The Universal Super Scheme - MLC

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New anti-money laundering and counter-terrorism measures In December 2006, the Australian Government introduced the Anti-Money Laundering and Counter‐Terrorism Financing Act 2006. As superannuation funds are covered by the Act, we will be establishing new procedures to comply with our obligations as these become effective over the next 18 months. These procedures include: • verifying your identity when you withdraw money from your account, and • reporting suspicious matters to the Australian Transaction Reports and Analysis Centre (AUSTRAC) and potentially to other third parties. Where such reporting takes place, we are prohibited by law from notifying the impacted member(s) that this has occurred. If you do not provide us with proof of your identity when requested, we may be unable to provide you with certain services or complete certain requests, such as a withdrawal of money from your account. Enhancement to the Investment Facility In January 2007, the Investment Facility’s allocation to property securities was moved to a 100% global strategy. Previously, the property securities strategy was 75% Australian and 25% global. MLC believes the Investment Facility will benefit from the higher long-term return potential and greater diversification of global property securities when compared to the Australian property securities market. The exposure to foreign currencies, resulting from holding global property investments, is passively hedged back to the Australian dollar. This strategy aims to reduce most of the risks from currency exposure. The Universal Super Scheme 6 of 16
Automatic upgrade in insurance benefits From 1 July 2007, any member aged 50 to 55 who has death and total and permanent disability insurance cover within the Plan will have their cover increased to $7,000 at no extra cost. Previously, members aged 50 to 54 were covered for $6,350 and members aged 50 were covered for $4,000. This change will allow the Plan to comply with Fund Choice minimum insurance requirements. Consistent processes regarding transfers to an Eligible Rollover Fund We have introduced a consistent approach across our superannuation products in respect of when members may be transferred to an Eligible Rollover Fund. The conditions are set out on page 10. New custodian Following a review of its operations, MLC has appointed NAB Custodian Services, a division of the National Australia Bank Limited, to act as sole custodian for its investment operations. It is expected that NAB Custodian Services will assume the custodian responsibilities from State Street Australia over the next 12 months. The Universal Super Scheme 7 of 16
Page 1 and 2: Annual Report of The Universal Supe
Page 3 and 4: From the Chairman On behalf of the
Page 5 and 6: News and information This section o
Page 7: • Adverse implications if we do n
Page 11 and 12: How earnings are reflected in your
Page 13 and 14: The ERF currently used by the Schem
Page 15 and 16: Performance Returns to 30 June (% p
Page 17 and 18: This page has been left blank inten
Page 19: How to contact us MLC Service Centr

The Universal Super Scheme - MLC

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