MLC Life Cover Super MLC Personal Protection Portfolio

Setting upyour insuranceThe Universal Super SchemeWhich superannuation fund is used?When you obtain LCS insurance you become amember of the Scheme. The Scheme is a complyingsuperannuation fund under section 40 of theSuperannuation Industry (Supervision) Act 1993.Who is the Trustee?MLC Nominees Pty Limited is the Trustee of the Scheme.What are the Trustee’s responsibilities?The Trustee officially holds your money and is responsiblefor the operation of the Scheme, including managementand administration. The Trustee is subject to many dutiesunder the legislation, including the duty to:• act honestly• exercise care and diligence• exercise its powers in the best interests ofmembers generally.The Trustee also has the responsibility and authority to:• apply to MLC on your behalf (and at your request) forany variation to or claim on the insurance policy• determine whether any benefit received from MLC canbe released under superannuation law• generally manage the Scheme in the interest of themembers as a whole• invest in policies issued by certain member companies ofthe National Australia Group unless MLC consents to theTrustee investing otherwise• amend the Trust Deed• terminate the Scheme• determine the Scheme’s earnings and allocate themto accounts• be appointed as each member’s attorney• recover tax from recipients of benefits.The Trust DeedThe rights and obligations of members are governed bythe Scheme’s Trust Deed, the insurance policy and thisPDS, but are also affected by other laws including theSuperannuation Industry (Supervision) Act 1993 and theCorporations Act 2001. The Trust Deed:• details the nature of your account, what may be debitedfrom and credited to it, when your benefit may betransferred out of the Scheme and what you are entitledto receive when the Scheme is wound up• sets out the powers and duties of the Trustee• deals with the liabilities of the Trustee in relation to theScheme and when the Trustee can be reimbursed outof the Scheme’s assets for those liabilities.Service provider relationshipThe Trustee is a wholly owned subsidiary of MLC.The Trustee is responsible for the management of theScheme. The Trustee has appointed MLC to carryout the day-to-day management, investment andadministration of LCS. MLC receives the premiums for theinsurance outlined in this PDS, which includes the cost ofthese services.The Trust Deed of the Scheme, the insurance policy andthis PDS contain the full legal terms of LCS which governyour interest in the Scheme. This PDS summarises thoseterms. You should keep it for future reference. Copiesof the Trust Deed are available from the Trustee free ofcharge by phoning the MLC Client Service Centre on132 652.Page 52 MLC Life Cover Super and MLC Personal Protection Portfolio PDS