Tasplan Trustee Report to Members

2013

2

This report and your member statement contain important information about your super, so please take the time to read both of them carefully. Remember, your super is your money and our goal is to help turn your regular contributions into a significant retirement fund when you retire.

A great year for Tasplan membersMembers’ super savings performed strongly over the year to June 2013. The Balanced fund (where most of our members invest) had a return of 13.06%. Our Balanced option has an investment objective to beat inflation by 3% on average, while taking only a medium risk. This year has been a great example of how we can grow our members’ super savings through our highly diversified portfolio of Tasmanian, national and international investments. However we are not standing still and are continually looking at options for investing our members’ money, taking into account security, performance, different options and a closer alignment to members’ life stages needs.

Your super has never been saferIn June 2013 Tasplan was granted a MySuper license by APRA, the regulatory body that governs banks, insurers and superannuation funds in Australia. Tasplan’s Balanced option (our default fund) is now called the MySuper Balanced option. The MySuper option is a highly regulated product to ensure maximum security for members and to provide a more standardised product offering so that members can more easily understand and compare MySuper products. We are proud to offer a Tasmanian based MySuper product which can be invested in by our members from all regions of Australia.

Our new offices We now have new addresses in Hobart and Launceston. In Hobart, we have moved to the 8th floor of 1 Franklin Wharf (the Marine Board Building) so please drop in to say hello if you are ever in town. This is the first time Tasplan has invested money designing a purpose built office that provides for future growth. Our Launceston office is now located at 107 Cameron Street. This office is permanently staffed but due to member demand we only have capacity to see members who make an appointment.

A new look for the fundMembers might have noticed we have changed our look over the year. Our branding now focuses on Tasplan assisting you to not only build up a good retirement balance but then also providing a retirement product (Tasplan Pension) to provide a retirement income stream for as long as possible in retirement (How far can we make your super go?). Tasplan is a fund that works very hard for all of our members, not just for those with very high balances.

We now have a Member Services Team that focusses on answering those difficult questions to help our members to better understand and manage their super. Our promise to employers is to make life easier for them and to be there when they need it. But our new branding does not change our approach to quality – for the third year in a row Tasplan (and our Tasplan Pension product) have been awarded a five star rating from independent research agency, The Heron Partnership.

Giving back to the communityTasplan are quiet supporters of initiatives to combat mental illness and particularly suicide in our communities. We have partnered with Lifeline this year to help support mental health initiatives and make sure our members reach a comfortable and happy retirement. We have also continued our membership of the UN’s responsible investment framework.

This is now my second year as Chair of Tasplan and it has been a great year for our members and our staff, with many milestones and great investment returns achieved. Our client services teams in Tasmania and NSW are available to answer any queries you might have, as is our great phone team. I would like to thank Tasplan’s CEO, Neil Cassidy and his team, for the excellent work they have done for members over the last 12 months.

Naomi Edwards Independent Chairman, Trustee Board of Directors.

Welcome to the Tasplan Annual Report for the year ended 30 June 2013

Tasplan Trustee Report to Members 2013

Tasplan declared the following rates for the year ended 30 June 2013

Cash 2.88%

Short Term Defensive 7.47%

Balanced 13.06%

Longer Term Growth 16.74%

Equities 19.26%

3

Changes to Investment StrategyDuring the 2012/2013 year, the Tasplan Board continued to review the investment strategy on an ongoing basis.

Following a review of Tasplan’s Global Equities managers, the Board made a decision to appoint Hexavest to replace Marathon Asset Management. Hexavest use a top down approach to construct its diversified portfolio using quantitative tools to support fundamental research. Hexavest are also a signatory to the UNPRI.

Tasplan also moved to an active strategy for domestic fixed income, appointing BT Investment Management to replace Vanguard in the portfolio.

In May 2013 the Tasplan Board engaged our Asset Consultant to conduct a ‘health check’ of the Fund with the following recommendations adopted:

• No changes to the strategic asset allocations (SAA) within the Equities, Longer Term Growth and Cash Options.

• Reducing the cash allocations in the Short Term Defensive and Balanced Options which based on modelling, will improve the risk reward outcomes for these options and provide exposure to additional return drivers.

• Allocating the funds from cash to diversified growth strategies, absolute return fixed income and alternative fixed income strategies. This will be implemented over the next 12 months.

During the early part of 2013 Tasplan conducted due diligence on a proposal for the Tasmanian Growth & Development Fund (TGDF) to invest in a further two Tasmanian properties. Following completion the Tasplan Board resolved to agree to TGDF purchasing the following office properties:

• 1 Franklin Wharf, Hobart (Marine Board Building)

• 38 Barrack Street, Hobart (Barrack Place)

Settlement on these purchases is expected to occur later in 2013.

TGDF is a joint venture investment between Tasplan and local property developer, Nekon Pty Ltd.

The TGDF Board will continue to look for further opportunities to invest further into the Tasmania to help support the Tasmanian economy and the jobs of Tasmanians, whilst ensuring that the Fund generates a strong return for Tasplan members.

Investment Strategy

Asset Sector Actual Market Value

Actual % of Assets

ABSOLUTE RETURN ASSET CLASS

AQR Delta Fund $25,518,656.79 1.4%

BlackRock Total Return Multi Opps Fund $32,163,320.20 1.7%

Blackrock QIP Hedge FOF $7,328,421.83 0.4%

Apostle Loomis Sayles Credit Opportunities $30,618,030.46 1.6%

Winton Global Alpha Fund $10,866,757.00 0.6%

Total Absolute Returns $106,495,186.28 5.6%

AUSTRALIAN SHARES ASSET CLASS

Ausbil Australian Shares $144,631,847.92 7.7%

Eley Griffiths Group Small Companies $22,945,829.49 1.2%

Perennial Growth Australian Equities $142,136,511.64 7.5%

SG Hiscock 20 $64,081,131.19 3.4%

Tyndall Australian Shares Fund $142,443,815.17 7.5%

Total Australian Shares $516,239,135.41 27.3%

CREDIT ASSET CLASS

Colonial First State Global Credit Fund $62,807,024.91 3.3%

Total Credit $62,807,024.91 3.3%

CASH ASSET CLASS

Colonial First State Wholesale Premium Cash Fund $220,422,424.24 11.7%

Mercer Term Deposit Fund $101,339,100.00 5.4%

Total Cash $321,761,524.24 17.0%

DOMESTIC FIXED INCOME ASSET CLASS

Member's Equity Bank Super Loan Trust $3,281,898.17 0.2%

BT Wholesale Fixed Interest Fund $66,177,972.48 3.5%

Total Domestic Fixed Income $69,459,870.65 3.7%

UNLISTED DIRECT PROPERTY ASSET CLASS

AMP Core Property Portfolio $33,239,500.66 1.8%

AMP Hedged Global Direct Property Fund $13,958,496.41 0.7%

Investa Commercial Property Fund $13,372,953.89 0.7%

Lend Lease APPF Retail Fund $22,705,534.61 1.2%

Goodman Australia Industrial Fund $10,565,034.71 0.6%

Tasmanian Growth & Development Fund $16,161,778.96 0.9%

Total Unlisted Direct Property $110,003,299.24 5.8%

EMERGING MARKET DEBT ASSET CLASS

Wellington Emerging Market Debt Local Currency Unhedged $41,813,450.81 2.2%

Total Emerging Market Debt $41,813,450.81 2.2%

GLOBAL SOVEREIGN BOND ASSET CLASS

Kapstream Capital Global Soveriegn Bonds $41,003,063.88 2.2%

Total Global Soveriegn Bond $41,003,063.88 2.2%

GLOBAL LISTED PROPERTY ASSET CLASS

AMP Capital Global Property Securities Fund $44,905,156.06 2.4%

Total Global Listed Property $44,905,156.06 2.4%

INFRASTRUCTURE ASSET CLASS

AMP Infrastructure Equity Fund $30,524,029.02 1.6%

IFM Australian Infrastructure Fund $64,041,388.78 3.4%

Total Infrastructure $94,565,417.80 5.0%

LISTED PROPERTY ASSET CLASS

SG Hiscock Property Securities Fund $47,880,937.22 2.5%

Total Listed Property $47,880,937.22 2.5%

OVERSEAS SHARES HEDGED ASSET CLASS

MFS Global Equity Fund $109,781,649.57 5.8%

Schroder Global Dynamic Blend Fund Hedged $53,300,471.83 2.8%

Total Overseas Shares Hedged $163,082,121.40 8.6%

OVERSEAS SHARES UNHEDGED ASSET CLASS

Global Thematic Partners Fund Unhedged $50,293,588.27 2.7%

Schroder Global Dynamic Blend Fund Unhedged $21,009,977.00 1.1%

Hexavest Global Equity Fund $76,858,257.61 4.1%

T Rowe Price Emerging Markets Equities Fund $67,039,167.49 3.6%

Total Overseas Shares Unhedged $215,200,990.37 11.4%

OPPORTUNISTIC PROP & PRIVATE EQUITY ASSET CLASS

AMP Capital Select Property II Fund $7,871,141.98 0.4%

Calibre Capital Real Estate Workout Fund $19,092,430.77 1.0%

First Tasmania Investment Limited $33,662.81 0.0%

Harbourvest Non US Fund of Fund HIPEP 6 $2,472,556.33 0.1%

Harbourvest US Fund of Fund 9 Venture Capital $571,659.91 0.0%

Harbourvest US Fund of Fund 9 Buyout $750,436.36 0.0%

Industry Super Holdings Pty Ltd $4,621,447.20 0.2%

Lexington Partners Secondaries Fund of Fund No. 7 $17,135,683.22 0.9%

Total Opportunistic Property & Private Equity $52,549,018.58 2.8%

TOTAL ASSETS $1,887,766,196.85 100%

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Investment Record

Investment- A Long Term PerspectiveThe following table shows Tasplan’s investment performance for the five years to 30 June 2013. As superannuation is a long term investment, returns over a greater period than five years are generally more important than results achieved on a year by year basis. Over the past five years to 30 June 2013, Tasplan has achieved an average return of 4.65% pa for the Balanced option.

One year Performance % Five year return %

Annual CPI%

Tasplan Tasplan pension Tasplan Tasplan

pension

2008/2009

CashShort Term DefensiveBalanced Longer Term Growth Equities

4.7-1.3-8.5

-14.2-16.9

5.5-1.2-9.2

-15.6-18.3

5.75.15.04.04.1

N/A 1.3

2009/2010

CashShort Term DefensiveBalanced Longer Term GrowthEquities

4.18.79.7

11.311.4

5.09.9

11.511.914.7

5.55.14.63.73.2

N/A 3.1

2010/2011

CashShort Term DefensiveBalanced Longer Term GrowthEquities

4.357.088.65

10.1210.53

5.128.24

10.4411.3512.34

5.284.793.522.311.51

N/A 3.6

2011/2012

CashShort Term DefensiveBalanced Longer Term GrowthEquities

4.274.640.89

-0.62-3.60

4.794.801.01

-1.71-5.56

5.053.940.90-1.05-2.79

N/A 1.2

2012/2013

CashShort Term DefensiveBalanced Longer Term GrowthEquities

2.887.47

13.0616.7419.26

3.428.65

14.7918.4

21.65

4.225.424.654.253.51

4.926.185.504.314.08

2.4

Balanced Option vs CPI + 3.0% pa vs CPi Growth of $1,000 over 20 years to June 30 2013

Your super info made easy – with MemberAccess!Tasplan members can register to access their account information online – at a time convenient to them.

MemberAccess allows you to check your account balance – update your details if you move or change jobs – and lets you change where your super is invested.*

You can even register for e-statements and access your future Tasplan statements online, saving you time and money (because we spend less on postage), provides a library of past statements and helps the environment.

Check out MemberAccess today – click the Online Access button on our homepage www.tasplan.com.au and click Sign Up Now (you’ll need your Tasplan Member ID found on your last statement).

*The first switch in a financial year is FREE. Any further switches in the same financial year attract a fee.

Reserve movements

Year Balance at end of year

30 June 2008 $6,950,603

30 June 2009 $8,661,303

30 June 2010 $14,992,607

30 June 2011 $21,527,783

30 June 2012 $23,578,047

30 June 2013 $37,436,438

$1,000

$1,500

$2,000

$2,500

$3,000

$3,500

$4,000

Jun-93 Jun-95 Jun-97 Jun-99 Jun-01 Jun-03 Jun-05 Jun-07 Jun-09 Jun-11 Jun-13

Gro

wth

of $

1,00

0

Balanced CPI + 3% pa CPI

5

Our abridged Financial Reports for 2012/2013Crowe Horwath audit the Tasplan financial accounts and the Trustee is satisfied that the abridged financial statement represents a true and accurate record of Tasplan’s financial position and has been prepared in accordance with the relevant accounting standard.

Governance

Tasplan Superannuation Fund Statement of Financial Position as at 30 June 2013

2013 2012 $ $ASSETS

Cash and Cash Equivalents Cash at Bank 36,133,383 35,214,563 Trade and Other Receivables Contributions Receivable 15,111,256 13,574,267 GST Receivable 169,990 177,458 Sundry Debtors 14,692 0 Investments Financial Assets Pooled Superannuation Funds 64,041,406 57,128,721 Australian Equities 612,409,073 502,848,462 International Equities 449,015,656 365,987,251 Other Investments 51,324,616 47,591,368 Other Interest Bearing Securities 532,446,635 438,496,784 Property 212,685,981 200,002,717 Other Assets Fixed Assets 143,585 53,436 Capitalised Expenses 1,251,293 150,880 Tax Assets Deferred Tax Assets 730,298 15,675,709

TOTAL ASSETS 1,975,477,864 1,676,901,616

LIABILITIES Trade and Other Payables Benefits Payable 5,131,319 3,967,198 Accounts Payable 1,842,616 1,560,633 Investment Expenses Payable 173,145 593,284 Sundry Creditors 51,594 54,341 Provision for Employee Benefits 407,185 - Tax Liabilities Superannuation Contribution Surcharge 8,669 7,675 Income Tax Payable 8,389,606 9,080,518 Deferred Income Tax Liability 3,857,389 2,391,478

TOTAL LIABILITIES 19,861,523 17,655,127

NET ASSETS AVAILABLE TO PAY BENEFITS 1,955,616,341 1,659,246,489

Represented by: LIABILITY FOR ACCRUED BENEFITS

Vested Benefits 1,918,179,903 1,635,668,442 Reserves 37,436,438 23,578,047 1,955,616,341 1,659,246,489

Tasplan Superannuation Fund Operating Statement for the Period Ended 30 June 2013

2013 2012 $ $INVESTMENT REVENUE

Interest 2,773,412 2,108,584 Distributions 50,781,678 81,048,933 Other Investment Income 3,162,642 2,793,666 Changes in Net Market Value 182,910,506 (77,750,669)

239,628,238 8,200,514

CONTRIBUTIONS REVENUE Employer Contributions 178,200,031 166,352,967 Member Contributions 15,202,905 14,499,129 Transfers In 61,054,888 57,710,455 Government Co-Contributions 2,588,303 3,034,893

257,046,127 241,597,444

OTHER REVENUE Proceeds from Group Life Policies 11,959,000 6,872,535 Other Income 1,515 73,264

11,960,515 6,945,799 TOTAL REVENUE 508,634,880 256,743,757

INVESTMENT EXPENSES Investment Manager Fees 3,021,302 2,363,848 Direct Investment Expenses 0 282,752

GROUP LIFE INSURANCE EXPENSES 8,420,551 7,991,080

GENERAL ADMINISTRATION EXPENSES Administrator Expenses 5,635,991 5,316,451 Auditor’s Remuneration 32,258 37,736 Anti-Detriment Payments 310,376 217,097 Operating Expenses 5,740,306 4,668,056 Superannuation Contribution Surcharge 0 (1,914)

TOTAL EXPENSES 23,160,784 20,875,106 BENEFITS ACCRUED BEFORE INCOME TAX 485,474,096 235,868,651 INCOME TAX EXPENSE 40,722,427 14,785,774 BENEFITS ACCRUED AFTER INCOME TAX 444,751,669 221,082,877

6

Board Meeting Attendance

NameNumber of Meetings

Meetings Attended

Naomi Edwards 9 9

Angela Briant 9 8

Paul Griffin 9 7

Peter Tullgren 9 7

Barrie Macdonald 9 8

Tony Stacey 9 8

Ronald Ward 9 9

Tracy Matthews 9 9

Roz Madsen 9 8

Who helps us to manage your account?

We hire professional managers to handle various aspects of managing Tasplan.

Administrator: Australian Administration Services (AAS)

Auditor: Crowe Horwath

Insurers: CommInsure

Asset Consultant: Mercer

Solicitor: Page Seager

Custodian: NAB Asset Servicing (NAS)

Tax Consultant: KPMG

ADMINISTERING TasplanThe Trustee of your fund is Tasplan Ltd (ABN 13 009 563 062). The Trustee is responsible for ensuring that the Fund meets all current laws that apply to superannuation funds and operates in the best interests of members.

The Board of Directors of Tasplan Ltd consists of experienced Directors nominated by the Fund’s sponsors – the Tasmanian Chamber of Commerce and Industry and Unions Tasmania – the State’s peak business and trade union bodies.

The Directors of Tasplan as at 30 June 2013 were:

Independent Chairman Naomi Edwards

Directors nominated by Unions Tasmania Paul Griffin Angela Briant Peter Tullgren Roz Madsen

Directors nominated by TCCI Ltd Tony Stacey Tracy Matthews Barrie Macdonald Ronald Ward

From July 2012 Directors were paid an annual fee of $33,600 and a sitting fee of $265 for their attendance at each Board meeting, sub–committee meeting (for an endorsed member of the committee) and Strategic Planning Day. The Chair of the Audit and Compliance Committee is paid $38,640.

The Chairman is paid an annual fee of $62,160 which reflects the significant travel and attendance at other meetings on behalf of the Board.

Tasplan operates a number of separate committees which oversee different aspects of the fund’s operations. All Directors are members of one or more committees and attend these meetings in addition to Board meetings. The Committees are:

• Audit and Compliance Committee• Marketing Committee• Administration Committee• Remuneration Committee

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CashThe investment return objective will be to seek returns after tax and fees that exceed cash rates (as measured by the UBS Australian Bank Bill Index), over successive one year periods.

Risk ObjectiveTo avoid negative cumulative returns measured over successive one year periods.

Benchmark 2012 2013Cash 100 % 100 %

Asset Mix100 %

Defensive

Short Term DefensiveThe investment return objective will be to seek returns after tax and fees that exceed CPI increases by at least 2.5% pa over rolling three year periods. The secondary objective is to outperform the benchmark and suitable peer group over three year periods.

Risk ObjectiveTo achieve a positive return 18 out of every 20 years.

Benchmark 2012 2013Cash 36 % 34 %Global Sovereign Bond (H) 12 % 12 %Australian Fixed Int. 12 % 12 %Absolute Return 6 % 8 %Credit 4 % 4 %Australian Shares 12 % 12 %Overseas Shares (UH) 3.5 % 3.5 %Overseas Shares (H) 4.5 % 4.5 %Unlisted & Direct Property 2 % 2 %Listed Property 2 % 2 %Global Listed Property 2 % 2 %Infrastructure 2 % 2 %Emerging Market Debt 2 % 2 %

Asset Mix100 %

Defensive

30 %Growth

MySuper BalancedThe investment return objective will be to seek returns after tax and fees that exceed CPI increases by at least 3% pa over rolling five year periods. The secondary objective is to outperform the benchmark and suitable peer group over three year periods.

Risk ObjectiveTo achieve a positive return 16 out of every 20 years.

Benchmark 2012 2013Cash 10 % 8.3 %Global Sovereign Bond (H) 5 % 5 %Australian Fixed Int. 5 % 5 %Absolute Return 6 % 7.7 %Credit 4 % 4 %Australian Shares 28.5 % 28.5 %Overseas Shares (UH) 8.5 % 8.5 %Overseas Shares (H) 10 % 10 %Opp. Property & Private Equity 5 % 5 %Unlisted & Direct Property 5 % 5 %Listed Property 2.5 % 2.5 %Global Listed Property 2.5 % 2.5 %Infrastructure 5 % 5 %Emerging Market Debt 3 % 3 %

Asset Mix30 %

Defensive

70 %Growth

Longer Term GrowthThe investment return objective will be to seek returns after tax and fees that exceed CPI increases by at least 4.5% over rolling seven year periods. The secondary objective is to outperform the benchmark and suitable peer group over three year periods.

Risk ObjectiveTo achieve a positive return 15 out of every 20 years.

Benchmark 2012 2013Cash 0 % 1 %Global Sovereign Bond (H) 1.5 % 1 %Australian Fixed Int. 1.5 % 1 %Absolute Return 6 % 6 %Credit 1 % 1 %Australian Shares 38.5 % 38.5 %Overseas Shares (UH) 13.5 % 13.5 %Overseas Shares (H) 15 % 15 %Opp. Property & Private Equity 5 % 5 %Unlisted & Direct Property 5 % 5 %Listed Property 3 % 3 %Global Listed Property 2 % 2 %Infrastructure 5 % 5 %Emerging Market Debt 3 % 3 %

Asset Mix10 %

Defensive

90 %Growth

EquitiesThe investment return objective will be to seek returns after tax and fees that exceed CPI increases by at least 5% pa over rolling seven year periods. The secondary objective is to outperform the benchmark and suitable peer group over three year periods.

Risk ObjectiveTo achieve a positive return 14 out of every 20 years.

Benchmark 2012 2013Australian Shares 57 % 57 %Overseas Shares (UH) 16.5 % 16.5 %Overseas Shares (H) 16.5 % 16.5 %Opp. Property & Private Equity 5 % 5 %Infrastructure 5 % 5 %

Asset Mix100 %

Growth

Investment Objectives

Past performance is no indication of future performance.

8

Other things you need to knowWhat to do if you have a complaintTasplan is committed to handling any complaints promptly and fairly. Any complaints will be managed in strictest confidence. If you have a complaint about Tasplan’s products or services, or about financial product advice provided by Tasplan, you should contact:

The Complaints OfficerTasplan GPO Box 1547 Hobart TAS 7001 Phone: 1800 005 166

If you are not satisfied with the way your complaint is handled, or with its resolution, you may contact one of the following complaints bodies, depending on the type of complaint. These services are provided to you free of charge. The complaints bodies will only become involved after you have made use of Tasplan’s own complaint handling process.

Your first external point of contact should be the Superannuation Complaints Tribunal (SCT). The SCT is an independent body set up by the Federal Government to assist members or their beneficiaries to resolve certain superannuation complaints. To find out whether the SCT can handle your complaint and the type of information you need to provide, you can contact them as follows:

Superannuation Complaints TribunalLocked Bag 3060 Melbourne VIC 3001 Phone: 1300 884 114

If the SCT is unable to deal with your complaint, you have the right to take your complaint to the following alternate independent resolution body:

Financial Ombudsman ServiceGPO Box 3 Melbourne Vic 3001 Phone: 1300 780 808

For more information, please refer to Tasplan’s Complaints Handling Policy which is available at: tasplan.com.au/complaints-handling-policy/ or by calling us on 1800 005 166.

What happens if your employer has not paid contributions owed to you?Tasplan has a process in place to contact employers regarding the late payment of contributions. If this contact does not result in late contributions being paid, we recommend that members contact the employer, your union or the Australian Taxation Office on 13 10 20.

Contact DetailsIf you have any enquiries about your Tasplan account, please

contact our Customer Service Consultants:

Freecall: 1800 005 166

Post: GPO Box 1547 Hobart TAS 7001

Fax: 1300 737 736

Email: info@tasplan.com.au

Website: www.tasplan.com.au

This information is of a general nature only. It has been prepared without taking into account your particular financial needs, circumstances and objectives. You should assess your own financial situation and read the Product Disclosure Statement (PDS) relating to the products before making a decision based on this information. You may wish to seek the help of an adviser to do so. Please call 1800 005 166 to obtain a copy of the Tasplan PDS

Tasplan Ltd: ABN 13 009 563 062, AFS Licence No. 235391, RSE Licence No. L0000680 Tasplan Super: RSE No. R1000924

Your super account works a bit like a savings account. Throughout the year, your account receives deposits e.g. Contributions (from your employer and your own personal contributions), transfers of money from other funds and investment earnings.

Your account is also debited with some fees to cover the cost of Fund administration, your insurance cover (if applicable) and any taxes payable.

Fees & Federal Government Taxes:For full information regarding fees and taxes payable on your Tasplan account please refer to the Fund’s Product Disclosure Statement (PDS), which is available by calling 1800 005 166 or can be downloaded from our website at www.tasplan.com.au.

Administration FeeFrom July 2013 all members pay $1.50 per week.

Trustee Operating CostMembers are charged up to 0.25% of their account balance to cover the cost of Trustee expenses incurred in providing services to Tasplan members.

Other ExpensesApplies to any money recovered from a common fund by the Trustee to meet expenses. Investment earnings paid to member accounts is net of all other expenses. For 2012/2013, there was an administration surplus which covered the cost of MBP.

Investment Management FeesTasplan also pays investment management fees to our professional investment managers. Fees are dependent on the investment strategy chosen and are deducted before investment returns are declared, so the unit price applied to your account is net of investment management fees.

In 12/13 these fees are estimated to range between 0.10% and 0.73% (Balanced option estimate of 0.64% or $6.40 per $1,000 invested). Investment management fees are included in the financial statements for the year as a fund expense.

These numbers include additional performance-based fees if some investment managers exceed agreed benchmarks. Performance-based investment management fees totalling $1,148,175.43 were paid to The Marathon New Global Fund Plc and BlackRock.

Withdrawal/Termination FeeOnly applicable if a benefit is paid out of your account – $80 per payment.

Contribution Splitting Fee$68.62 for each contributions splitting application.

Investment Choice Switching FeeOne free switch per financial year, then $27.92, per subsequent switch in the same year.

Family Law Enquiry Fee$52.11 applicable for each family law request for information.

Family Law Benefit Split Fee$76.20 fee charged when splitting accounts under family law.

Tax on Transfers/WithdrawalsTax may also be payable at the time a benefit is transferred or withdrawn from the Fund. If this occurs you will notified of the amount of tax deducted at that time.

InsuranceFor further information regarding insurance please refer to the Tasplan Insurance Booklet.

Low account balancesAccount balance of less than a $1,000 are entitled to Member Benefit Protection (MBP). This means the administration fees deducted from your account in any one year cannot exceed investment earnings allocated to your account in that same year, unless Tasplan’s total administration expense for the year is greater than the investment earnings. MBP does not apply to tax, insurance premiums or fees deducted directly from member’s accounts.

MBP has been withdrawn from 1 July 2013.

Unclaimed BenefitsDuring the financial year, in the following circumstances the Trustee was obliged to transfer your benefit to the Tasmanian Government’s Department of Treasury and Finance as “Unclaimed Money”:

• You have reached pension age; and

• You have not provided Tasplan with any payment instructions; and

• The Trustee cannot find you, or your beneficiary in the event of death.

Tasplan’s Eligible Rollover Fund (ERF)A review of small account balances is conducted each March, June, September and December and those accounts with an account balance of less than $200 and that have not received a contribution for 14 months are generally transferred to an Eligible Rollover Fund (ERF). If your account is transferred the Trustee will advise you in writing if we have a valid address on record.

The Trustee has selected Super Safeguard as Tasplan’s ERF. Please contact Super Safeguard directly on the number below to find out more information about the fund or to obtain a copy of the Super Safeguard Product Disclosure Statement:

Super Safeguard Phone: 1300 135 181

GPO Box 3426 Facsimile: 1300 135 191

MELBOURNE VIC 3001 email: supersafeguard@primary.com.au

Trustee Liability InsuranceThe Trustee has taken out a Trustee Liability Insurance policy that provides sufficient and adequate cover to protect the Fund against misconduct by the Trustee.

ComplianceThe Trustee ensures that Tasplan meets all the requirements of the Superannuation Industry (Supervision) Act 1993. As a result, members of Tasplan are able to benefit from lower tax rates that apply to complying resident regulated superannuation funds.

The Trustee lodges quarterly returns with the Australian Prudential Regulatory Authority (APRA) confirming the Fund’s compliance with relevant legislation and licensing requirements. The Trustee believes that Tasplan continues to comply with all the relevant laws.

No penalties have been imposed on Tasplan responsible persons under section 38A of the SIS Act.

Member Access to ReportsYou are entitled to request any information that you reasonably require to understand your benefit entitlements, as such, copies of the following documents are available upon written application to the Trustee:

• Full financial statements;

• The Auditor’s report;

• The Tasplan Trust Deed;

• Risk Management Statement (RMS);

• Risk Management Plan (RMP); and

• APRA returns.

Use of DerivativesTasplan does not undertake day-to-day management of derivative instruments (such as ‘futures’ or ‘options’). External investment managers may use derivatives in pooled funds in which Tasplan invests. Such investments would not be for borrowing, leveraging or speculative purposes. Each manager that uses derivatives has its own Risk Management Statement (RMS) that describes the risks and controls in place. Tasplan receives regular reports of the managers’ compliance with their RMS.

Derivatives Charge RatioThe Derivatives Charge Ratio is the percentage of the total market value of the assets of the Plan (other than cash) that the Trustee has charged as security for derivatives instruments made by the Trustee.

The Derivatives Charge Ratio of the Fund did not exceed 5% at any time during the reporting period.