[PDF] Allocated pension notes booklet v1.indd - QSuper

QSuper 2003 annual benefitstatement notesThese notes provide an explanation of particular pointsin your 2003 annual benefit statement.Allocated Pension account

Annual benefit statement notes1. OPENING BALANCEThe opening balance is the balance of your account either at 1 July 2002 or the date you openedyour account, whichever is the latest. The balance of your account can be paid to you in cash atany time.2. INVESTMENT EARNINGS AND FEESInvestment earnings were determined after making allowances for the cost of administrationand investment management fees (0.35% p.a.). These fees are deducted from the unit priceon a daily basis. Depending on your investment option, the investment charges external toQSuper, such as brokerage, stamp duty, audit fees, custodian fees, or external management feesmay be deducted before QSuper receives its earnings. The value of your earnings during theperiod is dependent upon the length of time your funds have been invested, the effect of anywithdrawals, and movements in investment markets.3. PENSION PAYMENTSThis amount represents the total gross (before tax) pension you received from the account forthe 2002/2003 financial year.Pensions can be paid:• monthly; • quarterly; • half yearly; or • annually.The amount of pension you receive is flexible, but minimum and maximum levels areprescribed by the Commonwealth Government. You will be advised of these levels on anannual basis. If you wish to change either the amount of your pension or payment instructions,please contact QSuper.4. LUMP SUM WITHDRAWALSThis amount represents the total gross (before tax) lump sum cash withdrawals during the2002/2003 financial year. You can withdraw lump sums in addition to your regular pensionpayments. The minimum withdrawal is $5,000 and you can make up to four withdrawals eachfinancial year.Generally, lump sum superannuation benefits are subject to eligible termination payment(ETP) tax when paid in cash. The ETP tax payable depends on a number of factors such aswhen you make the claim, your eligible service date, and the amount of the payment. Thelump sum withdrawal amount quoted does not take ETP tax into account.5. SWITCHING FEEOne free switch between investment options is allowed each financial year. The Board ofTrustees has the discretion to charge a fee of $25 for subsequent switches. Notification toswitch must be advised on an Allocated Pension account investment switch form, which can beobtained by contacting QSuper. You can make up to four switches per financial year.IN THE EVENT OF YOUR DEATHOn death, the balance of your QSuper Allocated Pension account will be treated in the wayyou have previously nominated. It can be either:• paid as a lump sum to your estate; or• used to continue pension payments to your nominated reversionary beneficiary(subject to the discretion of the QSuper Board of Trustees).TAXATIONYour pension payment, excluding any ‘deductible amount’, is assessable pension income fortaxation purposes and is subject to normal personal tax rates. Generally, a taxation offset of15%, calculated on assessable pension income, reduces your personal tax liability, provided youhave reached age 55 and the pension does not exceed your reasonable benefit limit.Disclaimer: While care has been taken to ensure the information contained in this statement is accurate, this statement must in no waybe regarded as a guarantee of benefits. All benefits payable will be determined strictly in accordance with relevant statutes at the timethe benefit is paid. The Board of Trustees of the State Public Sector Superannuation Scheme, the Government Superannuation Office,and the State of Queensland disclaim liability for all claims, losses, damages, costs or expenses of whatever nature, however occurring,which arise out of reliance upon the information disclosed on this statement, or for any use that is made of this information, regardlessof the form of action whether in contract, tort (including negligence), breach of statutory duty, or otherwise.