouse pays into your account (however, to be eligible to claim a tax offset, amongst other matters, your spouse must not be entitled to a tax deduction for the contributions and must not live separately from you on a permanent basis and your assessable income (including any reportable fringe benefits and reportable employer superannuation contributions) for the financial year must be less than $13,800).

Superannuation Guarantee (SG) and Award/Industrial Arrangement Employer contributions

Contributions an employer pays to avoid a liability for SG charge, and contributions paid to comply with an Award or Industrial Arrangement.

Salary sacrifice and additional employer contributions

You may be able to arrange for your employer to make contributions to your account instead of paying you an equivalent amount of pre-tax salary.

These salary sacrifice contributions and are treated as employer contributions. Your employer can also make employer contributions to your account in addition to SG, Award/Industrial Arrangement and salary sacrifice contributions.

Government co-contributions

You may be eligible to receive a co-contribution from the Government (see page 4 for more details).

Overseas transfers We can accept overseas transfers (including UK transfers).

Directed termination payments

An employment termination payment made by an employer before 1 July 2012 due to legal entitlements existing as at 9 May 2006.

Transfers and rollovers You can transfer or rollover existing superannuation monies into your account, at any time, no matter how old you are.

Certain contributions cannot be accepted if we don’t have your Tax File Number (see “Collection of Tax File Numbers” on page 13). If contributions made in a year exceed the Contributions Caps, you may be taxed on the excess contributions (see “Contribution Caps and the Excess Contributions Taxes” on page 5). There are also certain limits on the amount that can be accepted as a single non-concessional contribution.

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When can we accept contributions?There are restrictions on the types of contributions we can accept into your account depending on your age, the number of hours you are working and other factors. These are set out in the table below:

Type of contribution6 You are under age 65

You are age 65 to 69

You are age 70 to 747

You are age 75 or over

Member contributions1,8 At any time Only if you have been gainfully employed on at least a part-time basis during the financial year in which the contributions are made3

Only if you have been gainfully employed at least on a part-time basis during the financial year in which the contributions are made3

Cannot be accepted

Spouse contributions1,5 At any time Only if you have been gainfully employed on at least a part-time basis during the financial year in which the contributions are made3

No spouse contributions accepted

Cannot be accepted

Employer contributions - Superannuation Guarantee (SG)1,2 and Award/Industrial Arrangement1,4

At any time At any time Award/Industrial Arrangement employer contributions at any time and from 1 July 2013, SG contributions at any time

Award/Industrial Arrangement employer contributions at any time and from 1 July 2013, SG contributions at any time

Salary sacrifice and additional employer contributions4

At any time Only if you have been gainfully employed on at least a part-time basis during the financial year in which the contributions are made3

Only if you have been gainfully employed on at least a part-time basis during the financial year in which the contributions are made3

Cannot be accepted

Directed termination payments, CGT exempt contributions and overseas transfers7

At any time Only if you have been gainfully employed on at least a part-time basis during the financial year in which the contributions are made3

Only if you have been gainfully employed on at least a part-time basis during the financial year in which the contributions are made3

Cannot be accepted

Government co-contributions

At any time At any time In limited circumstances5

Not applicable

Government low income superannuation contributions9

At any time At any time At any time At any time

Transfers/rollovers At any time At any time At any time At any time

1. Member and spouse contributions cannot be accepted (and therefore no Government co-contributions can be received) if we don’t have your Tax File Number (TFN). Any concessional contributions in excess of the Concessional Contributions Tax will be liable for an additional 31.5% tax and will count towards your Non-concessional Contributions Cap. Any after-tax personal member contributions (including spouse contributions received) in excess of the Non-concessional Contributions Cap will be subject to Excess Contributions Tax of 46.5%. The ATO treats all member contributions, in the first instance, as “non-concessional”, and adjusts the contributions to “concessional” if a tax deduction is claimed in your income tax return.

2. SG contributions end at age 70 until 1 July 2013 whereby there is no age restriction on eligibility for SG contributions.

3. You are considered to have been gainfully employed on a part-time basis during a financial year if you are gainfully employed for at least 40 hours in a period of not more than 30 consecutive days in that financial year.

4. If we don’t have your TFN an additional tax called the “no-TFN tax” will be deducted from your account.

5. You must be under age 71 at the end of the financial year in which an after-tax contribution is made to receive a Government co-contribution.

6. Personal and non-mandated contributions can be accepted after age 75 if made in the 28 days following the end of the month you turn age 75. You must also have been gainfully employed on at least a part-time basis in the financial year contributions are made.

7. Directed termination payments can only be rolled over up to 30 June 2012.

8. Payments from a First Home Saver Account into super will be treated as a member contribution and are subject to the Non-concessional Contributions Cap. They are not eligible for the Government co-contribution. Such payments can be made after age 65 without the need to be working on at least a part-time basis.

9. A Government low income superannuation contribution of up to $500 per year may be paid in respect of a member who had a concessional contribution made in respect of the member on or after 1 July 2012 and the member’s adjusted taxable income for the financial year does not exceed $37,000 pa. See “Government low income superannuation contribution” on page 4 for more information.

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Government co-contributionsThe Federal Government provides a matching co-contribution for every $1 of after-tax personal contributions, up to a maximum co-contribution limit per year. Currently, it applies if you:

– Earn at least 10% of your total income** (gross assessable income plus reportable fringe benefits plus reportable employer super contributions) from carrying on a business, eligible employment as defined for co-contribution purposes or a combination of both.

– Earn less than $61,920* in total income.** – Are not a temporary resident at any time in the

financial year. – Are under 71 years of age at the end of the financial year

in which your contribution was made, and – Lodge an income tax return with the ATO for the

financial year.

Your entitlement:

If your total income** is $31,920* or less in a financial year, the Government will contribute $1 for every $1 of after-tax personal member contributions with a maximum co-contribution of $1,000.

If your total income** is more than $31,920* but less than $61,920* in a financial year, the Government co-contribution is $1,000 reduced by 3.333 cents for each dollar your total income is over $31,920.* If your total income** is $61,920* or more in a financial year, you are not entitled to a Government co-contribution.

When received, the co-contribution is treated in the fund as a non-concessional contribution and is subject to the preservation rules. However, the Government co-contribution is not counted towards the Non-concessional Contributions Cap.

* Indexed annually, but indexation is temporarily frozen. On 11 May 2011, the Government announced that it will continue to freeze the co-contribution income thresholds for an additional year to 2012/2013. Furthermore, in its 2011/2012 mini-budget, the Government announced that from the 2012/2013 year and onwards the matching rate will be 50%, meaning the maximum co-contribution will be $500 pa for a $1,000 member contribution. The income thresholds will be $31,920 and $46,920. These proposed changes have not yet been made law.

** Reduced by amounts for which the person is entitled to a deduction for carrying on a business.

Government low income superannuation contributionFrom 1 July 2012 onwards, the Government will make a contribution of up to $500 in a financial year in respect of a member where:

– The member’s adjusted taxable income for the financial year does not exceed $37,000.

– A concessional contribution in respect of the member was made in the financial year.

– The member earns at least 10% of the member’s total income* (gross assessable income plus reportable fringe benefits plus reportable employer super contributions) from carrying on a business, eligible employment as defined for co-contribution purposes or a combination of both, in the financial year.

– Are not a temporary resident at any time in the financial year.

* Reduced by amounts for which the person is entitled to a deduction for carrying on a business.

The amount of the Government low income superannuation contribution that will be made in respect of an eligible member in a financial year is determined as the lesser of:

a) 15% of the total concessional contributions made in respect of the member in the financial year, and

b) $500,

provided that where the amount worked out under (a) above is less than $20, no Government low income superannuation contribution will be paid to the member in respect of that financial year.

Contribution splittingYou may, under certain circumstances, be able to split to your spouse’s super up to 85% of your annual:

– Employer contributions, and – Member contributions you claim as a tax deduction.

The amount that can be split cannot exceed your Concessional Contributions Cap.

Non-concessional contributions (eg member contributions from your after-tax income) cannot be split.

Each year you can only make one application to split contributions. This application can be made at any time during the financial year that immediately follows the financial year in which the contributions were made. Also, if you close your Super account, then you can split the contributions made during the year in which you close the account. Please contact us for additional information.

UK pension transfersAMP Retirement Savings Account is currently able to accept amounts from United Kingdom (UK) pension schemes. Qualifying Recognised Overseas Pension Scheme (QROPS) concessional tax arrangements apply. The UK Revenue & Customs has confirmed that the AMP Superannuation Savings Trust, of which AMP Retirement Savings Account is a part, is registered as a QROPS. Members who transfer UK pension scheme balances overseas currently only receive concessional tax arrangements if they transfer the balance to a QROPS.

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If the UK Revenue & Customs changes the conditions for QROPS we will notify you via an update on amp.com.au/pdsupdates. These amounts are regarded as personal member contributions. They can only be made into your account if you satisfy the personal member contributions rules set out in the table on page 3 and may also count towards your Non-concessional Contributions Cap (see “Tax and Social Security” on page 7).

Other Australian taxation rules also apply especially where amounts are received after 6 months of becoming an Australian resident for taxation purposes.

Please contact us on 13 12 67 if you need more information.

To request a transfer you can provide us with the information either in your application or through My Portfolio.

How to make contributionsYou, your spouse or your employer can make contributions using the following payment methods:

Method of payment Description

Bpay® (Reference details will be provided in your Welcome Pack and are also accessible via My Portfolio)

You, and your employer can use Bpay to make a payment at any time.

Bpay biller codes: –Member contributions: 6528 –SG and Award contributions: 879106 –Salary sacrifice and additional employer contributions: 443739.

Cheque You can send us a cheque payable to “AMP Retirement Savings Account” together with your member number and the contribution type to:

Customer Service AMP Limited PO Box 300 PARRAMATTA NSW 2124

Please ensure that all relevant information accompanies your cheque to help ensure the investment of your contributions is not delayed.

Spouse contributions can only be made by cheque. Simply state it is a spouse contribution.

® Registered to Bpay Pty Ltd ABN 69 079 137 518.

Consolidating your superIf you have more than one super account in various superannuation funds, you could benefit by consolidating your super into a single account. Consolidating your super into your AMP Retirement Savings Account isn’t difficult or confusing. Our Super Simple Service makes consolidation easy by doing most of the paperwork for you and contacting your existing super funds to make sure your super is where you want it.

You can request to consolidate your super online at amp.com.au/consolidate, or by calling us on 133 888.

Important: Before consolidating, you need to consider how your existing superannuation accounts compare to AMP Retirement Savings Account, and what effect consolidating will have on any insurance cover and whether any exit fees apply. If you are unsure, speak with your financial planner or contact AMP.

Other information

Spouse contributions - possible tax benefit

You may be able to benefit from a tax offset for making contributions to your spouse’s super or by having them make contributions to your super. Your financial planner can provide you with more details.

Tax deductions for employers and the self-employed

If your employer makes a contribution on your behalf (including salary sacrifice contributions) then, generally, that contribution is fully tax deductible to the employer.

You may be eligible to claim a tax deduction for your personal member contributions if you’re self-employed, or substantially self-employed, or don’t receive more than 10% of your income from an employer). Different rules apply if you are under 18. Contributions chosen to be excluded from the Non-concessional Contributions Caps (see below) by reason of an eligible CGT exemption cannot be claimed as a personal tax deduction.

Contribution Caps and the Excess Contributions TaxesBecause superannuation benefits you receive from age 60 are tax-free, and employer contributions and personal deductible contributions have no limit, there are constraints on the level of contributions made to a superannuation fund for your benefit that receive tax concessions in superannuation funds. These constraints are referred to as “Contributions Caps”, and are shown in the table on the following page.

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The Contributions Caps are applied to 2 types of contributions:

Concessional contributions

are generally those contributions or payments that have received some form of tax concession, such as employer contributions that are deductible to the employer and not included in the assessable salary of the employee.

Concessional contributions include: –Employer contributions (including salary sacrifice contributions). –Defined benefit “notional” contributions. –Personal member contributions you claimed as a tax deduction.1

–Certain allocations of surplus, and –Taxable component of directed termination payments in excess of the $1 million cap.

Non-concessional contributions

are generally “after-tax” or “post-tax” contributions or payments and include: –Personal member non-deductible contributions (personal after-tax contributions). –Spouse contributions (including for same sex couples). –Tax-free part of overseas transfers, and –Excess concessional contributions.

1. Personal member contributions are only converted to “concessional” upon the lodgement and assessment of your income tax return in which the tax deduction is claimed.

The above is not an exhaustive list.

There are exclusions from the Contributions Caps, such as: – Rollovers from taxed super funds. – Proceeds from certain small business capital gains concessions, collectively capped at $1,205,000 in 2011/12 (indexed)

and $1,255,000 in 2012/13 (indexed) covering the: – Small business retirement exemption ($500,000 maximum), and – Small business 15 year exemption proceeds.

– Proceeds from certain personal injury settlements. – Taxable amount of certain overseas transfers, and – The first $1 million of the taxable component of a directed termination payment, as well as all its tax-free component.

The Contributions Caps are:

Type of contribution

Cap1 Special arrangement or transitional rule

Concessional Contributions Cap

$25,000 pa2 or $50,000 pa3 under “transitional arrangements”

Transitional arrangements of a concessional contributions cap of $50,000 are for a person who is aged 50 or over, and apply until 30 June 2012.

The Government has announced that from 1 July 2014, the $50,000 pa concessional contributions cap will apply to people aged 50 and over whose account balances are less than $500,000. This has not yet been made law.

Non-concessional Contributions Cap1

$150,0004 pa If under age 65, you can bring forward 2 years of caps. That is, you can make non-concessional contributions of up to $450,000 in one financial year. However, you will not be able to make any further non-concessional contributions for the next 2 years.

1. This cap is also used to limit the amount of contributions a superannuation fund can accept in some circumstances.

2. Normally indexed annually in line with average weekly ordinary time earnings in increments of $5,000 (rounded down). However, the Government has announced that it will continue to freeze the indexation of the Contributions Caps up to and including the 2013/2014 financial year. This proposal has not yet been made law.

3. Not indexed.

4. This cap will be calculated as 6 times the standard $25,000 Concessional Contributions Cap.

Contributions in excess of the Concessional Contributions Cap are taxed at a penalty rate of 31.5% in addition to the 15% contributions tax.* The 31.5% “Excess Concessional Contributions Tax” may be paid personally, or if the individual elects, by debiting their superannuation account balance.

Note that the excess concessional contributions also count towards the Non-concessional Contributions Cap.

Contributions in excess of the non-concessional caps are taxed at 46.5%. This is called the “Excess Non-concessional Contributions Tax” and must be paid from your account balance.

The excess contributions tax rates are applied to the gross amount of the excess contribution or payment and there is no reduction for death and disability premiums, unlike the standard 15% contributions tax allowance on concessional contributions.

* The Federal Government has announced that from 1 July 2012, individuals with income greater than $300,000 will have the tax concession on their contributions reduced from 30% to 15% (excluding the Medicare levy). This proposal has not yet been made law.

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Release Authority from the Australian Tax Office (ATO)

If the ATO makes an excess contributions tax assessment, a Release Authority (RA) is issued to you.

If the assessment and RA is in relation to Excess Concessional Contributions Tax, you may either pay the tax directly within 21 days of receipt of the assessment, or send the RA to a superannuation fund holding your investments within 90 days of receipt of the RA for the fund to pay the tax liability from your account. Note however, that payment of the tax liability is due within 21 days from receipt of the assessment. This RA is referred to as a Voluntary Release Authority (VRA).

If the RA is in relation to Excess Non-concessional Contributions Tax, you must forward the RA to the superannuation fund which holds your investments within 21 days of notice of the assessment. The fund must then pay the Release Amount (see below) from your account. Note that payment of the tax liability is due within 21 days after the date of the notice of assessment. This RA is referred to as a Compulsory Release Authority (CRA). If you do not forward the RA to the superannuation fund which holds your investments within 21 days of receipt of the assessment, the ATO may issue a CRA directly to the Trustee.

The Release Amount is equal to the lesser of: – the amount specified in the RA. – the amount requested to be paid by you or the ATO, and – the total value of every superannuation interest (other

than a defined benefit interest) held on your behalf by the Trustee.

Note that the fund will not pay the full tax liability if your plan is less than the liability.

How do you claim a tax deduction for your personal member contributions?

To claim a tax deduction for your personal member contributions you will need to complete a Notice of intent to claim a deduction form specifying the amount of contributions that you intend to claim as a tax deduction and return it to AMP. At the end of July each year, we send a Notice of intent to claim a tax deduction form to you if you are:

– A new member who has made personal member contributions into your account in the previous financial year.

– An existing member who has made personal member contributions into your account in the previous financial year and claimed a tax deduction in either of the last 2 financial years.

If you don’t receive a form in the mail, you can also call us and ask for a form.

To be valid, your Notice of intent to claim or vary a deduction for personal super contributions form must be lodged with us before the earliest of the following dates:

– The day that you lodged your income tax return for the year(s) for which you are claiming a tax deduction, or the end of the income year after the year for which you are claiming a tax deduction, whichever is the earlier, and

– The date you ceased to have your contributions in your accumulation account, and

– The date part or all of your contribution was used a commence a pension.

Once we receive a completed Notice of intent to claim a tax deduction form, we will send you a Superannuation Fund Acknowledgement. You should keep this for your tax records.

Tax and social securityThis tax and social security information is of a general nature only. Tax and social security laws are complex and can change. We recommend you discuss your own circumstances with your financial planner or tax adviser before you decide to invest.

Tax

Superannuation is a long-term way of saving that has tax advantages to help you achieve the income and lifestyle you want in retirement and (if you have insurance) protecting you and your family if you die or become disabled.

Generally, your super may be taxed: – When certain contributions are made. – While your money is invested. – When you withdraw money you can access under age 60.

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When contributions are made

An allowance (contributions tax) of 15%* applies to employer contributions such as superannuation guarantee, award, salary sacrifice, additional employer contributions, and member contributions for which a tax deduction is claimed.

If you make after-tax personal member contributions, a spouse makes a contribution to your account or the Government co-contribution is credited to your account, then contributions tax will not be deducted from these contributions.

* The Federal Government has announced that from 1 July 2012, individuals with income greater than $300,000 will have the tax concession on their contributions reduced from 30% to 15% (excluding the Medicare levy). This proposal has not yet been made law.

If you exceed your Contributions Caps, you will be required to pay an Excess Contributions Tax of up to 46.5% of the excess (refer to “Contribution Caps and the Excess Contribution Taxes” on pages 5 and 6).

Currently, contributions tax is calculated and deducted from your account quarterly and when you leave AMP Retirement Savings Account.

A further tax (called the “no-TFN tax) of 31.5% applies to employer contributions if you do not give us your Tax File Number (TFN). The “no-TFN tax” of 31.5% for not supplying your TFN is calculated and deducted at the earlier of 30 June each year and when you leave AMP Retirement Savings Account. The “no-TFN tax” may be refunded if the TFN is supplied within 4 financial years from when the contribution is made. Any refund will be added to your account and will be subject to the usual cashing and taxing rules.

When you rollover or transfer money from another fund

Generally, rollovers and transfers from taxed sources are not taxed when added to your super. However, any remaining superannuation surcharge liability arising in your previous fund may be transferred to your new account with us. We will subtract any surcharge liability from your account as the law requires us to.

If you have an untaxed element in the taxable component of your benefit, we generally deduct 15% contributions tax at the time you rollover this component.

While your money is invested

A maximum of 15% tax is applied to the investment earnings of your super.

Capital gains on some assets within a superannuation fund that are held for at least 12 months are taxed at an effective rate of up to 10%.

This tax is deducted before we declare investment returns (that is, crediting rates are net of tax).

When you withdraw money from super - over 60

All lump sum and income benefits received by you on or after age 60 are tax-free.

Lump sum tax rates for under age 60s

If you are under age 60, withdraw your money and: –don’t transfer that money directly to another superannuation fund, then generally you are subject to lump sum tax based on the components of your withdrawal benefit. (See table below.) –do transfer this money directly to another superannuation fund, an account-based pension, or other product designed to provide you with an income stream, then you will not need to pay any lump sum tax on this transfer.

Remember, because super enjoys tax advantages, the law restricts when you can access your super. See the “How to transact” section.

For more details, contact a financial planner or AMP.

Component Tax treatment

Tax-free Completely tax-free

Taxable component - Taxed Element

Under age 55* Maximum = 20%**

Aged 55* to 59 First $165,000^ = 0% Maximum tax on amounts in excess of $165,000^ = 15%**

Age 60 or over Completely tax-free

* This age is calculated by reference to “preservation age” and is higher than 55 for those born after 1 July 1960.

** Plus 1.5% Medicare levy and for the 2011/2012 financial year, a Flood levy may apply.

^ For the 2011/2012 financial year (will be $175,000 for the 2012/2013 financial year). Note, for the 2011/2012 financial year, this amount (the “low rate cap amount”) is included in the taxable income that is subject to the Flood levy. You are only allowed one low rate cap amount regardless of how many funds you are invested in and whether they are taxed or untaxed. The low rate cap amount may be reduced by previous lump sum withdrawals of tax-free amounts.

This list is not exhaustive. For more details, contact your financial planner or AMP.

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Superannuation lump sum - less than $200

If you withdraw your entire super as a lump sum you will receive it tax-free provided the following criteria are met:

–you are a lost member who is found and the entire amount of your benefit is less than $200 and results in a closure of your account, or –you have terminated employment with your AMP Retirement Savings Account employer and the entire amount of your preserved benefit at the time of termination is less than $200.

Note: Super funds are required to transfer certain lost accounts (ie accounts with less than $200 or accounts that have been inactive for a period of 5 years and have insufficient records to ever identify the owner of the account) to the ATO. Former holders of these accounts will still be able to reclaim their money from the ATO at any time.

Lump sum Death benefits Generally, lump sum Death benefits are tax-free, where the benefit is paid to a dependant under tax law. See below for a definition of dependant.

The taxable component of lump sum Death benefits paid to a non-dependant under tax law will incur 15% tax (on the “taxed element”) plus Medicare levy and 30% tax (on the “untaxed element”) plus Medicare levy.

Non-dependants of defence and police force personnel killed in the line of duty are treated as “tax” dependants.

Social security

Centrelink may count your investment in this financial product under the means test in certain circumstances.

As the rules are complex, you should seek the advice of your financial planner or seek information from the Financial Information Service provided by Centrelink, or the Veterans’ Affairs Financial Information Service.

Family law and your super If you separate or divorce from your spouse, then your interest in your super may be split. Currently, in all States and Territories (apart from Western Australia), your interest may also be split if a de facto relationship (including a same sex relationship) breaks down. Your account can also be flagged as part of a separation or divorce - this prevents us from making most types of payments. The law sets down how superannuation interests will be valued and split for these purposes. Splitting or flagging can be achieved by agreement between the separating or divorcing couple or by a court order.

If your AMP Retirement Savings Account is split, then your spouse (including a de facto spouse) will not automatically have a Retirement Savings Account of their own. Your spouse can apply to have a new super account, transfer the benefit to another superannuation fund or take the benefit in cash if they satisfy a condition of release.

If your interest is split, then your spouse’s interest may be transferred to the AMP Eligible Rollover Fund.

Your Death benefitIf you die while you are an AMP Retirement Savings Account member, then we will pay a Death benefit. Your Death benefit is equal to the value of your account balance.

Your beneficiariesIf you are age 18 years or over, you can nominate one or more beneficiaries to receive your Death benefit. Generally, all beneficiaries must be your dependant(s). You can also nominate your estate (we call this your “legal personal representative).

Under superannuation law, you cannot nominate anyone else as a beneficiary.

If you are under age 18, you or your guardian cannot make a Death benefit nomination.

You can decide to make no nomination.

Who is a dependant?A dependant under superannuation law includes:

– Your spouse1 (including a de facto spouse whether of the opposite or same sex).

– Your children2 (including an adopted child, a stepchild, or ex-nuptial child).

– Any person who is financially dependent on you, and – Any person with whom you have an interdependency

relationship (see “What is an interdependency relationship?” below).

A person must be a dependant on the date of your death to be a beneficiary.

1. Spouse of a person includes: – the person’s husband or wife, – another person (whether of the same sex or a different sex)

registered on the relationship registers of a State or Territory, (which at the date of this Fact Sheet are Victoria, Tasmania, the Australian Capital Territory, New South Wales and Queensland), or

– another person who, although not legally married to the person, lives with the person on a genuine domestic basis in a relationship as a couple.

Note: For tax purposes, a former spouse is also a dependant.

2. Child in relation to a person includes: – an adopted child, a stepchild or an ex-nuptial child of

the person, – a child of the person’s spouse, and – someone who is the child of the person within the meaning

of the Family Law Act 1975 (for example, a child as a result of a Court Order giving effect to a surrogacy arrangement).

Note: For tax purposes, only a child under 18 years of age is a dependant unless the child is a financial dependant.

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What is an interdependency relationship?Two persons (whether or not related by family) have an interdependency relationship if:

– they have a close personal relationship, and – they live together, and – one or each of them provides the other with financial

support, and – one or each of them provides the other with domestic

support and personal care.

An interdependency relationship also includes 2 persons (whether or not related by family):

– who have a close personal relationship, and – who do not meet the other 3 criteria listed in the

paragraph above because either or both of them have a physical, intellectual or psychiatric disability.

Paying your Death benefitYou can choose who you want to receive your Death benefit. You have a choice of:

Option 1 - Non-binding (or preferred) nomination.

Option 2 - No nomination.

They are each discussed below.

Before you consider making a nomination, there are a number of factors that you should keep in mind. For example, the type of beneficiary you nominate can have tax implications for your dependant(s) when they receive your Death benefit. For this reason, we strongly recommend that you discuss your nomination with your financial planner.

Option 1 - Non-binding (or preferred) nomination

If you make a non-binding (or preferred) Death benefit nomination, we will decide which of your dependants and/or legal personal representative will receive your benefit after your death. We have absolute discretion to pay your Death benefit to any of your dependants and/or to your legal personal representative in the proportions that we decide, however, we will take into account your non-binding nomination.

When we receive your nomination we will not check if: – the beneficiaries you have nominated are your

dependants or your legal personal representative, or – you have signed or completed the nomination form

correctly.

A non-binding nomination will continue to apply until you cancel it or make a new one.

Therefore, it is important that you keep your non-binding nomination up-to-date in line with your personal circumstances.

You can cancel your non-binding nomination or make a new one at any time. If you cancel your non-binding nomination without making another nomination, then we must pay your Death benefit in accordance with Option 2 - No nomination.

Nominations must be in writing and can be made, updated or cancelled by completing the Nominated or preferred beneficiary form available from amp.com.au/rsa or by contacting us.

Option 2 - No nomination

If you don’t make a nomination, or you cancel your existing nomination and do not make a new nomination, then we must pay your Death benefit to your estate. However, if your estate is insolvent or if a legal personal representative has not been appointed to manage your estate within a reasonable period of time, then we will decide:

– if you have dependants, which of your dependants will receive your Death benefit and in what proportions, or

– if you have no dependants, which other persons will receive your Death benefit and in what proportions.

We will have regard to any statements about superannuation made in your will. This means that if you do not have a non-binding nomination, you should consider making a will or altering your will to cover your Death benefit.

When and how we pay your Death benefit

Your dependants may receive your Death benefit as a lump sum payment or depending on the amount, as an account-based pension, or a combination of both. For a child to commence an account-based pension with your Death benefit, the child must be either under age 18, or under age 25 but still financially dependent on you, or have a permanent disability, at the date of your death.

Death benefits paid to a child as a pension must be converted into and paid as a lump sum when the child turns 25 and the pension ceases when we pay the lump sum. This lump sum paid at age 25 is non-assessable and tax-free. If the child has an eligible permanent disability, the pension does not have to be paid as a lump sum. It can continue.

Your legal personal representative, a non-dependant or a child that does not fit the description above can only receive your Death benefit as a lump sum.

Anti-detriment payments - extra amount for some Death benefit payments

Tax law allows us to pay an extra amount if we pay your Death benefit directly to certain dependant(s) (or indirectly to them via your legal personal representative/estate). However, the definition of “dependant” used for this purpose includes children of any age, a spouse or former spouse but does not include those with whom you have an interdependency relationship or financial dependents other than those specified in the definition. Contact your financial planner if you need more details about this.

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Keeping you informedStatements and other correspondence will be sent to you based on your communications preference, eg electronically, either through email or to your My Portfolio account (where possible), or via post.

This correspondence may include:

When you join

Welcome Letter When your account starts, we will send this to you. It provides you with personalised details about your account.

Regular communications

Annual statement

Your annual statement shows you: –your account details including balance –a summary of your transactions.

Annual update Gives you the latest news and details of important changes which may affect you.

Annual report Your annual report is available on www.amp.com.au.

If you leave

We will send you: –Confirmation of your payments –Payment Summary and/or Superannuation Rollover Benefit Statement –Exit statement

You should keep a copy of the above information, the PDS and the Fact Sheet for future reference.

My Portfolio - online information about your accountMy Portfolio provides you with online access to information about your superannuation and investments in a secure environment. You can access information about your account balances, bank accounts, shares and other financial assets and liabilities.

You can view: – Your AMP products - for example, managed funds,

superannuation and investment accounts including your transaction history.

– Financial products from other participating institutions. – Your insurance levels, plus any loans or other liabilities.

My Portfolio is also a convenient way to check that employer contributions and any other contributions or rollovers have been credited to your account.

To access and find out how to use My Portfolio, visit amp.com.au/myportfolio.

Legal arrangements

The Trustee

AMP Retirement Savings Account is part of the AMP Superannuation Savings Trust (“the Fund”). AMP Superannuation Limited is the Trustee of the fund and is a wholly-owned subsidiary of AMP Life.

The Trustee: – Is responsible for all aspects of the operation of your

account. – Is responsible for ensuring that the Fund is properly

administered in accordance with the trust deed and group life policy (superannuation policy) issued to us by AMP Life, and

– Ensures that the Fund complies with relevant legislation that all members’ benefits are calculated correctly, and that members are kept informed of the operations of the Fund.

The Trustee has professional indemnity insurance.

The trust deed

The trust deed establishes the Fund. It also contains: – your rights and obligations relating to AMP Retirement

Savings Account, and – our rights and obligations as the Trustee - for example,

the right to charge fees, the right to be indemnified out of the fund assets for costs and expenses incurred in acting as the Trustee of the Fund, the right to terminate the Fund and the limits on our liability.

The rights and obligations of a Trustee are also governed by laws affecting superannuation and general trust law.

We may amend the trust deed with the consent of AMP Life.

Members of AMP Retirement Savings Account belong to the Capital Guaranteed Category of the Fund.

If any dispute arises about your benefits in, or about any other aspect of, AMP Retirement Savings Account (or in the event of any inconsistency between the trust deed and the terms of the PDS or Fact Sheet), then the trust deed and the policy documents will prevail.

You can phone us on 13 12 67 to get a copy of the trust deed and the policy.

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Regulated superannuation fund certification

The Trustee has been granted a Registrable Superannuation Entity (RSE) Licence by the Australian Prudential Regulation Authority (APRA). The RSE Licence number is L0000550.

The Trustee registered the Fund as an RSE with APRA. The registration number for the fund is R1001648 and the ABN is 76 514 770 399.

The Fund is: – A resident regulated superannuation fund within the

meaning of the Superannuation Industry (Supervision) Act 1993 (SIS).

– Not subject to a direction under section 63 of SIS, and – Has never previously been subject to a direction under

section 63 of SIS.

The Trustee confirms that the Fund is a complying superannuation fund under Part 3-30 of the Income Tax Assessment Act 1997.

For and on behalf of AMP Superannuation Limited.

The relationship between the Trustee and other service providersFrom time to time, we may engage companies within and outside the AMP group to provide services in relation to AMP Retirement Savings Account. We may change these service providers at any time without notifying you.

The companies in the AMP group we use are AMP Life, AMP Capital Investors Limited (AMP Capital), and AMP Bank. AMP Life, AMP Capital and AMP Bank have given and have not withdrawn their consent to the statements in relation to themselves (including their names) being included in the PDS and the Fact Sheet in the form and context in which they appear.

These and other companies in the AMP group may receive information about you. Please refer to the section below on “AMP and your privacy”.

AMP Life

We invest the AMP Retirement Savings Account in a group life policy (a superannuation policy) issued to us by AMP Life.

AMP Life is a wholly-owned subsidiary of AMP Limited and, therefore, is a company related to us.

AMP Capital

AMP Capital is: – the investment manager appointed by AMP Life under an

investment management agreement with AMP Life, and – the responsible entity for many managed investment

schemes that AMP Life invests in. Under these managed investment schemes, AMP Capital appoints either itself or companies outside the AMP group or both to be the investment manager(s).

AMP Capital is a subsidiary of AMP Limited, and therefore, is a company related to us.

AMP and your privacyOur main purpose in collecting personal information from you is so we can establish and manage your account. If you choose not to provide the information necessary to process your application, then we may not be able to process it.

We may also use this information for related purposes - for example, providing you with ongoing information about financial services that may be useful for your financial needs. These may include investment, retirement, financial planning, banking, credit, life and general insurance products and enhanced customer services that may be made available by us, other members of the AMP group, or by your financial planner.

We usually disclose your personal information: – To other members of the AMP group. – To your financial planner or broker (if any). – To the employer sponsor and the financial planner or

broker responsible for the plan. – To external service suppliers who supply administrative,

financial or other services to assist the AMP group in providing AMP financial services.

– To the Australian Taxation Office (ATO) to conduct searches on the ATO’s Lost Member Register for lost superannuation.

– To the Australian Transaction Reports and Analysis Centre (AUSTRAC) where required by our anti-money laundering compliance plan.

– To your spouse or another person who intends to enter into an agreement with you about splitting your superannuation as part of a marriage separation or a de facto (including same sex) relationship separation (the law prevents us from telling you if we receive one of these requests for information about your account).

– To anyone you have authorised or if required by law.

If health information is collected in relation to this product, then additional restrictions apply. The primary purpose for obtaining this health information is to process claims for benefits on the grounds of disablement or terminal illness.

This type of health information may be disclosed to: – The financial planner or broker responsible for the

account or employer plan. – Your employer (if you are part of an employer sponsored

plan), only to the extent necessary to process any claim you make.

– AMP Life (as administrator). – Medical practitioners. – Any person the Trustee considers necessary to help either

assess claims or resolve complaints, and – Anyone you have authorised or if required by law.

Under the National Privacy Principles, you may generally access personal information about you held by the AMP group. Also, you may let us know if you think any of it is inaccurate, incomplete or out-of-date. The AMP Privacy Policy Statement sets out the AMP group’s policy on management of personal information. You may obtain a copy from amp.com.au.

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Additional identification requirementsWe are required to comply with the Anti-Money Laundering and Counter Terrorism Financing Act 2006. This means that we may need to obtain additional identification information when you make a withdrawal or transfer from your account and when we change your account details or undertake transactions in relation to your account.

We will need to identify: – A member prior to allowing the member to access their

super (full or partial withdrawal). We will not process the withdrawal until all relevant information has been received and your identity has been satisfactorily verified.

– Your estate and/or your beneficiaries if you die while you are a member. We are required to verify the identity of your beneficiaries (including your estate) prior to the payment of any Death benefit.

– Anyone acting on your behalf, including your nominated representative. If you nominate a representative, we will identify the nominated representative prior to allowing them to be added as a signatory to your account.

You also acknowledge that we may decide to delay or refuse any request or transaction, including by suspending a withdrawal application, if we are concerned that the request or transaction may breach any obligation, or cause us to commit or participate in an offence under any law, and we will incur no liability to you if we do so.

In some circumstances, we may be required to re-verify your identity.

Collection of Tax File NumbersUnder the Superannuation Industry (Supervision) Act 1993, your superannuation fund is authorised to collect your TFN, which will only be used for lawful purposes.

These purposes may change in the future as a result of legislative change. The Trustee of your superannuation fund may disclose your TFN to another superannuation provider, when your benefits are being transferred, unless you request the Trustee of your superannuation fund in writing that your TFN not be disclosed to any other superannuation provider.

It is not an offence not to quote your TFN. However giving your TFN to your superannuation fund will have the following advantages (which may not otherwise apply):

– your superannuation fund will be able to accept all types of contributions to your account/s;

– the tax on contributions to your superannuation account/s will not increase;

– other than the tax that may ordinarily apply, no additional tax will be deducted when you start drawing down your superannuation benefits; and

– it will make it much easier to trace different superannuation accounts in your name so that you receive all your superannuation benefits when you retire.

Other information on your account

Lost super

If you think you may have lost track of some of your super accounts, but can’t remember the details, we can conduct a lost super search on your behalf. Just let us know if you want to do this and provide us with your Tax File Number.

We may from time to time search for lost super on your behalf. To do this, we will send personal information such as your full name, date of birth, address and Tax File Number (if held) to the Australian Taxation Office (ATO).

If any lost super is found for you, then we will send you a letter with the relevant information. If no match is made, we will not contact you.

If you would like to opt out of this feature, please let us know by email or phone. If emailing askamp@amp.com.au please use the title “Opt out - SuperSearch” and provide your full name and account number.

What you need to do

To get the ball rolling complete the lost super section, either during your application or later via My Portfolio (amp.com.au/myportfolio) or call us on 133 888.

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How to transact

Transacting on your account - quick reference tableI would like to Internet Phone Fax Mail Form required

Find out my latest account balance

Y Y Y Y n/a

Consolidate other super into RSA

Y Y N Y www.amp.com.au/consolidate

Nominate a beneficiary

N Y Y Y Nominated or preferred beneficiary nomination

Search for lost super Y N N N n/a

Change my name or date of birth

N N Y Y Change of personal details

Update my contact details

Y Y Y Y Change of personal details

Provide my Tax File Number

Y Y Y Y Tax file notification

Transfer my super to an external fund

N N N Y Request to transfer superannuation benefits to an external fund

Withdraw or make a cash payment claim

N N N Y Withdrawal form

Internet www.amp.com.au/rsa

Phone 131267

Fax 1300 301 267

Mail Customer Service AMP Life Limited PO Box 300 PARRAMATTA NSW 2124

Money in

Transfers and rollovers

You can transfer or rollover existing superannuation monies into your AMP Retirement Savings Account at any time, no matter how old you are.

See page 5 for details on how to make contributions.

Choosing your super fundMany employees have the right to choose the superannuation fund to which their Superannuation Guarantee (SG) contributions are to be paid. This is known as Choice of Fund.

You should seek advice from your Human Resources area or from your financial planner as to whether Choice of Fund applies to you.

If Choice of Fund does apply to you, and you would like your employer to make all future SG contributions to your RSA, then complete Part A of the Standard Choice form, which you will receive from your employer.

If your AMP Retirement Savings Account employer has offered you this choice, but you don’t want to change where your future SG contributions are contributed, then you can simply do nothing.

Your employer’s contributionsEmployers can make contributions on behalf of their employees if:

– the contributions are to satisfy Superannuation Guarantee (SG) obligations and are consistent with any Award/Industrial Arrangement and Choice of Fund provisions in the SG legislation, and/or

– the employee otherwise satisfies the rules under “When can we accept contributions?” on page 3.

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AMP Retirement Savings Account satisfies the Federal Government’s default fund requirements for Choice of Fund purposes. Subject to any relevant Award/Industrial Arrangement, your employer’s contributions to your AMP Retirement Savings Account will also meet their Superannuation Guarantee requirements. For further information for employers, see “Employer plans” section.

Employer responsibilities for contributions

Employers wanting to make Superannuation Guarantee contributions generally need to make them quarterly for their employees.

If you authorise your employer to deduct voluntary member contributions from your after-tax salary, then these contributions must be paid to your account within 28 days of the end of the month in which the deduction was made.

Keeping track of contributions

It is important for you to check My Portfolio or your Member Statements to make sure your employer is making the right amount of contributions. We don’t follow-up with your employer to make sure they are paying your contributions. If there is a discrepancy, then you should speak to your employer.

You should also check that the amount of Government co-contributions and low income superannuation contributions, if any, are correct.

How we invest your money

RSA invests in a life policy

RSA invests in a capital guaranteed life insurance policy issued to us by AMP Life. We are the policyowner of the life insurance policy. Under this policy, AMP Life guarantees to us the full value of members’ benefits.

This life insurance policy is a participating policy in AMP’s No.1 Fund. Participating policies are administered in accordance with the Life Insurance Act 1995 and the Insurance Contracts Act 1984. Under these Acts, an annual profit is determined for each class of participating policies and shared between the policyowner and the life office. At least 80% of that profit must be allocated to the participating policyowner(s).

Currently for the RSA policy, 92.5% of the annual profit is allocated to the policyowner (the Trustee) and 7.5% is allocated to AMP Life.

The declared crediting rate for the RSA is the distribution of our profit to members.

Money out

Accessing your money

Superannuation benefits consist of 3 components: – Unrestricted non-preserved: You can access this amount

at any time. – Restricted non-preserved: Generally, you can access this

amount when you stop working for the employer who has contributed to your account, and

– Preserved: You can access this amount only in certain circumstances set by superannuation law.

All contributions and investment earnings since 1 July 1999 are preserved. Any non-preserved amounts you have accumulated before this date remain as non-preserved.

Generally, the circumstances in which you can access your preserved super include:

– you are permanently retiring after reaching your preservation age (see the “Permanent retirement after reaching your preservation age” section for your preservation age), or

– you stop employment at age 60 or over, or – you reach age 65, or – you have a terminal medical condition, or – you become permanently incapacitated, or – you qualify on compassionate grounds or severe financial

hardship, or – you are the holder of an expired or cancelled temporary

resident visa1 and you have permanently departed Australia (this option is not available to holders of subclasses 405 and 410, Australian or New Zealand citizens or permanent residents), or

– you reach preservation age, but you do not retire or stop working, and you commence an account under a Transition to Retirement strategy.2

1. Super funds are, under certain circumstances, required to transfer a temporary resident’s super to the ATO following their departure from Australia. Such a transfer would only occur when at least 6 months have passed since the temporary resident’s visa had ceased to be in effect, they had left Australia and not taken their benefit. Former temporary residents can subsequently access their benefit from the ATO. The ATO can be contacted on 13 10 20.

Relying on relief provided by the Australian Securities and Investments Commission (ASIC), the Trustee is not obliged to notify or give an exit statement to a member who was a temporary resident where we transfer their superannuation to the ATO following their departure from Australia.

Note: There are limited conditions of release available to a member who is or was a temporary resident. Accounts in respect of all temporary resident members (irrespective of whether or not they have left Australia) will only be able to be released under the following conditions:

– Death – Terminal medical condition – Permanent incapacity – Departing Australia permanently to temporary residents who

apply in writing for the release of their benefits – Trustee payments to the ATO under the Superannuation

(Unclaimed Money and Lost Members) Act 1999 – Temporary incapacity, and/or – Release Authorities under the Income Tax Assessment Act 1997.

Note: Where a member is or was a temporary resident, they will generally not be able to access their benefit under the following conditions of release:

– On retirement – On attaining age 65.

2. An account under a Transition to Retirement strategy is an annuity or pension that you cannot cash in. However, you may be able to cash income streams that you purchased for this purpose, once you meet another release condition such as permanent retirement.

You may need to meet additional identification requirements prior to accessing your super. (See page 13 for more details.)

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Permanent retirement after reaching your preservation age

You are permanently retired if you have reached your preservation age, stopped employment and if you are under age 60, we are reasonably satisfied that you have no intention of returning to gainful employment for 10 or more hours a week.

Your preservation age depends on when you were born and is shown in the following table:

Date of birth Preservation age

Before 1 July 1960 55

1 July 1960 to 30 June 1961 56

1 July 1961 to 30 June 1962 57

1 July 1962 to 30 June 1963 58

1 July 1963 to 30 June 1964 59

1 July 1964 and after 60

Permanent incapacity, terminal medical condition, compassionate grounds and severe financial hardship

You can access some or all of your superannuation benefits at any age in certain circumstances - for example, due to permanent incapacity, severe financial hardship, compassionate grounds or if you have a terminal medical condition. There are specific conditions for the release of benefits and in the case of compassionate grounds, release is also subject to approval by the Department of Human Services and the Trustee.

You are permanently incapacitated: – if you have stopped work through ill health (whether

physical or mental), and – we are reasonably satisfied that, because of your ill

health, you are unlikely to be employed in gainful employment for which you are reasonably qualified by education, training or experience.

You suffer a terminal medical condition if: – Two registered medical practitioners have certified

jointly or separately, that you suffer from an illness, or have incurred an injury, that is likely to result in your death within a period (the certification period) that ends not more than 12 months after the date of the certification.

– At least one of the registered medical practitioners is a specialist practicing in an area related to the illness or injury suffered by you.

– For each of the certificates, the certification period has not ended.

nearing retirement

If you have reached your preservation age and are still working, you can access your benefits (including preserved and restricted non-preserved components) to purchase a Transition to Retirement income stream. An example of a Transition to Retirement income stream is an account-based pension which does not permit withdrawal before actual retirement or once you are 65 years of age, except in limited circumstances.

When you must take your super benefit

Superannuation rules do not require you to take your benefits at any maximum age. This allows you to keep your investment in your account indefinitely. Your benefit must be paid out on your death.

Transfer to another superannuation fund

You can ask us to rollover or transfer your superannuation benefit to another superannuation fund at any time.

Making a withdrawal from your account

If you can access your super, then you can make a partial (or full) withdrawal.

You need to complete and send to us a Withdrawal form - AMP Retail Superannuation to withdraw part or all of your account, each time you want to make a withdrawal. To request a copy of this form, you can call us on 13 12 67.

Leaving your employerWhen you stop working for an employer who sponsored your account, your account will continue as a separate RSA personal account. There is nothing you need to do, if you want to maintain your current superannuation arrangements with us.

We don’t charge an entry fee when your account continues as an RSA personal account. This will ensure that your RSA personal account has the same value as it did at the date of transfer from your employer’s plan.

You may decide to transfer other superannuation account balances you have into this one or ask your new employer to make contributions to your account. This can have a number of advantages, for example:

– You will receive one single statement. – It will be easier for you to keep track of how your

retirement savings are growing.

However, before consolidating your super, you should consider how your existing superannuation accounts compare to AMP Retirement Savings Account, whether any exit fees apply and whether insurance arrangements you have in another superannuation fund will cease. If you are unsure, speak with your financial planner or AMP.

Consolidating your superannuation is easy. Go to amp.com.au/consolidate to use our online consolidation form.

If you would prefer to move your super benefits to another complying super fund, you are also free to make arrangements to do so.

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How your investment works

Investment managerThe RSA assets under the life policy are held in AMP’s Statutory No.1 Fund and are managed by AMP Capital Investors.

Investment objectiveThe investment objective for account balances over $2,500 is to provide returns over the longer term (adjusted for costs and tax) exceeding those from cash. For all account balances, returns are guaranteed to not be negative.

Investment strategyThe investment strategy is to invest in a portfolio with a core of cash and limited exposure to shares. Changes to investments can be made according to the outlook for the various sectors and the nature of the policy.

Environmental and socially responsible considerations

Unless specifically stated, neither AMP Capital Investors Limited (AMP Capital) nor any of the underlying investment managers actively takes into account labour standards, environmental, social or ethical considerations in relation to the investment decision making. They may, however, take into account these considerations if they become aware of them, but only to the extent that they financially affect the investments. The primary focus of AMP Capital and the investment managers in relation to these options is on economic and financial outcomes.

The use of derivatives

We do not invest in derivatives. The underlying investment managers may use derivatives such as options, futures, swaps, or forward exchange rate agreements.

The use of derivatives by investment managers is in accordance with the guidelines of the investment strategy, the objectives of the investment option and the relevant risk management practices on the use of derivatives. Derivatives can be used for many purposes, including hedging to protect an asset against market fluctuations, reducing the transaction costs of achieving a desired market exposure, and maintaining asset allocations.

Risk of investing Investment risk means the value of investments and returns are likely to vary. Future returns may differ from past returns. Returns from investing are generally not guaranteed (which means an investor may lose some of his or her money). However, AMP Retirement Savings Account invests in a capital guaranteed life policy, which means that your investment return (crediting rate) in AMP Retirement Savings Account cannot be negative.

The rate of return for investing in a fund like RSA which invests in capital guaranteed assets is likely, in the longer term, to be less than for most other asset classes.

Depending on your account balance and crediting rate, your investment rate of return can be equal to or lower than the rate of inflation. This means there is a risk that the value of your super can fall, in real terms.

A capital guaranteed investment is designed to give you security in the shorter term. This is usually at the potential cost of lower returns over the longer term.

How are crediting rates determined?Under the RSA policy, crediting rates are declared following an actuarial review based on:

1. Recent investment returns within the AMP Statutory No.1 Fund which backs the RSA policy.

2. An allowance for management costs, taxes, transaction and operational costs, and

3. An assessment of future investment returns.

The actuarial review allows AMP Life to ensure that it can continue to fund its guarantee from its AMP Statutory No.1 Fund reserves. AMP Life may smooth the profit distribution, holding back some profit in good years and distributing more in the bad years. This is so that crediting rates are less volatile than returns the AMP Statutory No.1 Fund experiences on the underlying assets.

The crediting rates you receive ultimately reflect the cost of the fund and you bear this as a member of the fund.

Crediting rates

Crediting rates are determined in advance and may increase or decrease at any time without notice. The amount credited to your account is calculated based on your daily balance and credited annually or on withdrawal. Any interest accrued on a member’s account to date is not affected by any future changes to crediting rates.

Crediting rates are determined after management costs, taxes, transaction and operational expenses are deducted from the fund assets.

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How are crediting rates applied?

The crediting rates that apply depend on the size of your account balance and will apply to the total daily account balance.

Interest is credited annually on 30 June (or on withdrawal). Crediting rates can be 0% but will not be negative.

Any interest accrued on a member’s account to date is not reduced by any future changes to crediting rates.

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Fees and other costs

Fees and other costsThis section shows fees and other costs that you may be charged. These fees and costs are deducted from the returns on your investment.

Taxation information is set out on pages 7 to 9 of this Fact Sheet.

You should read all the information about fees and costs because it is important to understand their impact on your investment.

Type of fee or cost Amount How and when paid

Fees when your money moves in or out of your account

Establishment Fee

The fee to open your account.

Nil Not applicable

Contribution Fee

The fee on each amount contributed to your account - either by you, your spouse or your employer.

Nil Not applicable

Withdrawal Fee

The fee on each amount you take out of your account.

Nil Not applicable

Termination Fee

The fee to close your account.

Nil Not applicable

Management costs

The fees and costs for managing your account.*

Management costs consist of:

Management Fee

The gross costs of the fund are estimated as 2.17% pa.**

The net costs of the fund are estimated as 1.84% pa.**

The management costs consist of expenses incurred in running the fund paid monthly out of the fund assets.

These costs are reflected in the crediting rates.

These costs are not deducted directly from your account.

Servicing Fees

Investment Switching Fee

The fee for changing investment options.

Not applicable Not applicable

* This fee includes an amount payable to your financial planner (see “Payments to your financial planner” under the section “Additional explanation of fees and costs”).

** The estimates are based on the actual fund costs for the year to 31 December 2011. The management costs are not fixed and will vary depending on performance and expenses.AMP R

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Additional explanation of fees and costs

Taxation

The actual amount of costs incurred in AMP Retirement Savings Account will be reduced by up to 15%. The management costs shown as ”gross costs” in the “Management costs” section of the “Fees and other costs” table are before the tax deduction.

The actual impact of costs you pay will be reduced by up to 15% and is reflected as ”net costs” shown in the “Management costs” section of the “Fees and other costs” table.

This is because superannuation funds currently receive a 15% tax deduction for expenses. The benefit of this tax deduction is passed on to you.

The costs described in the table of “Fees and other costs” section of this Fact Sheet include GST less input tax credits, if applicable. For further information on taxation, refer to pages 7 to 9.

Performance Based FeesA Performance Based Fee is an arrangement to reward the investment manager (AMP Capital Investors) if the manager meets specific investment performance targets. Performance Based Fees are structured so that the investment manager shares in the fund’s overall investment returns. They are calculated from a series of performance targets across all asset sectors in which RSA invests. These targets can change from time to time.

RSA has Performance Based Fees of up to 20% of the outperformance of the net result from the various targets across the fund’s asset sectors. Any Performance Based Fees are part of the management costs of the fund and are incorporated into the fund’s crediting rate. They are not deducted separately from your account.

Estimate of Performance Based Fees

The Performance Based Fee that was paid for the year ending 31 December 2011 for RSA was 0.10%. This is the amount used as the estimated Performance Based Fee in the “Fees and other costs” table on page 19. The use of an estimate for the calculation of the Performance Based Fee is not an indication of future performance and should not be relied on as such.

Performance Based Fee example

The following example is an illustration only and is based on the assumptions given. The example should not be taken as the amount of Performance Based Fees you will pay in relation to your RSA. Your actual fees are dependent on various other factors.

Assume: – the outperformance of the relevant performance target

is 1% for each asset class, and – the Performance Based Fee is 20% of the

outperformance.

The Performance Based Fee paid to the manager will be at the rate of 0.2% for the year (20% x 1% = 0.2%).

If you have $10,000 invested in the fund, you will pay a Performance Based Fee of $20 for the year ($10,000 x 0.2% = $20) based on these assumptions. This amount is incorporated into the crediting rate you receive.

Small account protection We do not directly deduct fees from your account balance. As a result, RSA automatically satisfies the SIS requirements to protect the value of members’ accounts with balances below $1,000 from fees.

Payments to your financial planner AMP Life will pay a standard commission to the financial planner who advises you or your employer on RSA. This commission is a cost of the fund. The commission amount is not negotiable. These costs are reflected in the crediting rates for all members.

The standard commission is 0.25% pa of your total account balance as at 30 June each year. AMP Life pays an additional 10% on the commission amount above for GST if your financial planner is registered for GST purposes. Your financial planner will pay this extra 10% to the ATO.

You do not pay this standard commission in addition to the management costs shown in the Fees and other costs table on page 19.

Other benefits that planners may receive

Individual financial planners operating through AMP financial planning companies may also qualify for other benefits. The value of the benefits they receive will depend on the value of the products they sell.

If your financial planner represents an Australian Financial Services Licensee, the commission is paid to the licensee and your financial planner may receive only part of the commission paid. That licensee may also pay additional incentives unknown to us. For more details of fees, commissions and other benefits that your financial planner receives, refer to your financial planner’s Financial Services Guide, your statement of advice or ask your financial planner.

Payments to planners from other parties

The licensee of which your financial planner is a part may also receive payments based on the volume of business they generate. If these amounts are paid, then they are paid by AMP Life and are not an extra amount paid from the AMP Retirement Savings Account nor are they amounts you pay.

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Alternative Forms of Remuneration Register AMP Life maintains a register that records alternative forms of remuneration which it pays or receives. Registers are required to be maintained by investment managers, platform providers, representatives and licensees who are members of the Financial Services Council or the Financial Planning Association of Australia and are publicly available. You can obtain a copy of AMP Life’s register by contacting AMP on 13 12 67.

Transaction and operational costs

Transaction costs

In addition to the fees outlined in the table of Fees and other costs in this Fact Sheet, transaction costs may be incurred by the fund. Estimates of these costs are deducted from the fund assets and therefore reflected in the crediting rates.

Transaction costs are the costs of buying and selling assets in the fund. They include brokerage, settlement and clearing of the assets and Government taxes and duties. Transaction costs depend on the number and amount of assets bought and sold - they cannot be predicted in any period. The amount of these costs will not exceed 1% of the fund.

Operational costs

Also, the fund may incur operational costs of maintaining direct investments and real property investments. These operational costs are costs you would have incurred if you had invested directly in the underlying assets. Estimates of these costs are reflected in the crediting rates.

Changing the feesWe can introduce new fees or change any existing fees without your consent. However, we will notify you at least 30 days before we increase existing fees or introduce new fees.

The trust deed permits us to introduce a Trustee Fee of 3% each year of the amount you have invested (this fee is currently not charged).

New fees can be charged or existing fees changed in situations including if:

– AMP Life changes its fees under the superannuation policies issued to the Trustee.

– Permitted by law.

In this product, expenses are ultimately reflected in the crediting rates (crediting rates can change at any time without prior notice to you).

In addition, we may introduce or increase fees at our discretion, as may AMP Life, for any one or more of the following reasons:

– if increased charges are incurred due to Government changes to legislation,

– increased costs, – significant changes to economic conditions, and – the imposition or increase of processing charges by

third parties.

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Employer plans

In this section, a reference to “you” or “your” is a reference to an employer.

Award modernisation - Important information for employers in respect of Award covered employees Fair Work Australia is responsible for regulating approximately 122 Modern Awards for various industries in Australia.

As well as dealing with wages and work conditions, most Modern Awards specify the superannuation funds to which an employer can make its Superannuation Guarantee contributions and any additional post-tax employee contributions for an employee where an employee has not exercised choice of fund (ie the employer’s “default fund”). In addition to a fund named in a Modern Award, an employer can continue to use the default fund to which the employer was contributing for the benefit of its employees on 11 September 2008 or any successor fund of it (where the former fund was wound up) as long as that fund is an eligible choice fund.

The fund out of which this product is issued is not named in most of the Modern Awards. Accordingly, if an employer is considering using this fund as its default fund (ie the fund to which the employer will contribute unless the employee exercises Choice of Fund), the employer should consider obtaining legal advice on the application of any awards or agreements and whether they preclude it from using this fund as its default fund.

The AMP group, including AMP Superannuation Limited (Trustee), does not warrant and takes no responsibility for the appropriateness of this product in meeting an employer’s obligations under the Modern Awards or other industrial awards, agreements or arrangements. The Fair Work Act 2009 imposes penalties on employers for each breach of a Modern Award.

How to transact

Making super payments

An employer will receive a monthly or quarterly contribution return from us outlining the list of employees in their employer plan.

In addition for employer sponsors, an Add or ceased member form is supplied to add new employees or to advise when an employee has left your employment.

The Add or ceased member form also allows you to provide your employees’ Tax File Number to us.

Employers are required to provide their employees’ Tax File Numbers within 14 days of the employee providing their Tax File Number.

The contribution return form will provide all Bpay information to allow an employer to make electronic transactions. You can also pay by cheque using the same form.

Blank contribution return forms and Add or ceased member forms are also available from amp.com.au/rsa.

Internet www.amp.com.au/rsa

Email askamp@amp.com.au

Phone 13 12 67

Fax 1300 301 267

Mail Customer Service AMP Life Limited PO Box 300 PARRAMATTA NSW 2124

Making contributionsYou can make contributions on behalf of your employees if:

The contributions are to satisfy Superannuation Guarantee (SG) obligations and are consistent with any industrial award/workplace agreement and Choice of Fund provisions in the SG legislation, and

The employee otherwise satisfies the rule under “When can we accept contributions” in the “Information on your account” section.

Your responsibilities for contributions

You generally need to make Superannuation Guarantee contributions quarterly for your employees.

If a member authorises you to deduct voluntary member contributions from their after-tax salary, then these contributions must be made to the member’s account within 28 days of the end of the month in which the deduction was made.

Industrial Awards/Workplace Agreements

Some industrial awards and workplace agreements require employers to make contributions to specific funds.

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Also, some awards and agreements specify insurance arrangements. A financial planner can help provide details on this. You should check your obligations before making contributions.

Additional information

Tax concessions on employer contributions

You can claim tax deductions on all contributions to a complying superannuation fund on behalf of your employees, subject to eligibility rules.

Additional tax will apply to members who have received contributions in excess of certain Contributions Caps. This is explained in the “Information on Your Account” section.

Tax File numbers (TFns)

If an employee has quoted their TFN to you for employment purposes, you are required to give that TFN to the super fund to which you make contributions on behalf of the employee. Penalties may apply if you fail to do so.

In addition: – We are not permitted to accept member contributions

if we do not hold the member’s TFN, and – We are required to apply an additional 31.5% tax on

employer contributions if we do not hold the member’s TFN on 30 June of the financial year in which the contributions were made.

If you do not make the required level of contributions for your employees you will be liable to pay the Superannuation Guarantee Charge. This amount is greater than the minimum super contribution and is also non tax-deductible.

Note: We recommend that you speak to a financial planner to ensure that you are meeting all your SG obligations.

Policy committeeAn employer sponsored plan may have a policy committee. The role of the policy committee is to help a member or employer of the plan enquire about the investment strategy, performance and operation of the plan. The policy committee may also assist the Trustee to obtain the views of members on these issues and in dealing with any enquiry or complaint.

We are required to take all reasonable steps to set up a policy committee where:

– An employer has 50 or more employee members, or – An employer has at least 5 but less than 50 employee

members and the Trustee has received a written request to do so on behalf of at least 5 of those employee members.

There must be equal numbers of employer and member representatives on the policy committee. Employer representatives are appointed or removed by the employer. Employer representatives can also be removed as a result of specific events under superannuation law. Member representatives are generally elected and removed by members except where they are removed as a result of specific events under superannuation law (for example,

when a member representative resigns from their appointment as a member representative).

Details of the policy committee arrangements (if any) for the plan are shown on your annual statement and on a member’s Member Statement.

For more details of the policy committee arrangements (if any) for the plan, including obtaining a free copy of our guide “How to Set Up a Policy Committee”, please contact us. Members and employers of the plan can also download a copy of the guide at any time by visiting amp.com.au/rsa.

Cooling-offCooling-off rights do not apply to employee members.

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Enquiries and complaints process

All aspects of AMP Retirement Savings Account are governed by the fund’s trust deed and insurance policies held by us, including in the event of a dispute.

You can find out additional information about your AMP Retirement Savings Account, and request a copy of this PDS and any additional information that has been referred to in this PDS, from your financial planner or AMP Customer Service.

If you are unhappy about any aspect of your account or our service, please contact AMP Customer Service:

Online amp.com.au/enquiry Phone 131 267 Mail Customer Service AMP Life Limited PO Box 300 PARRAMATTA NSW 2124 Fax 1300 301 267 Internet www.amp.com.au My Portfolio www.amp.com.au/myportfolio

We will try to resolve your complaint as quickly as possible. If we cannot resolve it immediately, we will keep you informed about our progress.

Where we cannot resolve your complaint within 90 days or if you are unhappy with our decision, you may be able to lodge a complaint with the Superannuation Complaints Tribunal (SCT). The SCT is an independent body established by the Government to review certain decisions of superannuation trustees.

Superannuation Complaints TribunalWebsite sct.gov.au Phone 1300 884 114 Or write to Locked Bag 3060 MELBOURNE VIC 3001

Time limits apply to certain complaints to the SCT. If you have a complaint, you should contact the SCT immediately to find out if a time limit applies.

The SCT can only become involved after the Trustee’s efforts at resolving your complaint have failed.

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