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GUARANTEED ANNUITIES. Lifestream Guaranteed Income Product Disclosure Statement (Commonwealth Bank of Australia)

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GUARANTEED
ANNUITIES.
Lifestream Guaranteed Income
Product Disclosure Statement (PDS)
Issue date: 1 November 2019
Annuities and the retirement big picture 5
Welcome to CommInsure’s Guaranteed
Income Annuities 6
Why CommInsure? 6
CommInsure annuities 6
What is an annuity? 7
What annuities does CommInsure offer? 7
Benefits of CommInsure’s Lifestream
Guaranteed Income annuities 7
Investing in annuities 8
Who can invest? 8
How much can I invest? 8
How can I purchase an annuity? 8
How do I obtain a quote? 8
Investing with super money 9
What is my preservation age? 9
Risks 10
Part 1: Short Term and
Long Term Income
Features at a glance 13
Receiving an income 14
How much income will I receive? 14
Can I have some or all of my money returned
at the end of the fixed term? 14
Setting an RCV 14
Minimum payment requirements 15
How will I be paid? 15
Payment method 15
Protection against inflation 15
Maturity and withdrawing your annuity 16
Automatic reinvestment of RCV 16
What if I choose not to automatically reinvest
my RCV at maturity? 16
Contents.
Important information
The issue of this Product Disclosure Statement (PDS) is
authorised solely by The Colonial Mutual Life Assurance
Society Limited ABN 12 004 021 809 AFSL 235035
(‘CommInsure’, ‘CMLA’, ‘we’, ‘our’, ‘us’).
Postal address: CommInsure Guaranteed Annuities
PO Box 320
Silverwater NSW 2128
Phone: 1800 624 100 between 8.30 am
and 6 pm (Sydney time),
Monday to Friday
Email: NewBusinessAnnuity@cba.com.au
Facsimile: 1300 852 094
‘CommInsure’ is used under licence by CMLA. CMLA is a
wholly-owned subsidiary of Commonwealth Bank of Australia.
CMLA guarantees all benefits under policies described in this PDS.
In September 2017 the CBA announced the sale of its
CommInsure life insurance business in Australia to the AIA
Group. The sale includes CMLA. While the sale of CMLA is
expected to complete in calendar year 2020, CMLA has
entered into a Joint Cooperation Agreement with AIA Australia
Limited (AIA) and Commonwealth Bank of Australia (CBA) for
the joint operation of the CMLA and AIA businesses. AIA is
part of the AIA Group, the largest publicly listed life insurance
group in the Asia Pacific region with a presence in 18 markets.
Whilst CBA will remain the ultimate shareholder of CMLA,
under the terms of the Joint Cooperation Agreement AIA will
have an appropriate level of direct management and oversight
of the CMLA business.
Apart from CMLA, neither the AIA Group nor the
Commonwealth Bank of Australia Group nor their subsidiaries
are responsible for any of the statements contained in this PDS.
Neither the AIA Group nor the Commonwealth Bank of
Australia Group (excluding CMLA) nor their subsidiaries,
guarantee Lifestream Guaranteed Income annuities or the
repayment of capital or interest by CMLA. Investments in
Lifestream Guaranteed Income annuities are not deposits or
other liabilities of the AIA Group nor the Commonwealth Bank
of Australia Group (excluding CMLA) nor their subsidiaries.
The information in this PDS is general information only and
does not take into account individual objectives, financial
situation or needs. You should assess whether the information
is appropriate for you and consider talking to a financial
adviser before making an investment decision.
To apply for an annuity you need to complete the application
process described in this PDS. The offer made in this PDS is
available only to persons receiving this PDS in Australia and is
subject to the terms and conditions described in this PDS and
the Policy Document. You should read these documents
together before investing, which are available at
commbank.com.au/annuities or by contacting us.
Applications from outside Australia will not be accepted.
All references to monetary amounts in this PDS are, unless
specifically identified to the contrary, references to Australian dollars.
Taxation considerations are general and based on present
taxation laws and may be subject to change. You should seek
independent, professional tax advice before making any
decision based on this information.
CMLA is also not a registered tax (financial) adviser under the
Tax Agent Services Act 2009. You should seek tax advice from
a registered tax agent or a registered tax (financial) adviser if
you intend to rely on this information, to satisfy the liabilities or
obligations or claim entitlements that arise, or could arise,
under a taxation law.
2
Guaranteed Annuities PDS
Making a withdrawal before maturity 16
Making a partial withdrawal 17
Making a full withdrawal 17
Choosing a beneficiary 18
Types of beneficiaries 18
How are benefits paid on death? 19
Part 2: Lifetime Income
Features at a glance 21
Receiving an income 22
How much income will I receive? 22
How will I be paid? 22
Payment method 22
Protection against inflation 22
What is the Guaranteed Period? 22
Managing your income 23
Life expectancy tables 24
Choosing a beneficiary 25
How are benefits paid on death? 26
What is the Death Benefit Guarantee? 26
How is the Death Benefit Guarantee calculated? 27
Withdrawing your annuity 29
Making a withdrawal 29
Determining the Withdrawal Value of your annuity 29
Part 3: Other important information
Commonly used terminology 31
Tax 32
Transfer balance cap 32
Excess transfer balance 32
Will my regular payments be taxed? 32
How will my deductible amount be calculated? 33
Will my investment be taxed if I pass away? 33
Will I pay tax if I make a withdrawal? 34
Fees and charges 35
Adviser Service Fees 35
Privacy of your personal information 36
What should I do if I have a complaint? 39
Other information you need to know 40
Changes to this PDS 40
Effective date of your annuity 40
How is my money invested? 40
Responsible investing 40
Anti-Money Laundering and Counter-Terrorism
Financing Laws 40
Automatic Exchange of Information (AEOI) 40
Foreign Account Tax Compliance Act (FATCA) 40
Common Reporting Standard (CRS) 41
Family Law 41
Cooling-off period 41
Information we will send you 41
Part 4: How to apply
How do I apply? 43
Application form to be completed by Individuals
(Part A)
Tax File Number Declaration form
Withholding Declaration form
Application form to be completed by Australian
Companies, Trusts or Funds (Part B)
Superannuation Benefit Transfer Request form
3Guaranteed Annuities PDS
4 Guaranteed Annuities PDS
The retirement landscape in Australia is changing.
We are now living longer than ever before, which means
our super and savings need to last even longer. Market
volatility caused by the Global Financial Crisis (GFC)
followed by a period of historically low interest rates in
recent years has resulted in uncertainty for investors, in
particular for retirees and soon to be retirees, who want
certainty that their funds will last as long as they do.
Are we ready?
Over the next 20 years 280,000 retirees will turn 65
every year – more than 100,000 over the average of the
prior period*.
The Association of Super Funds of Australia (ASFA) has
ascertained what it means to be retire ready by
calculating how much money is required for a
comfortable retirement.
How much?**
Average Australians will need...
How an annuity can help
By diversifying your retirement income streams and
including an annuity, not only are you less exposed to
risk but there may be tax and social security benefits
from using a combination of guaranteed annuities,
account based pensions and other income streams.
In general, guaranteed annuities aren’t affected by share
market movements or interest rate fluctuations, so you
can rely on this secure and consistent source of income
for your daily living expenses and costs, such as
groceries, petrol and bills.
If you invest your super in an annuity you may also be
eligible for certain tax benefits (see ‘Tax’ on page 32).
*Based on figures presented in the 2015 Intergenerational Report.
**Based on the Association of Super Funds of Australia (ASFA) standard which assumes that retirees own their own home outright and are relatively
healthy (June quarter, 2019).
Annuities and the retirement
big picture.
$61,522
$43,601
COUPLE
SINGLE
...per annum for a comfortable retirement
5Guaranteed Annuities PDS
We have a long history of financial
strength and security dating back
over 140 years.
We are committed to meeting the
insurance, retirement and
investment needs of individual
Australians. We do this by making
our wide range of award winning
products and services, including
life insurance and guaranteed
annuities, more affordable, more
accessible and easier to
understand.
Our fresh approach to
straightforward insurance and
investment solutions combines
innovation and simplicity with
competitive products and
responsive service.
CommInsure Annuities
Guaranteed annuities – an income you can trust.
Awards
CommInsure’s Lifestream Guaranteed Income annuity has received the 2016
and 2017 Association of Financial Advisers (AFA) Annuity & Income Stream
Innovation Award.
FOR
Customers looking
for a secure
guaranteed income
in retirement.
WHO
We have a rich
heritage dating back
over 140 years.
GIVING YOU
A level of confidence
and peace of mind
in retirement by
delivering a regular,
reliable and secure
income.
EST. 1873
Why CommInsure?
Welcome to CommInsure’s
Guaranteed Income Annuities.
CommInsure is one of Australia’s leading insurance and annuities
providers.
6 Guaranteed Annuities PDS
7Guaranteed Annuities PDS
What is an annuity?
An annuity is a low-risk investment product that guarantees a regular
income, either for a xed term or for life.
Annuities are ideally suited for:
◆
individuals or couples approaching retirement
who want a guaranteed income stream using their
personal savings
◆
individuals or couples who want the certainty and
security of a guaranteed income stream for life
◆
individuals who want to provide for their beneficiaries
◆
Australian companies, trusts or funds that
want a guaranteed, regular source of income.
What annuities does CommInsure offer?
CommInsure offers three types of annuities: Short Term,
Long Term and Lifetime.
Short Term
Income
Personal savings Super money
Long Term
Income
Lifestream Guaranteed Income annuity
1 to 5 years 6 to 30 years
For as long
as you live
Lifetime
Income
Benets of CommInsure’s Lifestream
Guaranteed Income annuities
◆
The comfort of knowing your capital and income are
secure no matter how the share market performs.
◆
The ability to lock in a guaranteed rate of return and
keep that rate even during periods of extreme market
volatility.
◆
Tax-free income payments for most people who
invest with super money (see ‘Tax’ on page 32).
◆
Tax offsets for some people aged between
preservation age and 60 who invest with super money.
◆
The option of choosing if you want regular payments
made monthly, quarterly, half-yearly or yearly.
◆
The option of choosing income either for a fixed term
or for life.
We have a number of options to suit a wide range of investors including
individuals and non-residents, as well as Australian companies, trusts
and funds.
Who can invest?
Individuals
Anyone aged 18 or over can purchase an annuity
with their:
◆
personal savings, or
◆
super money that is unrestricted non-preserved
(see ‘Investing with super money’ on page 9).
Joint investment
Two people can make a joint investment if they are both
aged 18 or over and use their personal savings.
The Joint Policy Owners own the investment as ‘joint
tenants’ and the regular payments are split equally.
Any changes to the annuity will require a written request
signed by both owners.
Non-resident investors
Overseas residents not living in Australia can invest in a
fixed term annuity if they are aged 18 or over and use
their personal savings.
They must receive all the documentation (including the
PDS) and complete and sign the application form in
Australia. Regular payments must be paid in Australian
dollars to an Australian bank account in the name of
the investor.
The tax you pay depends on your country of residence,
so please speak to your tax adviser before investing.
Australian companies, trusts or funds
These entities can invest in fixed term annuities.
Investments are single-owner and payments must be made
into an account in the name of the Australian company,
trustee or estate. A Reversionary Beneficiary and
Nominated Beneficiary are not available for these entities.
Australian super funds (e.g. self-managed super funds)
can invest unrestricted non-preserved super money into a
Lifetime Income annuity with the Australian super fund as
the Policy Owner and the beneficiary as the life insured.
How much can I invest?
Minimum investment – the minimum investment
amount is $10,000.
Maximum investment – there is no limit to the
amount you can invest with personal savings. For
investments made with super money, the maximum
amount you can invest is $1.6 million.
Your upfront investment, less any applicable taxes or levies
(if using super monies) and any Upfront Adviser Service
Fee (ASF) you have authorised (see ‘Adviser Service Fees’
on page 35), is referred to as the purchase price.
For example, if you invest $100,000 of personal
savings and the upfront ASF is $1,000, your purchase
price is $99,000.
Your purchase price will determine your regular
payments and rate of return. It will also determine your
Residual Capital Value (RCV), if applicable (see ‘Setting
an RCV’ on page 14).
An annuity is a one-time investment. Once you have
purchased an annuity, you can’t top up that investment.
If you want to increase your investment, you need to
purchase a new annuity.
How can I purchase an annuity?
There are two ways you can purchase an annuity:
Through a financial adviser
If you don’t have a financial adviser, please call us on
1800 624 100 between 8.30 am and 6 pm (Sydney
time), Monday to Friday and we can arrange for a
financial adviser to contact you.
Directly from us
You can also purchase an annuity directly from us.
To purchase an annuity, you must provide us with:
◆
a completed and signed application form
◆
a valid quote (valid for 14 days only)
◆
identification and verification documents
◆
a cheque for the investment amount or a copy of the
direct deposit receipt.
Please see the ‘application checklist’ to help you
with completing the application form (see page 10
for ‘Individuals’ (Part A) application form, and page 6
for ‘Australian companies, trusts or funds’ (Part B)
application form).
How do I obtain a quote?
To obtain a quote you can:
◆
contact your financial adviser, or
◆
call us on 1800 624 100 between 8.30 am and 6 pm
(Sydney time), Monday to Friday.
The quote is based on your selected features and
personal circumstances and includes the details of your
gross regular payments.
If you have agreed to pay your adviser an Ongoing Adviser
Service Fee (ASF), it will affect your regular payments (see
‘Ongoing Adviser Service Fee’ on page 35).
Our rates are reviewed weekly and quotes are valid for
14 days only. A new quote will be required if the original
quote expires before the application process is complete.
8 Guaranteed Annuities PDS
Investing in annuities.
You can use your unrestricted
non-preserved super to invest in
a Lifestream Guaranteed Income
annuity at any time.
Super is usually considered unrestricted non-preserved
if you have met a condition of release.
The main conditions of release are:
◆
reaching preservation age and permanently retiring
◆
ceasing an employment arrangement on or after
age 60
◆
reaching age 65
◆
becoming permanently incapacitated.
Unless you meet a condition of release, your super is
preserved in the super system.
You can invest in a Lifestream Guaranteed Income
annuity by transferring your super money directly
to us. If your super fund doesn’t facilitate electronic
rollovers, complete the Superannuation Benefit Transfer
Request form in this PDS and return it to us or to your
super fund.
What is my preservation age?
Your preservation age will depend on your date of birth
as shown below:
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 or after 60
Investing with
super money.
9Guaranteed Annuities PDS
An annuity is a low-risk investment product that provides
a guaranteed rate of return and removes market risk.
However, there are some risks to consider, which are
outlined below.
◆ Non-transferrable
The ownership of your Lifestream Guaranteed Income
annuity cannot be transferred to another person or
used as security for a loan.
◆ Early withdrawal
You may receive less than your purchase price if you
withdraw all or part of your investment before the term
of your annuity expires. The date your annuity expires
is known as your maturity date. This risk also applies
where we are required to pay the Withdrawal Value
after your death or your beneficiary or estate requests
the Withdrawal Value to be paid.
See ‘Making a withdrawal before maturity’ on
page 16 for information on how we calculate the
Withdrawal Value.
◆ Death
For Lifetime Income annuities without a Joint Policy
Owner or Reversionary Beneficiary, if the Guaranteed
Period has expired or was not chosen, the investment
will come to an end and will have no Withdrawal
Value.
See ‘What is the Guaranteed Period?’ on page 22.
What to look for when purchasing an
annuity?
1. Professional portfolio management
CommInsure delivers secure returns by investing in a
diversified portfolio of high-quality actively managed
securities including fixed income, mortgage-backed
loans, term deposits and alternatives. Our portfolios are
closely monitored by an experienced team of
professionals who collectively manage $11 billion in
assets as at 30 September, 2019.
2. Security and strength
We have a rich heritage dating back over 140 years.
CommInsure’s Guaranteed Annuities are issued by
APRA-regulated life insurer The Colonial Mutual Life
Assurance Society Limited (CMLA), one of Australia’s
largest life companies.
3. Capital adequacy
Part of the Australian Prudential Regulation Authority’s
(APRA) role is to ensure life companies maintain
sufficient levels of capital to meet obligations and
guarantees to investors. In recognition of this, CMLA
consciously ensures it holds capital reserves that are
significantly above the requirements set by APRA.
4. The structure and guarantee behind the annuity
CMLA also guarantees all regular payments and capital
to investors, so you can take comfort from the fact that
it has been standing behind all of its obligations for more
than 140 years.
5. Product innovation
CommInsure are continuously looking for ways to
improve our products and services to add greater value
for investors.
Risks.
10 Guaranteed Annuities PDS
Lifetime
Income.
Part 2
How to apply.
Part 4
Pages 21-30
Page 43
Short Term and
Long Term Income.
Part 1
Pages 13-20
Other important
information.
Part 3
Pages 31-42
11Guaranteed Annuities PDS
12 Guaranteed Annuities PDS
Short Term and
Long Term Income.
Part 1
Features at a glance
Feature Page Short Term Income Long Term Income
Term 1 to 5 years 6 to 30 years
Minimum purchase price $10,000 $10,000
Maximum purchase price No maximum for investments made
with personal savings.
Maximum of $1.6 million for investments
made with super money.
No maximum for investments made
with personal savings.
Maximum of $1.6 million for
investments made with super money.
Protection against inflation 15 No Yes. Income can either be indexed to
CPI or increased by a fixed amount,
up to 8% yearly.
Payment frequency
◆
Monthly
◆
Quarterly
◆
Half-yearly, or
◆
Yearly.
◆
Monthly
◆
Quarterly
◆
Half-yearly, or
◆
Yearly.
Residual Capital Value
(RCV)
14 Yes. 0% to 100% of the purchase price.
If purchased with super money, the RCV may be limited to meet the minimum
payment requirements, see page 15.
Automatic reinvestment of
RCV
16 Yes Yes
Full withdrawal 17 Yes Yes
Partial withdrawal 17 Yes, for personal savings.
No, for super money.
Yes, for personal savings.
No, for super money.
Minimum partial withdrawal 17 $5,000 $5,000
Non-resident investors 8 Yes Yes
Joint Ownership 8 Yes, if the investment is made from personal savings. Maximum of two owners as
joint tenants (both aged 18 or over).
Reversionary Beneficiary 18 Yes, if individually owned annuities purchased with personal savings or super money.
No, for joint ownership and investments owned by Australian companies, trusts
or funds.
Note, if the investment is made with super money, the Reversionary Beneficiary
must be your dependent at the time of your death (see ‘Choosing a beneficiary’
on page 18).
Nominated Beneficiaries 18 Yes, if the investment is made from personal savings.
No, if the investment is made with super money.
No, for investments owned by Australian companies, trusts
or funds.
Upfront Adviser Service Fee 35 Yes, negotiated and agreed directly with your financial adviser. Deducted from the
amount paid to us at the start, with your authorisation.
Ongoing Adviser Service
Fee
35 Yes, negotiated and agreed directly with your financial adviser. Deducted from
your regular payments at the same frequency as your regular payments.
13Guaranteed Annuities PDS
Short Term and Long Term Income
For more information on some of the key features and terms, see 'Commonly used terminology' on page 31.
14 Guaranteed Annuities PDS
How much income will I receive?
The regular payments you receive will depend on:
◆
your investment amount
◆
the term of your annuity
◆
the RCV you choose (if any)
◆
the rates we offer at the time of investment
◆
whether you invest with personal savings or
super money.
The details of your regular payments will be outlined in
your quote (see ‘How do I obtain a quote?’ on page 8).
Can I have some or all of my money
returned at the end of the xed term?
Yes, if you purchase a fixed term annuity, you can
choose to have some or all of your purchase price
returned to you as a lump sum when the policy
matures. This is called your RCV.
Setting an RCV
When you purchase a fixed term annuity, you can
choose between 0% and 100% of your purchase
price to be returned to you as a lump sum when the
policy matures. Once the policy has commenced,
your RCV amount cannot be changed. The higher the
percentage that you would like returned to you, the
lower your regular payments will be.
For example, if you choose an RCV of 100%, your
regular payments will be lower as they will consist only
of income earned. However, you will receive 100% of
your purchase price back when your policy matures.
If you choose an RCV of 0%, your regular payments
will be higher as they will consist of a portion of the full
purchase price amount as well as income earned.
However, there will be no purchase price remaining to
return to you once your policy matures.
For investors using super money, the RCV you
choose may be limited to ensure you meet the
minimum payment requirements for super (see
‘Minimum payment requirements’ on page 15).
Receiving an income.
15Guaranteed Annuities PDS
Short Term and Long Term Income
Minimum payment requirements
If you’ve purchased a Short Term or Long Term
Income annuity with super money, you must meet the
minimum annual payment requirements.
Minimum payment requirements are set under
superannuation law and will depend on your age, as
outlined below.
Age
% of purchase
price
under 65 4%
65-74 5%
75-79 6%
80-84 7%
85-89 9%
90-94 11%
95+ 14%
The following table outlines the difference in the
way the minimum payment requirements are met,
depending on whether or not you have chosen
an RCV.
RCV% Minimum payment requirement
No RCV
(0%)
The minimum payment requirement has
to be met only in the first year of the
investment and the term of the annuity
can be only up to your 100th birthday.
RCV
greater
than 0%
The minimum percentage requirement
must be met every year. To achieve
this, your quote will use the minimum
percentage required for the oldest
age you will reach during the term
of your annuity. For example, if you
are aged 65 and invest in a ten-year
term annuity, you’ll be 75 at the end of
the term. Therefore, your quote and
regular payments will be calculated
based on a 6% minimum annual
payment requirement.
If you are investing with super money,
this may prevent you from choosing a
100% RCV as your RCV may need to
be adjusted to ensure the minimum
payment requirements are met.
How will I be paid?
You can choose whether you want to be paid:
◆
monthly
◆
quarterly
◆
half-yearly, or
◆
yearly.
Your regular payments will be paid to you on the
same regular payment date after the policy start date.
If that date falls on a weekend or public holiday, you
will be paid on the next Sydney business day.
Your regular payment date will be specified in your
Policy Schedule. Once your policy has commenced,
you can’t change the frequency or date of your
regular payments.
If your annuity is purchased using personal savings and
is held by Joint Policy Owners, the regular payments will
be paid to each person in equal shares.
Payment method
You need to provide us with the details of the account
where your regular payments will be paid. Other than
where an Ongoing ASF agreement is in place, we
can’t make payments to a third party.
You can change your account details by notifying us
in writing.
Protection against ination
A Long Term Income annuity can help you manage
rising living costs.
To protect against inflation, Long Term Income
annuities can be established to either:
◆
provide regular payments that increase annually in
line with the Consumer Price Index (CPI), or
◆
provide regular payments that increase by a fixed
percentage each year, up to eight per cent.
If you choose to index the regular payments in line
with CPI and the change in CPI rate is zero or
negative, your regular payments will not change.
In the subsequent year, if the increase in CPI is
positive, your regular payments are increased by the
increase in CPI, less the reduction of CPI in the
previous year.
For example, if the CPI is zero per cent and then
minus one per cent the following year and then three
per cent the subsequent year, the increase in CPI
is calculated as two per cent.
Indexation is not available for fixed terms of five years
or less.
Indexation may also not be available for annuities
invested with super money, as the minimum payment
requirements must be met.
16 Guaranteed Annuities PDS
Automatic reinvestment of RCV
At the end of your fixed term, if you agreed to this in
your original application, we will automatically reinvest
the full RCV under equivalent terms to your original
annuity. Simply tick the relevant box on your
application form.
We recommend that you review your personal
financial circumstances regularly with your financial
adviser to ensure that the annuity remains appropriate
for you.
Regular payments will be calculated using the rates
applicable at the time of investment. The new policy
will commence on the first day after the maturity date
of your original investment.
The new investment will mirror all the options you
previously chose including the term, payment
frequency, RCV and any listed beneficiaries at this
date. If you have originally invested with super money,
we may need to adjust your RCV to ensure that your
regular payments continue to meet the minimum
payment requirements.
Any Upfront or Ongoing Adviser Service Fee (ASF)
you have negotiated with your financial adviser will
cease. You can notify us in writing of any new
Ongoing ASF arrangement (see ‘Fees and charges’
on page 35).
Automatic reinvestment is only available if you are
reinvesting the full RCV. If you request a partial
withdrawal or rollover during the term of the annuity,
automatic reinvestment will not occur at maturity.
We reserve the right to discontinue automatic
reinvestment at any time.
What if I choose not to automatically
reinvest my RCV at maturity?
If you don’t opt for automatic reinvestment on your
original application, we’ll write to you before the end
of your term asking what you would like us to do with
your RCV.
You’ll have three options:
◆
reinvestment – full or partial
◆
cash withdrawal – full or partial, and
◆
rollover – full or partial.
When the time comes, simply complete the Maturity
Instruction form provided and return it to us at least
five Sydney business days prior to the maturity date.
If you choose to reinvest the RCV and we receive
your written instructions before the maturity date,
your new policy will commence on the first day after
the maturity date of your original investment. If you
choose to withdraw all or part of the RCV at maturity,
your withdrawal will be processed on the first Sydney
business day after the maturity date.
If we don’t receive your instructions before the
maturity date, your RCV will be paid out in the same
way as your regular payments, on the first Sydney
business day after the maturity date of your original
investment.
If you have invested with super money and we don’t
receive your instructions before the maturity date, we
will delay cashing out your RCV by up to two weeks.
If we don’t receive your instructions after two weeks,
your RCV will be paid out in the same way as your
regular payments.
Making a withdrawal before maturity
An annuity is designed to provide a regular,
guaranteed income stream, not on-call access
to capital.
However, we understand that your circumstances
can unexpectedly change and you may need to
withdraw funds from your investment.
With a fixed term annuity purchased with personal
savings, you have the flexibility to make a full or partial
withdrawal. Partial withdrawals are not available on a
fixed term annuity that is purchased with super money.
If you make a full withdrawal, the annuity will cease.
If you make a partial withdrawal, regular payments
may continue at a reduced level.
Maturity and withdrawing
your annuity.
17Guaranteed Annuities PDS
Short Term and Long Term Income
Making a partial withdrawal
The minimum partial withdrawal amount is $5,000
and at least $10,000 must remain in the annuity.
After you make a partial withdrawal, we will
recalculate your regular payments based on:
◆
the current value of your remaining investment
◆
the cost of setting up the revised investment
◆
applicable interest rates at the time of withdrawal
◆
number of regular payments remaining to the
end of the term
◆
changes to the RCV payable, if applicable, and
◆
any relevant requirements under the Life
Insurance Act.
Based on the proportion that the partial withdrawal
represents of the total, the partial withdrawal amount
will not be greater than a pro-rata amount of the
original investment.
Revising my regular payments
If you make a partial withdrawal, we will inform you in
writing of your revised regular payment amounts and
the residual payment (if an RCV is selected).
Making a full withdrawal
The amount you receive when a full withdrawal is
made is referred to as the Withdrawal Value.
If you make a full withdrawal, the amount you receive
may be less than the original investment amount.
The Withdrawal Value will be the current value of any
remaining regular payments and capital (if any) to
the end of the term.
The Withdrawal Value will be calculated based on:
◆
applicable interest rates at the time of withdrawal
◆
regular payments remaining
◆
any RCV payable, if applicable, and
◆
any relevant requirements under the Life
Insurance Act.
The Withdrawal Value will not be greater than the
original investment amount.
We are required to pay super investors a minimum
annual income. As such, we will first make an
unscheduled regular payment to meet the minimum
payment requirements. We will then calculate the
Withdrawal Value based on the remaining investment.
To request a withdrawal form, you can call us
on 1800 624 100 between 8.30 am and 6 pm
(Sydney time), Monday to Friday.
A beneficiary is an individual who will receive your
annuity income if you pass away.
Types of beneciaries
◆ Nominated Beneficiary
An individual who will receive the annuity income if
the Policy Owner dies and they survive any Joint
Policy Owner or Reversionary Beneficiary. This
nomination can be changed at any time. If the
annuity is jointly-owned, both Policy Owners must
authorise the request.
◆ Reversionary Beneficiary
An individual who will receive the annuity income if
the Policy Owner dies. A Reversionary Beneficiary
must be chosen when purchasing the annuity and
can’t be changed or removed at a later date.
As outlined in the table below, the type of beneficiary
you can choose will depend on the ownership type
and whether the annuity is purchased with personal
savings or super money.
Owner
Nominated
Beneficiary
Reversionary
Beneficiary
Individual Yes, if purchased
with personal
savings. Up to six
people.
Yes.
One beneficiary.
If purchased
with super money,
the Reversionary
Beneficiary
must be your
dependent at
the time of your
death.
If your Reversionary
Beneficiary is not your
dependent when you
die, the Withdrawal
Value will be paid
^
.
Joint Policy
Owner
Yes, if purchased with
personal savings.
No
Australian
company,
fund or trust
No No
Choosing a
beneciary.
^
See ‘How are benefits paid on death?’ on page 19.
18 Guaranteed Annuities PDS
19Guaranteed Annuities PDS
Short Term and Long Term Income
How are benets paid
on death?
How an investment is treated after the death of a
Policy Owner depends upon:
◆
whether the investment was purchased with
personal savings or super money, and
◆
the type of beneficiary (if applicable).
The table below outlines how benefits are paid for
fixed term annuities.
Type Super money
Personal
savings
Joint Policy
Owner
N/A The Joint Policy
Owner can choose
to continue the
regular payments
until the end of the
term or receive the
Withdrawal Value
as a lump sum
^
.
Reversionary
Beneficiary
^^
The Reversionary
Beneficiary can
choose to continue
the regular
payments until the
end of the term or
receive the
Withdrawal Value
as a lump sum
^
.
The Reversionary
Beneficiary can
choose to continue
the regular
payments until the
end of the term or
receive the
Withdrawal Value
as a lump sum
^
.
Nominated
Beneficiary
^^^
N/A If there is a single
Nominated
Beneficiary, they
can choose to
continue the
regular payments
until the end of the
term or receive the
Withdrawal Value
as a lump sum
^
.
Multiple Nominated
Beneficiaries must
receive the
Withdrawal Value
as a lump sum
^
.
Estate
^^^^
Lump sum Your estate can
choose to continue
the regular
payments until the
end of the term or
receive the
Withdrawal Value
as a lump sum
^
.
^
See ‘Making a full withdrawal’ on page 17 for lump
sum calculation.
^^
In the case of a child being the Reversionary Beneficiary, the
benefit may have to be paid as a lump sum (see ‘Child
beneficiaries and super’ on page 19).
^^^
Also applies to a Nominated Beneficiary who survives a Joint
Policy Owner or Reversionary Beneficiary.
^^^^
Applies where there is no Reversionary and/or Nominated
Beneficiary on the Policy, the Reversionary and/or Nominated
Beneficiary does not survive the Policy Owner, or the
Reversionary and/or Nominated Beneficiary passes away
before the end of the term. The Nominated Beneficiary or
Reversionary Beneficiary’s estate can continue to receive
regular payments until the end of the term, or take a lump sum.
Child beneciaries and super
Your child can continue your super annuity once you
pass away only if, at the time of your death, they are:
◆
less than 18 years of age
◆
aged between 18 and 24 and were financially
dependent on you, or
◆
disabled within the meaning of the Disability
Services Act 1986.
If the above criteria have not been met, we must pay
your child the Withdrawal Value as a lump sum,
including when a financially dependent child turns 25.
Death claim process
Should you pass away while your regular payments
are still being made, your beneficiary or legal
representative should contact us. In the case where a
Joint Policy Owner passes away, the surviving Joint
Policy Owner should contact us. Upon notification,
we’ll suspend the regular payments and stop any
Ongoing ASF until the claim is finalised. We’ll send all
the forms and information needed to complete the
death claim.
Where a Withdrawal Value is to be paid to a Joint
Policy Owner, beneficiary or the estate, the effective
date of the Withdrawal Value will be the date that all
our claim requirements have been satisfied.
20 Guaranteed Annuities PDS
Lifetime Income.
Part 2
Features at a glance
Feature Page Lifetime Income
Term Lifetime
Minimum purchase price $10,000
Maximum purchase price No maximum for investments made with personal savings.
Maximum of $1.6 million for investments made with super money.
Protection against inflation 22 Yes. Income can either be indexed to CPI or increased by a fixed
amount, up to 8% yearly.
Payment frequency
◆
Monthly
◆
Quarterly
◆
Half-yearly, or
◆
Yearly.
Guaranteed Period 22 Yes, any full year term up to your life expectancy.
Full withdrawal 29 Yes, within the Guaranteed Period.
Partial withdrawal No
Withdrawal Benefit Guarantee 29 Yes. Applies for Lifetime Income annuities with a Guaranteed Period.
Death Benefit Guarantee 26 Yes. Applies on the death of the Policy Owner during the Guaranteed
Period.
Non-resident investors 8 No
Joint Ownership 8 Yes, if the investment is made from personal savings. Maximum of two
owners as joint tenants (both aged 18 or over).
Reversionary Beneficiary 25 Yes, if individually owned annuities purchased with personal savings or
super money.
No, for joint ownership and investments owned by Australian
companies, trusts or funds.
Note, if the investment is made with super money, the Reversionary
Beneficiary must be your dependent at the time of your death (see
‘Choosing a beneficiary’ on page 25).
Nominated Beneficiaries No
Upfront Adviser Service Fee 35 Yes, negotiated and agreed directly with your financial adviser.
Deducted from the amount paid to us at the start, with your
authorisation.
Ongoing Adviser Service Fee 35 Yes, negotiated and agreed directly with your financial adviser.
Deducted from your regular payments at the same frequency as your
regular payments.
For more information on some of the key features and terms, see ‘Commonly used terminology’ on page 31.
21Guaranteed Annuities PDS
Lifetime Income
Receiving an income.
22 Guaranteed Annuities PDS
How much income will I receive?
The regular payments you receive will depend on:
◆
your investment amount
◆
your life expectancy or Guaranteed Period chosen
(if any)
◆
whether a Reversionary Beneficiary was chosen
◆
the rates on offer at the time of investment
◆
whether you invest with personal savings or
super money.
The details of your regular payments will be outlined in
your quote (see ‘How do I obtain a quote?’ on page 8).
If you’ve purchased a Lifetime Income annuity with
super money, it will be an innovative superannuation
income stream.
How will I be paid?
You can choose whether you want to be paid:
◆
monthly
◆
quarterly
◆
half-yearly, or
◆
yearly.
Your regular payments will be paid to you on the
same regular payment date after the policy start date.
If that date falls on a weekend or public holiday, you
will be paid on the next Sydney business day.
Your regular payment date will be specified in your
Policy Schedule. Once your policy has commenced,
you can’t change the frequency or the date of your
regular payments.
If your annuity is purchased using personal savings
and is held by Joint Policy Owners, the regular
payments will be paid to each person in equal shares.
Payment method
You need to provide us with the details of the account
where your regular payments will be paid. Other than
where an Ongoing ASF agreement is in place, we
can’t make payments to a third party.
You can change your account details by notifying us
in writing.
Protection against ination
A Lifetime Income annuity can help you manage
rising living costs.
To protect against inflation, Lifetime Income annuities
can be established to either:
◆
provide regular payments that increase annually in
line with the Consumer Price Index (CPI), or
◆
provide regular payments that increase by a fixed
percentage each year, up to eight per cent.
If you choose to index the regular payments in line
with CPI and the change in CPI rate is zero or
negative, your regular payments will not change.
In the subsequent year, if the increase in CPI is
positive, your regular payments are increased by your
increase in CPI, less the reduction of CPI in the
previous year.
For example, if the CPI is zero per cent and then
minus one per cent. The following year and then
three per cent the subsequent year, the increase in
CPI is calculated as two per cent.
What is the Guaranteed Period?
You can nominate a Guaranteed Period during
which time the annuity will have a Withdrawal Value.
The Guaranteed Period can be any full year term up
to your life expectancy (see ‘Life expectancy tables’
on page 24).
On top of the ability to make a lump sum withdrawal,
choosing a Guaranteed Period may also provide your
loved ones with a benefit upon your death.
The table below includes a few examples:
Age at
inception
Maximum
Guaranteed
Period – Male
Maximum
Guaranteed
Period – Female
60 23 years 26 years
65 19 years 22 years
70 15 years 17 years
23Guaranteed Annuities PDS
Lifetime Income
If you pass away within the chosen Guaranteed
Period, a surviving Reversionary Beneficiary has the
option either to continue with the regular payments
until their death, or to be paid a lump sum, being the
greater of:
◆
the Withdrawal Value (see ‘Determining the
Withdrawal Value of your annuity’ on page 29), and
◆
the Death Benefit Guarantee (see ‘How is the
Death Benefit Guarantee calculated?’ on page 27).
Similarly, if you pass away within your Guaranteed
Period and haven’t chosen a Reversionary Beneficiary,
or a surviving Reversionary Beneficiary subsequently
passes away within the Guaranteed Period, the estate
will have the same options either to continue the regular
payments for the remainder of the Guaranteed Period
(personal savings only) or to be paid as a lump sum,
being the greater of:
◆
the Withdrawal Value (see ‘Determining the
Withdrawal Value of your annuity’ on page 29), and
◆
the Death Benefit Guarantee (see ‘How is the
Death Benefit Guarantee calculated?’ on page 27).
For more information, see ‘Choosing a beneficiary’ on
page 25 and ‘How are benefits paid on death?’ on
page 26.
The Guaranteed Period is set at inception and can’t
be changed once the annuity has started.
Managing your income
With a Lifetime Income annuity, the regular payments
that you receive may depend on the continuation of
two lives.
When purchasing an annuity, the Policy Owner and Joint
Policy Owner (if applicable) has the option to reduce the
regular payments by 15%, 25%, 33.3% or 50% (subject
to government limits).
The reduction in regular payments to the surviving Joint
Policy Owner will only occur after the death of the earlier
of the Policy Owner or Joint Policy Owner and after the
Guaranteed Period expires.
If there is no Guaranteed Period, the reduction in regular
payments to the surviving Joint Policy Owner will only
occur after the death of the earlier of the Policy Owner or
Joint Policy Owner.
The reduction in regular payments to the Reversionary
Beneficiary will only occur after the death of the Policy
Owner and after the Guaranteed Period expires.
If there is no Guaranteed Period, the reduction in regular
payments to the Reversionary Beneficiary will only occur
after the death of the Policy Owner.
24 Guaranteed Annuities PDS
Life expectancy tables
The life expectancy tables below are current as at the date of issue of this PDS.
Age
Male,
Life expectancy
(years)
Female,
Life expectancy
(years)
55 27.71 31.02
56 26.83 30.10
57 25.95 29.19
58 25.09 28.28
59 24.22 27. 37
60 23.37 26.47
61 22.52 25.57
62 21.68 24.68
63 20.85 23.80
64 20.03 22.92
65 19.22 22.05
66 18.41 21.18
67 17.62 20.33
68 16.84 19.48
69 16.07 18.64
70 15.31 17. 8 0
71 14.56 16.98
72 13.83 16.18
73 13.11 15.38
74 12.40 14.60
75 11.72 13.83
76 11.0 5 13.08
77 10.41 12.33
78 9.78 11.61
79 9.18 10.90
80 8.60 10.21
81 8.04 9.55
82 7. 51 8.90
83 7. 0 0 8.29
84 6.52 7.70
85 6.06 7.14
86 5.64 6.61
87 5.24 6.11
88 4.87 5.65
89 4.52 5.22
Age Male,
Life expectancy
(years)
Female,
Life expectancy
(years)
90 4.21 4.82
91 3.92 4.45
92 3.66 4.12
93 3.44 3.82
94 3.24 3.55
95 3.06 3.32
96 2.91 3.11
97 2.78 2.93
98 2.67 2.77
99 2.57 2.62
100 2.46 2.50
101 2.36 2.38
102 2.27 2.27
103 2.19 2.17
104 2.11 2.08
105 2.03 2.00
106 1.96 1.92
107 1.90 1.85
108 1.84 1.79
109 1.79 1.73
Choosing a beneciary.
25Guaranteed Annuities PDS
Lifetime Income
A beneficiary is an individual who will receive your
annuity income if you pass away.
For Lifetime Income annuities, a Reversionary
Beneficiary is the only type of beneficiary that you
may choose regardless of whether it is purchased
with personal savings or super money.
A Reversionary Beneficiary is an individual who will
receive the annuity income if the Policy Owner dies.
They must be chosen when purchasing the annuity
and can’t be changed or removed at a later date.
As outlined in the table below, options for a
Reversionary Beneficiary will depend on the
ownership type.
Owner
Nominated
Beneficiary
Reversionary
Beneficiary
Individual No Yes, one beneficiary.
If purchased with super
money, the Reversionary
Beneficiary must be your
dependent at the time of
your death. If your
Reversionary Beneficiary
is not your dependent when
you die, the Withdrawal
Value will be paid
^
.
Joint
Policy
Owner
No No
Australian
company,
fund or
trust
No No
^
See ‘How are benefits paid on death?’ on page 26.
How are benets paid
on death?
26 Guaranteed Annuities PDS
How are benets paid on death?
How an investment is treated after the death of a
Policy Owner depends upon:
◆
whether the investment was purchased with
personal savings or super money
◆
whether a Reversionary Beneficiary was chosen
◆
whether a Guaranteed Period was chosen.
The table below outlines how benefits are paid for
Lifetime Income annuities.
Type
Super
money
Personal
savings
Joint Policy
Owner
N/A The Joint Policy
Owner can
choose to
continue the
regular payments,
which may be at a
reduced rate, or
receive the
Withdrawal Value
as a lump sum
^
.
Reversionary
Beneficiary
The Reversionary
Beneficiary can
choose to
continue
^^
the
regular payments,
which may be at a
reduced rate, or
receive the
Withdrawal Value
as a lump sum
^
.
The Reversionary
Beneficiary can
choose to
continue
^^
the
regular payments,
which may be at a
reduced rate, or
receive the
Withdrawal Value
as a lump sum
^
.
Nominated
Beneficiary
N/A N/A
Estate
^^^
Lump sum
^
. Your estate can
choose to
continue the
regular payments
until the end of the
Guaranteed
Period or receive
the Withdrawal
Value as a lump
sum
^
.
^
See ‘Withdrawing your annuity’ on page 29 for lump sum
calculation and ‘What is the Death Benefit Guarantee?’ on page 26.
^^
The choice applies if the owner passes away before the end of
the Guaranteed Period. Regular payments continue until the
Reversionary Beneficiary’s death.
^^^
The owner passes away before the end of the Guaranteed Period
and there is no surviving Reversionary Beneficiary.
If you pass away within the chosen Guaranteed
Period, a surviving Reversionary Beneficiary has the
option either to continue with the regular payments
until their death, or to be paid a lump sum, being the
greater of:
◆
the Withdrawal Value (see ‘Determining the
Withdrawal Value of your annuity’ on page 29), and
◆
the Death Benefit Guarantee (see ‘How is the
Death Benefit Guarantee calculated?’ on page 27).
Similarly, if you pass away within your Guaranteed
Period and haven’t chosen a Reversionary
Beneficiary, or a surviving Reversionary Beneficiary
subsequently passes away within the Guaranteed
Period, the estate will have the same options either to
continue the regular payments for the remainder of
the Guaranteed Period (personal savings only) or to
be paid as a lump sum, being the greater of:
◆
the Withdrawal Value (see ‘Determining the
Withdrawal Value of your annuity’ on page 29), and
◆
the Death Benefit Guarantee (see ‘How is the
Death Benefit Guarantee calculated?’ on page 27).
The Guaranteed Period is set at inception and can’t
be changed once the annuity has started.
How are benets paid on death?
(super funds only)
If the Life Insured dies before the Guaranteed Period
has expired, the Policy Owner has the option either to:
◆
be paid a lump sum, being the greater of:
− the Withdrawal Value, and
− the Death Benefit Guarantee or
◆
continue with the Regular Payments until the
Guaranteed Period has expired.
If the Guaranteed Period does not apply or has
expired, the Regular Payments will cease on the
death of the Life Insured and there is no Withdrawal
Value.
What is the Death Benet Guarantee?
The Death Benefit Guarantee ensures that if an investor
dies after starting their annuity but before the end of
their nominated Guaranteed Period, a lump sum
amount may be payable to their estate or beneficiaries.
If an investor dies after the Guaranteed Period has
ended, then no death benefits are payable.
The value of the Death Benefit Guarantee will depend
on the initial amount invested and the Guaranteed
Period selected.
27Guaranteed Annuities PDS
Lifetime Income
How is the Death Benet Guarantee calculated?
The Death Benefit Guarantee starts at 100 per cent of the amount you invest and proportionally reduces until it
reaches zero at the end of the Guaranteed Period.
The following table illustrates how the Death Benefit Guarantee (DBG) and the Withdrawal Benefit Guarantee
(WBG) are calculated with an initial purchase price of $100,000 and annual regular payments.
Death
occurs
after year
64 year old male with a Guaranteed
Period of 20 years
53 year old female with a Guaranteed
Period of 10 years
DBG after each year WBG after each year DBG after each year WBG after each year
1 $95,000 $76,000 $90,000 $63,000
2 $90,000 $72,000 $80,000 $56,000
3 $85,000 $68,000 $70,000 $49,000
4 $80,000 $64,000 $60,000 $42,000
5 $75,000 $60,000 $50,000 $35,000
6 $70,000 $56,000 $40,000 $28,000
7 $65,000 $52,000 $30,000 $21,000
8 $60,000 $48,000 $20,000 $14,000
9 $55,000 $44,000 $10,000 $7,000
10 $50,000 $40,000 $0 (Guaranteed
period expired)
$0 (Guaranteed
period expired)
11 $45,000 $36,000 $0 (Guaranteed
period expired)
$0 (Guaranteed
period expired)
12 $40,000 $32,000 $0 (Guaranteed
period expired)
$0 (Guaranteed
period expired)
13 $35,000 $28,000 $0 (Guaranteed
period expired)
$0 (Guaranteed
period expired)
14 $30,000 $24,000 $0 (Guaranteed
period expired)
$0 (Guaranteed
period expired)
15 $25,000 $20,000 $0 (Guaranteed
period expired)
$0 (Guaranteed
period expired)
16 $20,000 $16,000 $0 (Guaranteed
period expired)
$0 (Guaranteed
period expired)
17 $15,000 $12,000 $0 (Guaranteed
period expired)
$0 (Guaranteed
period expired)
18 $10,000 $8,000 $0 (Guaranteed
period expired)
$0 (Guaranteed
period expired)
19 $5,000 $4,000 $0 (Guaranteed
period expired)
$0 (Guaranteed
period expired)
20 $0 (Guaranteed
period expired)
$0 (Guaranteed
period expired)
$0 (Guaranteed
period expired)
$0 (Guaranteed
period expired)
28 Guaranteed Annuities PDS
Child beneciaries and super
Your child can continue your super annuity once you
pass away only if, at the time of your death they are:
◆
less than 18 years of age
◆
aged between 18 and 24 and were financially
dependent on you, or
◆
disabled within the meaning of the Disability
Services Act 1986.
If the above criteria have not been met, we must pay
your child the Withdrawal Value as a lump sum,
including when a financially dependent child turns 25.
Continuity Certicate
We may send you a Continuity Certificate up to twice
a year to ensure you’re still eligible to receive regular
payments. If you don’t return the Continuity Certificate
by the specified date, we will suspend your regular
payments until it is returned.
We will not be liable for any interest compensation for
the suspended payments due to non-receipt of the
completed Continuity Certificate.
Death claim process
Should you pass away while your regular payments
are still being made, your beneficiary or legal
representative should contact us. In the case where a
Joint Policy Owner passes away, the surviving Joint
Policy Owner should contact us. Upon notification,
we’ll suspend the regular payments and stop any
Ongoing ASF until the claim is finalised. We’ll send all
the forms and information needed to complete the
death claim.
If a Withdrawal Value is to be paid to a Joint Policy
Owner, beneficiary or the estate, the effective date of
the Withdrawal Value will be the date that all our claim
requirements have been satisfied.
For Lifetime Income annuities without a Joint Policy
Owner or Reversionary Beneficiary, if the Guaranteed
Period has expired or was not chosen, the investment
will come to an end and will have no Withdrawal Value.
If we have overpaid your regular payments between
your date of death and the date we are notified of
your death, we may request that the over payment be
returned to us.
29Guaranteed Annuities PDS
Lifetime Income
Withdrawing your annuity.
Making a withdrawal
A Lifetime Income annuity is designed to provide you
with a regular, guaranteed income stream for the rest
of your life.
Although an annuity is not designed to provide
access to capital, we understand that your
circumstances can unexpectedly change and you
may need to withdraw funds from your investment.
As a result, you have the flexibility to make a full
withdrawal during the Guaranteed Period (see ‘What
is the Guaranteed Period?’ on page 22). Once the
Guaranteed Period ends, you will no longer be able to
make a full withdrawal.
Partial withdrawals are not permitted on Lifetime
Income annuities.
Determining the Withdrawal Value of
your annuity
The amount you receive when a full withdrawal is
made, is called the Withdrawal Value. The amount you
receive will be less than the original amount invested.
The Withdrawal Value is the greater of the:
◆
current value of any remaining regular payments to
the end of the Guaranteed Period and having
regard to the applicable interest rates at the time of
withdrawal and any relevant requirements under
the Life Insurance Act; and
◆
Withdrawal Benefit Guarantee (WBG).
The WBG ensures that an investor receives a
minimum lump sum amount, if they elect to make a
full withdrawal during the Guaranteed Period. This
only applies to the first $1.6 million of the Lifetime
Income annuity purchase price. For any amount over
the $1.6 million, the Withdrawal Value is the excess
portion of the remaining payments and will be
calculated based on the applicable interest rates at
the time of withdrawal. We’re also legally bound to
consider any relevant requirements under the Life
Insurance Act.
The value of the WBG will depend upon the:
◆
value of the Death Benefit Guarantee (DBG) (see
‘How is the Death Benefit Guarantee calculated?’
on page 27), and
◆
age of the investor at the time of commencing the
Lifetime Income annuity.
The following table illustrates the rules applicable to
calculating the WBG:
Age of investor WBG value
55 years and over 80% of DBG value
41 to 54 years 70% of DBG value
40 years and under 60% of DBG value
To request a withdrawal form, you can call us on
1800 624 100 between 8.30 am and 6 pm (Sydney
time), Monday to Friday. If you make a full withdrawal,
the annuity will cease.
30 Guaranteed Annuities PDS
Other important
information.
Part 3
Commonly used terminology
Term Meaning
Centrelink Schedule Information about your annuity that is used by Centrelink to calculate
your Centrelink payments (if applicable).
Continuity Certificate Ensures us that you are still eligible to receive the regular payments
(Lifetime Income annuities only).
Death Benefit Guarantee For Lifetime income annuities with a Guaranteed Period, it is the lump sum amount
that may be payable on death of the Policy Owner during the Guaranteed Period.
Deductible amount Annuity income that represents a return of your capital and is tax free.
Dependant A dependant according to taxation law, includes:
◆
your spouse or former spouse (including defacto spouse)
◆
your child (including an adopted child or step child)
◆
someone who is financially dependent on you
◆
someone who is in an interdependency relationship with you.
Guaranteed Period Any full year term up to your life expectancy during which the annuity has a
Withdrawal Value. Only applicable for Lifetime Income annuities.
Joint Policy Owner Two people investing in a single annuity using personal savings, both of whom are
aged 18 or over.
Lifetime Income A regular payment for the life of the Policy Owner.
Long Term Income A fixed term annuity between 6 and 30 years.
Maturity date The final day of your annuity’s investment term.
Nominated Beneficiary An individual who may receive the annuity income if the Policy Owner dies and
they survive any Joint Policy Owner or Reversionary Beneficiary.
Ongoing Adviser Service Fee A fee negotiated between you and your financial adviser that is deducted from the
regular payments at the same frequency as your regular payments.
Personal savings Non-superannuation money.
Policy The contract between the Policy Owner and Joint Policy Owner (if applicable) and us
which consists of the application, Policy Document and Policy Schedule.
Policy Owner The person(s) or entity making the investment.
Preservation age The age at which you may be able to access your super.
Residual Capital Value (RCV) The amount to be returned to the Policy Owner as a lump sum at the end of their
fixed term.
Retirement phase The period during which the superannuation income stream becomes payable.
Reversionary Beneficiary An individual who may receive the annuity income if the Policy Owner dies.
Rollover The transfer of super money directly from one financial product or entity to
another. Monies must be unrestricted non-preserved.
Short Term Income A fixed term annuity between 1 and 5 years.
Upfront Adviser Service Fee A fee negotiated between you and your financial adviser that is deducted from the
amount paid to us at the start, with your authorisation.
Withdrawal Benefit Guarantee For Lifetime Income annuities with a Guaranteed Period, the Withdrawal Benefit
Guarantee ensures that an investor receives a minimum lump sum if they elect to
make a full withdrawal during the Guaranteed Period.
‘We’, ‘Us’, ‘Our’ ‘CommInsure’ or
‘CMLA’
The Colonial Mutual Life Assurance Society Limited ABN 12 004 021 809
AFSL 235035.
31Guaranteed Annuities PDS
Other important information
32 Guaranteed Annuities PDS
This section provides only general statements on
taxation and relates to income that is taxable in
Australia.
The operational impacts of the legislative changes
may change from time to time.
You should discuss any tax issues with your tax
adviser.
For investments purchased with super money, the
following rules generally apply:
◆
Tax-free income payments for most people who
invest with super money.
◆
A tax offset (rebate) of 15 per cent applies to the
assessable component of your regular payment if
you are aged between preservation age and 60.
◆
If the money you invested comes from a government
super fund, part of it may not have been taxed and
may be subject to contributions tax. If this is the
case, 15 per cent tax must be paid on the taxable
component – untaxed element. We will deduct this
tax upfront when your investment is received.
Transfer balance Cap
A $1.6 million limit (indexed periodically in $100,000
increments in line with CPI) applies on the total
amount of superannuation savings that can be used
to start a ‘retirement phase’ income stream. This limit
is known as the ‘transfer balance cap’ and is designed
to limit the total amount an individual can transfer into
a tax exempt retirement account.
Generally, the transfer balance cap will include the
following:
◆
the value of existing pension or super annuity
income streams as at 30 June 2017 that are in
retirement phase
◆
the initial value of a super annuity income stream
commenced on or after 1 July 2017, and
◆
the value of any superannuation income streams
that revert to a beneficiary.
Additional tax may be imposed on amounts in excess
of the transfer balance cap.
Excess transfer balance
The ATO may issue us with a Commutation Authority
following consultation with you or a default
commutation notice which requires us to withdraw a
specified amount within 60 days of the issue date.
We will make reasonable efforts to consult with you on
whether you wish to commute the annuity for the
purposes of the Commutation Authority.
If you do not provide us with your instructions within
the 60 day period, we will act upon the Commutation
Authority issued by the ATO.
Will my regular payments be taxed?
Annuity payments are generally assessable income
and subject to Pay As You Go (PAYG) withholding tax,
which is deducted from each payment (if applicable).
However, your assessable income excludes your
‘deductible amount’, which is annuity income that
represents a return of your capital and is tax-free.
For individual investors, we are obliged to deduct
PAYG withholding tax under the income tax
legislation. A Tax File Number (TFN) declaration form
is provided in the back of this PDS.
It is not an offence to not quote your TFN. However,
if you choose not to provide us with your TFN, TFN
exemption or a TFN declaration form, we may
withhold an amount at the highest marginal tax rate
(including applicable levies and charges).
We will use your TFN only for legal purposes such as
calculating tax on benefits and providing information
to the ATO (see ‘Privacy of your personal information’
on page 36).
For payments to Australian companies, trusts and
super funds, we are not required to deduct PAYG
withholding tax.
Tax.
33Guaranteed Annuities PDS
Other important information
How will my deductible amount be
calculated?
The deductible amount is calculated differently
depending on whether an annuity is purchased with
personal savings or super money.
With personal savings, the deductible amount is
calculated by dividing the purchase price less any
amount to be returned to you at the end of the
annuity term (RCV), by the investment term or life
expectancy. This is shown below:
Deductible amount = (Purchase price – RCV)
Term or life expectancy
For super money, the regular payments may consist
of a tax-free component. This portion of the payment
is not subject to tax.
Will my investment be taxed if I
pass away?
The tax payable upon death will depend on the options
you chose when setting up your annuity and whether it
was purchased with personal savings or super money.
General rules are outlined in the table below.
Tax treatment for annuities purchased with
personal savings in the event of death.
Beneficiary
type
Death
benefit option
Tax
treatment
Joint Policy
Owner
^
The Joint Policy
Owner can
choose to
continue the
regular payments,
which may be at a
reduced rate, or
receive the
Withdrawal Value
as a lump sum.
Capital returned is
tax-free.
Alternatively,
regular payments
are taxed at the
Joint Policy
Owner’s marginal
tax rate plus
applicable levies.
Reversionary
Beneficiary
The Reversionary
Beneficiary can
choose to
continue the
regular payments,
which may be at a
reduced rate, or
receive the
Withdrawal Value
as a lump sum.
Capital returned is
tax-free.
Alternatively,
regular payments
are taxed at the
Reversionary
Beneficiary’s
marginal tax rate
plus applicable
levies.
Beneficiary
type
Death
benefit option
Tax
treatment
Nominated
Beneficiary
If there is a single
Nominated
Beneficiary, they
can choose to
continue the regular
payments or
receive the
Withdrawal Value
as a lump sum.
Multiple Nominated
Beneficiaries must
receive the
Withdrawal Value
of the annuity as a
lump sum.
Capital returned is
tax-free.
Alternatively,
regular payments
are taxed
at the Nominated
Beneficiary’s
marginal tax rate
plus applicable
levies.
Estate
^
For Short Term
and Long Term
Income, your
estate can choose
to continue the
regular payments
until the end of the
term or receive the
Withdrawal Value
as a lump sum
^
.
For Lifetime
Income, your
estate can choose
to continue the
regular payments
until the end of the
Guaranteed Period
or receive the
Withdrawal Value
as a lump sum.
Capital returned is
tax-free.
Alternatively, the
estate will be
required to
manage the tax of
regular payments.
No tax is deducted
by us.
^
Not applicable for Australian companies, trusts or funds.
34 Guaranteed Annuities PDS
Tax treatment for annuities purchased with
super money in the event of death
Beneficiary
type
Death
benefit option
Tax
treatment
Reversionary
Beneficiary
^
The Reversionary
Beneficiary can
choose to
continue the
regular payments,
which may be at a
reduced rate, or
receive the
Withdrawal Value
as a lump sum.
This will depend
on the age of the
deceased and
whether the
Reversionary
Beneficiary
continues with
regular payments
or takes a lump
sum.
Estate
^^
Must receive the
Withdrawal Value
as a lump sum.
Regular payments
will cease.
This will depend
on the dependency
status of the
estate’s ultimate
beneficiaries.
No tax is deducted
by us.
^
If the surviving Reversionary Beneficiary is a child, we may be
required to pay the Withdrawal Value as a lump sum (see
‘Child beneficiaries and super’ on page 19).
^^
If the annuity was purchased with super money and there was
no Reversionary Beneficiary, your estate will be paid the
Withdrawal Value as a lump sum.
Will I pay tax if I make a withdrawal?
If you withdraw money from an annuity purchased
with personal savings (including the RCV where
applicable), the capital returned to you is generally not
subject to tax.
If the investment was purchased with super money,
the amount withdrawn is referred to as a
Superannuation Lump Sum Benefit payment and can
be comprised of tax-free and taxable components.
The treatment of the taxable component is outlined in
the following table.
Tax treatment of withdrawals from annuities
purchased with super money
Policy
Owner’s age Tax treatment
Taxable
component
Tax-free
component
Under
preservation age
22% includes
Medicare levy
of 2%
0%
Between
preservation age
and age 60
Tax-free up to the
low rate threshold
of $210,000
^
and
17% thereafter,
includes Medicare
Levy of 2%
0%
Age 60 or over 0% 0%
^
This is the threshold amount for the 2019/2020 financial year.
Indexed in line with Average Weekly Ordinary Times Earnings
(AWOTE) in increments of $5,000.
We may be required to withhold tax from any payment
to meet our legal obligations, including those
imposed in the Foreign Account Tax Compliance
Act (see ‘Foreign Account Tax Compliance Act
(FATCA)’ on page 40).
35Guaranteed Annuities PDS
Other important information
There are no fees or charges associated with Lifestream Guaranteed Income annuities that you need to pay us.
Adviser Service Fees
You may agree to pay your financial adviser a fee for the services they have provided and/or will provide you. This fee
is optional.
We do not monitor the fees charged by advisers.
Your financial adviser is responsible for setting up an Adviser Service Fee (ASF) arrangement with you. Any ASFs
will be paid to your adviser’s dealer group in accordance with the arrangements we have with that dealer group.
There are two types of ASFs outlined below.
Fees and charges.
Fee type Amount How and when paid Changes to the fee
Upfront Adviser Service Fee
(including GST)
Negotiated and agreed
directly between you and
your financial adviser.
Can either be a flat dollar
figure or a percentage of
the investment amount.
Deducted from your
investment amount at the
start, with your
authorisation.
Refundable if you exercise
your cooling-off rights (see
‘Cooling-off period’ on
page 41).
Ongoing Adviser Service
Fee (including GST)
Negotiated and agreed
directly between you and
your financial adviser.
Your regular payments will
be reduced by this amount.
Cannot be greater than your
regular payments.
Deducted at the same
frequency as your regular
payments.
Can be cancelled or changed
at any time
^
by writing to us.
The fee will stop
^^
if the
ownership changes or if your
financial adviser and/or
dealer group ceases to have
a relationship with us.
The fee will also stop if there
is an insufficient amount to
cover both your regular
payment and ongoing ASF.
^
Where your request is received less than seven calendar days before the next scheduled payment, the change will be effective from the
next regular payment.
^^
On death where there is a surviving joint owner, the Ongoing ASF will continue unless we are advised otherwise.
Example of Upfront and Ongoing Adviser Service Fees
Fee type Amount How and when paid
Upfront ASF 0.40% ASF
$250,000 Investment amount
0.40% x $250,000
= $1,000
Purchase price = $249,000
Ongoing ASF $10 ASF per month
$3,000 monthly regular payments
(after any taxes and levies are deducted)
$10 x 12 months
= $120 annual ongoing ASF
Monthly regular payments = $2,990
Other payments
Your adviser’s licensee may receive payments of up to 0.2% based on the volume of business they place with
CommInsure, under arrangements entered into by us before July 1, 2012. Any such payments are made by us and
do not represent an additional cost to you.
36 Guaranteed Annuities PDS
Privacy of your personal
information.
CMLA’s Privacy Policy
In this section, ‘we’, ‘our’ and ‘us’ means The Colonial
Mutual Life Assurance Society Limited.
CMLA has entered into a Joint Cooperation
Agreement with AIA Australia Limited (AIA) and
Commonwealth Bank of Australia (CBA) for the joint
operation of the CMLA and AIA businesses. As part
of operationalising the Joint Cooperation Agreement,
CMLA has adopted the AIA Australia Group Privacy
Policy. This section summarises key information
about how we, and the AIA Australia Group, handle
personal information. More information can be found
in the full version of the AIA Australia Group Privacy
Policy which can be found at aia.com.au/privacy.
The AIA Australia Group comprises CMLA, CMLA
Services Pty Ltd ABN 88 622 557 251, Jacques
Martin Pty Ltd ABN 55 006 100 830 and Jacques
Martin Administration and Consulting Pty Ltd ABN 24
006 787 748 AFSL 235037 as well as AIA, AIA
Financial Services Limited ABN 68 008 540 252
AFSL 231109 and their related bodies corporate.
Collecting information
The information we collect about you as a customer
includes information such as your identity and
contact details, other personal details such as age,
gender and financial information. We will not be able to
administer this product for you without this information.
How we collect it
We collect this information directly from you and from
others such as service providers, agents, advisers,
brokers, employers or family members. Where you
provide CMLA with information about someone else
you must have their consent to provide their
information to us as described in the AIA Australia
Group Privacy Policy.
The law may require us to identify our customers. We
do this by collecting and verifying information about
you and persons who act on your behalf. The
collection and verification of information helps to
protect against identity theft, money-laundering and
other illegal activities. We may disclose your personal
information in carrying out verification, e.g. we may
refer to public records to verify information and
documentation or we may verify with an employer that
the information that you have given is accurate.
What we collect
Depending on whether you are an individual, trustee,
company or other type of organisation, the
information we collect may vary.
In some instances, we may collect medical and
lifestyle information. Where we need to obtain
lifestyle and medical information from health
professionals or other parties, we will ask for your
consent, except where otherwise permitted by law.
If you’re commonly known by two or more different
names, you must give us full details of your other
name or names.
Where it is necessary to do so, we also collect
information on individuals such as company directors
and officers (where the company is our customer), as
well as customers’ agents and persons dealing with
us on a ‘one-off’ basis.
Also, during your relationship with us we may also
seek and collect further information about you and
about your dealings with us.
Accuracy
It’s important you provide us with accurate and
complete information. If you don’t, you may be in breach
of the law and we may not be able to provide you
with products and services that best suit your needs.
CBA Group Companies
CBA has agreed to distribute our and AIA Australia
Group products and services. For some AIA Australia
Group members, CBA provides services that support
our products and services or those of other AIA
Australia Group members. Accordingly the AIA
Australia Group will disclose personal information to
CBA to help it distribute products or to enable it to
provide services to AIA Australia Group members. For
AIA Australia Group members who rely on CBA to
provide services, some personal information (but not
sensitive information) may be visible on CBA systems.
For more information on how information relating to
CBA Group Companies is managed please refer to
our full privacy policy at aia.com.au/privacy.
We may also share information for identity verification
and foreign tax compliance reporting in respect of
which we and the CBA have agreed to act on each
other’s behalf. This allows us to both use the same
customer information for these purposes without
needing to each ask for the information separately.
The information shared may include, for example,
names, contact details, date of birth, product details
and identity numbers such as foreign tax identification
or driver’s licence numbers.
37Guaranteed Annuities PDS
Other important information
How do we use your personal information?
We collect, use and exchange your customer
information so that we can:
◆
establish and verify your identity and assess
applications for products and services
◆
price and design our products and services
◆
administer our products and services
◆
manage our relationship with you
◆
manage our risks and help identify and investigate
illegal activity, such as fraud
◆
contact you, for example if we need to tell you
something important
◆
conduct and improve our businesses and improve
your customer experience
◆
comply with our legal obligations and assist
government and law enforcement agencies or
regulators
◆
identify and tell you about other products or
services that we think may be of interest to you
◆
to manage and administer our and our Affiliates’
and partners’ business activities, products and
services, including the AIA Vitality program.
We may also collect, use and exchange your
information in other ways permitted by law.
Direct marketing
If you don’t want to receive direct marketing from us
or want to update your direct marketing preferences,
you can tell us by calling 1800 624 100 between 8.30
am and 6 pm (Sydney time), Monday to Friday.
Gathering and combining data to get insights
Improvements in technology enable organisations,
like us, to collect and use information to get a more
integrated view of customers and provide better
products and services.
The AIA Australia Group may combine customer
information it has with information available from a
wide variety of external sources (for example census
or Australian Bureau of Statistics data). We are able to
analyse the data in order to gain useful insights which
can be used as mentioned above.
In addition, AIA Australia Group members may
provide data insights or related reports to others, for
example to help them understand their customers
better. These are based on aggregated information
and do not contain any information that identifies you.
Protecting your information
We comply with the Australian Privacy Principles as
incorporated into the Privacy Act 1988 (Cth). The
Privacy Act protects your sensitive information.
Who do we exchange your information with?
We may exchange your personal information with
members of the AIA Australia Group, so that the AIA
Australia Group may adopt an integrated approach to
its customers. AIA Australia Group members may use
this customer information in the same way we use your
information (see ‘How do we use your personal
information?’ on this page).
Third parties
We may exchange your information with third parties
where this is permitted by law or for any of the
purposes we use your information.
Third parties include:
◆
those who refer your business to us
◆
any person acting on your behalf, including your
financial adviser, solicitor, accountant, executor,
administrator, trustee, guardian or attorney
◆
external product providers into which you might
direct some of your investment or other product
providers to which your investment might be transferred
◆
where we are required to under domestic or foreign law
◆
medical practitioners (to verify or clarify, if
necessary, any health information you may provide)
◆
reinsurers and auditors
◆
organisations to whom we may outsource certain
functions
◆
government and law enforcement agencies or
regulators
◆
entities established to help identify illegal activities
and prevent fraud
◆
the life insured, policy owner or beneficiaries of a
policy issued by us.
In all circumstances where our contractors, agents
and outsourced service providers become aware of
customer information, confidentiality arrangements
apply. Customer information may only be used by our
agents, contractors and outsourced service providers
for our purposes.
We may be required to disclose customer information
by law, e.g. under Court Orders or Statutory Notices
pursuant to taxation or social security laws or under
laws relating to sanctions, anti-money laundering or
counter terrorism financing.
38 Guaranteed Annuities PDS
Sending information overseas
From time to time we may send your information
overseas, including to other AIA Group members and
to service providers or other third parties who operate
or hold data outside Australia. Where we do this, we
make sure that appropriate data handling and security
arrangements are in place. Please note that Australian
law may not apply to some of these entities.
Information may also be sent overseas to complete
certain transactions, or where this is required by law
and regulation of Australia or another country. Other
overseas parties can include reinsurers, medical or
rehabilitation practitioners.
For more information about which countries we may
send your information to, see below under
‘Further information’.
Viewing your personal information
You can (subject to permitted exceptions) request access
to your personal information by contacting us on
1800 624 100 between 8.30 am and 6.00 pm (Sydney
time), Monday to Friday.
We may charge you for providing access. For more
information about our privacy and information handling
practices, please refer to the AIA Australia Group Privacy
Policy, which is available through aia.com.au/privacy.
Making a privacy complaint
We accept that sometimes we can get things wrong.
If you have a concern about your privacy you have a
right to make a complaint and we’ll do everything we
can to put matters right. For information on how to
make a complaint, see below under ‘Further information’.
Further information
The AIA Australia Group Privacy Policy contains a
more detailed explanation of how we collect, use and
share your personal information, as well as the
privacy complaints process. Please read this by
visiting aia.com.au/privacy or contact us on
1800 624 100 between 8.30 am and 6 pm (Sydney
time), Monday to Friday.
39Guaranteed Annuities PDS
Other important information
What should I do if I have
a complaint?
Most enquiries can be resolved quickly by simply
talking with us. You can call us on 1800 624 100
between 8.30 am and 6 pm (Sydney time), Monday to
Friday, so we can help.
If your enquiry is not resolved to your satisfaction, you
may lodge a complaint by talking with us.
Alternatively, you may lodge your complaint in writing
by sending your complaint to:
Customer Relations
PO Box 234
PARRAMAT TA NSW 2124
Or via email to:
CMLAcustomerrelations@cba.com.au
Please mark your letter ‘Notice of Complaint’.
When you make a complaint we will:
◆
acknowledge your complaint
◆
give you a reference number and contact details
so that you can follow up if you want to
◆
make sure we understand the issues and
investigate the cause of your concern
◆
do everything we can to fix the problem
◆
respond to you as quickly as possible
◆
keep you informed of our progress if the matter
can’t be resolved quickly
◆
keep a record of your complaint.
Australian Financial Complaints
Authority (AFCA)
If you’re not satisfied with our handling of your
complaint or our decision, you may refer your
complaint to the Australian Financial Complaints
Authority (AFCA). AFCA offers a free independent
dispute resolution service for consumer and small
business complaints.
You can contact AFCA on 1800 931 678 between
9 am and 5 pm (Sydney time), Monday to Friday from
anywhere in Australia, online at www.afca.org.au,
via email to info@afca.org.au or by writing to:
Australian Financial Complaints Authority
GPO Box 3
Melbourne VIC 3001
40 Guaranteed Annuities PDS
Changes to this PDS
The information in this PDS is up-to-date as at the issue
date on the front cover but may change from time to time.
We may update information that is not materially
adverse to you and make it available at
commbank.com.au/annuities. Alternatively, you can
call us on 1800 624 100 between 8.30 am and 6 pm
Monday to Friday for a free paper copy of the
information. If we make a change that is materially
adverse, it will be communicated in writing by way of a
Supplementary Product Disclosure Statement (SPDS)
or a new PDS. We will generally notify you in advance of
any material change to your policy before it occurs, and
in any event as soon as practicable after the change.
Effective date of your annuity
The effective date of your annuity is the date that all
application requirements, including your investment, are
received and accepted by us.
Any money received is held in a suspense account until
all requirements are finalised and does not attract interest.
Where all requirements have not been received within 28
days, your money will be returned.
How is my money invested?
All monies are invested in the CMLA Number 3 Statutory
Fund, maintained under the Life Insurance Act 1995.
Assets of this Fund are invested to meet our annuity
liabilities created when you invest in a Lifestream
Guaranteed Income annuity.
Responsible investing
Environmental, Social and Governance (ESG) factors,
can have a material impact on investment outcomes and
therefore ESG factors are considered when determining
the investment strategy for assets backing our annuity
liabilities. CommInsure is a signatory to the Principles for
Responsible Investment (PRI), which provides a
framework for the mainstream global investment
community to incorporate ESG factors into their
investment processes.
CommInsure outsources the implementation of most of
its investment strategies to external investment
managers and it is expected that each investment
manager will have regard to ESG factors, including
labour standards and ethical issues if they believe they
will have a meaningful impact on investment
performance. Each investment manager may have its
own policy on the extent to which labour standards or
environmental, social and ethical issues are taken into
account when making investment decisions. When
selecting managers, CommInsure considers the extent
to which each manager incorporates ESG factors into
their investment processes.
CommInsure does not have a predetermined approach
for how managers or CommInsure in the case of assets
managed directly by CommInsure should consider
labour standards or environmental, social or ethical
factors when making investment decisions.
CommInsure’s ESG approach is reflected in its PRI
ratings, receiving an A rating in five out of seven
categories in 2019.
Anti-Money Laundering and Counter-
Terrorism Financing Laws
We are legally required to fulfil significant obligations
including the need to establish the identity of our
investors and if relevant, the identity of other persons
associated with your policy (e.g. beneficiaries, executors
and power of attorneys).
From time to time, we may ask you to provide additional
information to help with this process.
We may be required to report information about you to
the relevant authorities and we may not be able to tell
you when this occurs. We may not be able to transact
with you or other persons. This may include delaying,
blocking, freezing or refusing to process a transaction.
This may impact on your investment and could result in
a loss of income and the principal amount invested.
Automatic Exchange of Information (AEOI)
Australia is one of many countries that has passed laws
and entered into international agreements for the
automatic exchange of account information, to assist in
making sure everyone pays the right amount of tax. As
a result, Financial Institutions are required to identify
foreign tax residents and report their details and
relevant financial account information to their local tax
authority (in Australia, this is the Australian Taxation
Office (ATO)). Tax authorities will then exchange this
information with other countries who have passed
similar laws.
There are two AEOI laws that may affect you, Foreign
Account Tax Compliance Act and the Common
Reporting Standard.
Foreign Account Tax Compliance Act
(FATCA)
FATCA is the United States (US) Government’s
legislative framework to improve compliance with
US tax laws. FATCA imposes certain requirements
including the provision of information to the Internal
Revenue Service (IRS) on foreign (non-US) financial
institutions, including Australian institutions.
Other information you need
to know.
41Guaranteed Annuities PDS
Other important information
The Australian Government has in place an
intergovernmental agreement (IGA) with the US
Government. Under the terms of the IGA, we will
provide the ATO with any required information which
would otherwise be required to be submitted to
the IRS.
Financial institutions are required to review customer
accounts to determine whether they are reportable
accounts (accounts held by US citizens or US tax
residents) and report this information periodically to
the ATO. The information will only relate to investors
who are identified as US residents or those whose
residency cannot be identified due to insufficient
information being provided (‘non-compliant
account holders’).
Non-compliant account holders may be subject to a
30 per cent withholding tax on part or all of the
payments received from US sources.
Common Reporting Standard (CRS)
The CRS is a global standard for the collection and
exchange of account information. You will be required
to certify your residence for tax purposes and if you
are a foreign tax resident, to supply your tax ID
number or equivalent, if you have one. Where the
account holder is an entity, we may also require this
information from certain individuals associated with
the entity, such as owners or controllers.
Once you have an account, we may also contact you
from time to time to confirm your tax residency and
may request additional documentation in support.
Where you are a foreign tax resident, or we have
information in our records that indicate you may be a
foreign tax resident but you have failed to respond to
any request for clarification, we are obliged to report
certain account information annually to the ATO, who
will then exchange this information with the tax
authority in the other country.
Family Law
Under Family Law legislation, the superannuation
assets of married and de facto (including same sex)
couples that have divorced or separated can be
divided. This legislation does not extend to terminating
de facto or same-sex couples in Western Australia.
If your annuity was purchased with super money,
you and/or your spouse or a person intending to enter
a super agreement with you (such as a pre-nuptial
agreement) can make a written request for
information. This request must comply with the
requirements of the Family Law Act.
Our response to a valid information request will be
issued only to the person making the request.
Legislation prevents us from informing you if a request
has been made by your spouse or intending spouse.
Splitting instructions
Splitting instructions specify how your super
annuity will be divided. This must be expressed as
a percentage. They may be made in the form of
a super agreement between you and your spouse
or by court order.
Family Law provisions allow for reasonable fees to
be charged for the administration of transactions.
CommInsure currently does not charge such fees
but will notify you in writing if we decide to introduce
a fee in the future.
Electronic communication
If you’ve given us your electronic contact details, we
may use these details to provide information to you
electronically, for example, sending reminders via
SMS or email. You may also receive information on
AIA Group products and services electronically.
If you prefer to receive paper forms of communication
from us and want to opt out of electronic forms of
communication, you can tell us by calling
1800 624 100 between 8.30 am and 6 pm (Sydney
time), Monday to Friday.
Cooling-off period
After taking out an annuity, you will receive a Policy
Document and Policy Schedule from us. You have 14
days to check that the policy meets your needs. This
is known as the ‘cooling-off period’.
Your policy can be cancelled within the cooling off
period and you may request a refund.
If you choose to cancel your policy, your total
investment including any Upfront Adviser Service
Fees will be refunded. Please note, if you have
invested with super money, your total investment will
be adjusted to account for any applicable taxes and/
or levies. Your request for cancellation must be in
writing and be sent along with your Policy Schedule.
Information we will send you
Once your application is accepted, we will send you
the following information:
◆
a Policy Document and Policy Schedule which
sets out the terms and conditions of your
investment
◆
a Centrelink Schedule for social security purposes.
During the course of your investment, you will
also receive:
◆
an annual statement which details any payments
and tax deductions you have received during the
financial year
◆
a PAYG Payment Summary each year (if applicable)
◆
a Continuity Certificate (Lifetime Income annuities
only) up to twice a year to ensure you’re still
eligible to receive regular payments
◆
a Maturity Instruction form if you have invested
in an annuity, where some or all of your investment
is to be repaid at maturity. We will send you this
four weeks before your annuity matures, outlining
your options.
42 Guaranteed Annuities PDS
How to apply.
Part 4
How do I apply?
Step 1: Read this PDS
We recommend that you read this PDS carefully and
seek financial advice before investing in an annuity.
Step 2: Complete the application form/s and
provide a quote
Complete the application form in the back of this PDS
and send it to us.
We have provided an ‘application checklist’ to
help you with completing the application form
(see page 10 for ‘Individuals’ (Part A) application
form, and page 6 for ‘Australian companies, trusts
or funds’ (Part B) application form).
You will need to provide us with a valid quote as part
of your application. The quote will contain important
information based on your personal circumstances
and the features you selected. The details on the
quote must match your application. Contact either
your financial adviser or us for a quote.
If the quote you submit is older than 14 days and all
other requirements are met, we will produce a current
quote. If the quote is the same or higher, we will use
that quote for your annuity. If the quote is lower, we
will contact you to get your authorisation to proceed.
This may mean that your regular payments may differ
from the original quote you received.
Step 3: Application acceptance
To ensure your application is processed promptly,
fill out the application form correctly and provide
any additional requested information.
The effective date of your annuity is the date
that all application requirements, including your
investment, are received and accepted by us.
We reserve the right to reject any application
without providing a reason.
eProcess (for financial adviser use only)
eProcess enables financial advisers to send
applications via fax or email. Terms and conditions
for using eProcess are outlined in the application
form of this PDS (see page 8 for ‘Individuals’ (Part A)
application form, and page 5 for ‘Australi an
companies, trusts or funds’ (Part B) application form).
Payments for investments using personal savings
can be made to our bank account either through a
Commonwealth Bank branch or by direct deposit
using following the instructions.
1. Deposit the gross investment amount (including
any amount representing an ASF) into the following
account:
Account name: CMLA #1 account
BSB: 062 000
Account number: 1085 2246
2. Attach a copy of the deposit receipt.
Please note: We do not direct debit funds from a
client’s bank account.
43Guaranteed Annuities PDS
How to apply
CommInsure is a registered business name of The Colonial Mutual Life Assurance Society Limited ABN 12 004 021 809 AFSL 235035 (CMLA)
CBA791 180313 (003-880)
Page 44 of 50
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CBA791 180313.indd 44 26/02/13 2:38 PM
Instructions/information on how to complete this form
• Before completing this application form, please ensure you have read the latest Product Disclosure Statement (PDS) for this
product. The PDS will help you to understand the product and decide whether it’s appropriate for your needs.
• Please complete this form using BLACK or BLUE INK in CAPITAL LETTERS. Mark appropriate answer boxes with a tick (4).
• Fields marked with an asterisk (*) must be completed for the purposes of anti-money laundering (AML) and counter-terrorism
financing laws, Foreign Account Tax Compliance Act (FATCA) and Common Reporting Standard (CRS).
Short Term Income (1–5 years)
Long Term Income (6–30 years)
Lifetime Income
Title
Mr Mrs Ms Miss Other
Given name(s)*
Surname*
Gender* Date of birth*
Male Female
DD / MM / YYYY
Occupation and position title (specify if retired)*
Residential address* (PO Box is not acceptable)
State Postcode Country
Mailing address (if different to the above)
State Postcode Country
Home phone number Work phone number
( )
( )
Mobile number
Email address
Title
Mr Mrs Ms Miss Other
Given name(s)*
Surname*
Gender* Date of birth*
Male Female
DD / MM / YYYY
Occupation and position title (specify if retired)*
Residential address* (PO Box is not acceptable)
State Postcode Country
Mailing address (if different to the above)
State Postcode Country
Home phone number Work phone number
( )
( )
Mobile number
Email address
STEP 1 – TYPE OF INVESTMENT
STEP 2A – INVESTOR 1 DETAILS STEP 2B – INVESTOR 2 DETAILS (JOINT OWNER)
(Office use only)
GUARANTEED ANNUITIES
LIFESTREAM GUARANTEED INCOME
APPLICATION FORM TO BE COMPLETED BY INDIVIDUALS (PART A)
Issue date: 1 November 2019
Thank you for completing this form
Issued by The Colonial Mutual Life Assurance Society Limited ABN 12 004 021 809 AFSL 235035 (CMLA). ‘CommInsure’ is used under licence by CMLA.
CIL1756 011119
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STEP 3A – TAX RESIDENCY - INVESTOR 1 (PERSONAL SAVINGS ONLY)
Tax Residency rules differ by country. Whether an individual is a tax resident of a particular country is often (but not always) based on
the amount of time a person spends in a country, the location of a person’s residence or place of work. For the US, tax residency can
also be as a result of citizenship or residency.
Please answer both tax residency questions:
Is the individual a tax resident of Australia?*
Yes No
Is the individual a tax resident of another Country?*
Yes complete below No
If the individual is a tax resident of a country other than Australia, please provide their tax identification number (TIN)
orequivalent below. If they are a tax resident of more than one other country, please list all relevant countries below.
A TIN is the number assigned by each country for the purposes of administering tax laws. This is the equivalent of a Tax File Number in
Australia or a Social Security Number in the US. If a TIN is not provided, please list one of the three reasons specified (A, B or C) fornot
providing a TIN.
1. Country
TIN If no TIN, list reason A, B or C
2. Country TIN If no TIN, list reason A, B or C
3. Country TIN If no TIN, list reason A, B or C
If there are more countries, provide details on a separate sheet and tick this box
Reason A The country of tax residency does not issue TINs to tax residents
Reason B The individual has not been issued with a TIN
Reason C The country of tax residency does not require the TIN to be disclosed.
STEP 3B – TAX RESIDENCY - INVESTOR 2 (JOINT OWNER) (PERSONAL SAVINGS ONLY)
Tax Residency rules differ by country. Whether an individual is a tax resident of a particular country is often (but not always) based on
the amount of time a person spends in a country, the location of a person’s residence or place of work. For the US, tax residency can
also be as a result of citizenship or residency.
Please answer both tax residency questions:
Is the individual a tax resident of Australia?*
Yes No
Is the individual a tax resident of another Country?*
Yes complete below No
If the individual is a tax resident of a country other than Australia, please provide their tax identification number (TIN)
orequivalent below. If they are a tax resident of more than one other country, please list all relevant countries below.
A TIN is the number assigned by each country for the purposes of administering tax laws. This is the equivalent of a Tax File Number in
Australia or a Social Security Number in the US. If a TIN is not provided, please list one of the three reasons specified (A, B or C) fornot
providing a TIN.
1. Country
TIN If no TIN, list reason A, B or C
2. Country TIN If no TIN, list reason A, B or C
3. Country TIN If no TIN, list reason A, B or C
If there are more countries, provide details on a separate sheet and tick this box
Reason A The country of tax residency does not issue TINs to tax residents
Reason B The individual has not been issued with a TIN
Reason C The country of tax residency does not require the TIN to be disclosed.
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STEP 4A – YOUR INVESTMENT DETAILS
STEP 4B – SHORT TERM INCOME (1–5 YEARS)
STEP 4C – LONG TERM INCOME (6–30 YEARS)
STEP 4D – LIFETIME INCOME
Purchase price amount
$
(min $10,000 for personal savings and max $1.6 million for super money)
Investment
Personal savings
Super money (not applicable for joint owners)
Source of funds for personal savings (e.g. sale of property, accumulated savings)*
Reinvestment from existing policy Policy number
This investment will be made by:
Cheque (make cheque payable to ‘CMLA Guaranteed Annuities’)
Deposit (deposit the investment amount into the following bank account
and attach a copy of the receipt. This investment amount can also be deposited at a Commonwealth Bank branch using
thesamebank account).
Account name: CMLA #1 account
BSB: 062 000
Account number: 1085 2246
Rollover (unrestricted non-preserved super money) full balance
Rollover (unrestricted non-preserved super money) partial balance of
$
For super money, we require a Rollover Benefits Statement confirming the tax components of your investment. Please complete the
following so we can request this on your behalf:
Fund name Membership or account number
Australian Business Number (ABN) Unique Superannuation Identifier (USI)
If your super fund doesn’t allow electronic rollovers, please complete the Lifestream Guaranteed Income Superannuation Benefit
Transfer Request form included within this application form.
Please also complete either Step 4B, 4C or 4D
Short term of year/s (between 1 and 5 years inclusive)
Residual Capital Value (RCV) – indicate how much of the purchase price you want returned to you at the end of the fixed term.
$
OR
%
(max 100%*)
*or maximum amount adjusted to meet the minimum payment requirements for super.
Automatic reinvestment of the RCV at maturity
Refer to page 16 of the PDS for more information.
Please note: If auto reinvesting with super, the RCV may be adjusted to meet the minimum payment requirements. Please refer to
page 15 of the PDS for more information.
Long term of year/s (between 6 and 30 years inclusive)
Residual Capital Value (RCV) – indicate how much of the purchase price you want returned to you at the end of the fixed term.
$
OR
%
(max 100%*)
*or maximum amount adjusted to meet the minimum payment requirements for super.
Indexation
No increase
CPI
or
Fixed increase of
%
(between 1 and 8%, no decimals)
Automatic reinvestment of the RCV at maturity
Refer to page 16 of the PDS for more information.
Please note: If auto reinvesting with super, the RCV may be adjusted to meet the minimum payment requirements. Please refer to
page 15 of the PDS for more information.
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STEP 6A – NOMINATED BENEFICIARY DETAILS (PERSONAL SAVINGS ONLY)
STEP 6B – REVERSIONARY BENEFICIARY DETAILS (NOT APPLICABLE FOR JOINT OWNERS)
First nominated beneficiary
Title
Mr Mrs Ms Miss Other Gender* Male Female
Given name(s)* Surname* Date of birth*
DD / MM / YYYY
Percentage of death benefit
%
Second nominated beneficiary
Title
Mr Mrs Ms Miss Other Gender* Male Female
Given name(s)* Surname* Date of birth*
DD / MM / YYYY
Percentage of death benefit
%
Please note: A Nominated Beneficiary can be changed or removed at any time during the policy term.
If you nominate more than one beneficiary, the percentages must equal 100%.
If you wish to nominate more than two beneficiaries, please include their details and percentage of death benefit in the additional
comments/instructions section on page 9 of this application form.
Title Mr Mrs Ms Miss Other Gender* Male Female
Given name(s)* Surname* Date of birth*
DD / MM / YYYY
Address
State Postcode Country
Relationship to you
Spouse Child Financially dependant Interdependent Other
For lifetime annuities, please indicate how much you would like the regular payments to reduce by upon the death of the Policy Owner
and (if a Guaranteed Period is selected) after the Guaranteed Period expires.
No reduction 15% 25% 33.3% 50%
Please note: Once established, a Reversionary Beneficiary cannot be removed or changed.
STEP 5A – PAYMENT DETAILS – INVESTOR 1
STEP 4D – LIFETIME INCOME
STEP 5B – PAYMENT DETAILS – INVESTOR 2 (JOINT OWNER)
Payment frequency Monthly Quarterly Half-yearly Yearly
Please provide details of your account you want your regular payments to be credited to. The account name must be in the name of
the investor.
Name of Australian financial institution Account name Branch number (BSB) Account number
Payment frequency Monthly Quarterly Half-yearly Yearly
Please provide details of your account you want your regular payments to be credited to. The account name must be in the name of
the Joint Owner.
Name of Australian financial institution Account name Branch number (BSB) Account number
Guaranteed period of years (refer to page 22 of the PDS for more information)
Indexation
No increase
CPI
or
Fixed increase of
%
(between 1 and 8%, no decimals)
Where there is a Joint Owner, please indicate how much you would like the regular payments to reduce by upon the first death and (if a
Guaranteed Period is selected) after the Guaranteed Period expires.
No reduction 15% 25% 33.3% 50%
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STEP 7 – IDENTIFICATION AND VERIFICATION
You are required to complete this section and attach your certified ID documents and, if applicable, certified ID documents of your
Power of Attorney. The certifier must confirm that the photocopy is a true and correct copy of the original ID, followed by their
signature, name, qualification and date.
If your adviser (if applicable) meets the criteria below to certify your ID documents, your adviser must complete Step 10 of this
application form.
Part 1 – Acceptable primary ID documents Investor 1
Investor 2
(Joint Owner)
Select one valid option from this section only
• Australian State/Territory driver’s licence containing a photograph of the person
• Australian passport (a passport that has expired within the preceding two years
isacceptable)
• A card issued under a State or Territory law containing your Photograph and proof of age
• Foreign passport or similar travel document containing a Photograph and the signature
ofthe person
Part 2 – Acceptable secondary ID documents Investor 1
Investor 2
(Joint Owner)
Complete this section if you do not own a document from Part 1
Select one valid option from this section
• Australian birth certificate
• Australian citizenship certificate
• Pension or Health care card issued by Department of Human Services (previously known
as Centrelink)
And one valid option from this section (this document must contain both your full name
and residential address)
• A document issued by the Commonwealth or a State or Territory within the preceding
12months that records the provision of financial benefits to you (e.g. pension statement)
• A document issued by the Australian Taxation Office within the preceding 12 months that
records a debt payable by you to the Commonwealth or a refund by the Commonwealth
toyou (e.g. notice of assessment)
• A document issued by a local government body or utilities provider within the preceding
three months which records the provision of services to you (e.g. electricity bill)
• If you are under the age of 18, a notice that was issued to you by a school principal within
the preceding three months and records the period of time that you attended that school
Part 3 – Acceptable foreign ID documents Investor 1
Investor 2
(Joint Owner)
Complete this section if you do not own a document from Part 1
Select either
• National ID card issued by a foreign government containing a photograph and signature
ofthe person in whose name the document is issued
Or select two valid options from this section
• Foreign driver’s licence that contains your photograph and date of birth
• Foreign citizenship certificate
• Foreign government issued birth certificate
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STEP 8 – ADVISER SERVICE FEE
Complete this section if you wish to have any Upfront or Ongoing Adviser Service Fees (ASFs) paid in respect of your annuity. If you
authorise an Ongoing ASF, your after-tax (where applicable) regular payments will be reduced by this amount at the same payment
frequency as your regular payments. Please refer to the PDS or speak with your adviser for further details.
I/we authorise CommInsure to pay my/our adviser:
An Upfront ASF of
$
(incl. GST) OR
%
(incl. GST) of amount received (no more than
2decimal places)
And/or
An Ongoing ASF of
$
(incl. GST) of the gross regular payments (no more than 2 decimal places).
STEP 7 – IDENTIFICATION AND VERIFICATION (CONTINUED)
List of persons who can certify documents:
• A person who is enrolled on the roll of the Supreme Court of a State or Territory, or the High Court of Australia, as a legal practitioner
• A judge of a court
• A magistrate
• A chief executive officer of a Commonwealth court
• A registrar or deputy registrar of a court
• A Justice of the Peace
• A notary public (for the purposes of the Statutory Declaration Regulations 1993)
• A notary public in a foreign country
• A police officer
• (Postal Agent) An agent of the Australian Postal Corporation who is in charge of an office supplying postal services to the public
• (Post Office) A permanent employee of The Australian Postal Corporation with two (2) or more years of continuous service who
isemployed in an office supplying postal services to the public
• An Australian consular officer or an Australian diplomatic officer (within the meaning of the Consular Fees Act 1955)
• An officer with two (2) or more years of service with one or more financial institutions (for the purposes of the Statutory Declaration
Regulations 1993)
• A finance company officer with two (2) or more continuous years of service with one or more financial companies (for the purposes
ofthe Statutory Declarations Regulations 1993)
• An officer with, or authorised representative of, a holder of an Australian financial services licence, having two (2) or more continuous
years of service with one or more licensees
• A member of the Institute of Chartered Accountants in Australia, CPA Australia or the National Institute of Accountants with two (2)
ormore years of continuous membership
• For lifetime policies, at least one form of ID must contain your date of birth.
• Documents written in a language that is not English must be accompanied by an English translation prepared by
anaccreditedtranslator.
• Documents in a previous name must be accompanied by a change of name certificate (e.g. marriage certificate).
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STEP 9 – DECLARATION
• I/We have read and understood the Guaranteed Annuities Lifestream Guaranteed Income PDS with an issue date of 1 November 2019,
the Policy Document and any Supplementary PDS (where applicable).
• I/We have completed this application in Australia.
• I/We wish to apply to CMLA for the Lifestream Guaranteed Income identified in this application.
• I/We declare the answers to all questions, declarations and all information supplied by me/us or on my/our behalf in relation to this
application is true and correct (including those not in my/our own handwriting).
• I/We will promptly advise CMLA if it changes.
• I/We declare that I am /we are the named person/s or am authorised to provide this information on their behalf.
• I/We declare that all the information/documentation required under the anti-money laundering and counter-terrorism financing laws
has been completed.
• I/We declare that all the information/documentation required under the Foreign Account Tax Compliance Act (FATCA) has
beencompleted.
• I/We understand that:
– The Colonial Mutual Life Assurance Society Limited ABN 12 004 021 809 AFSL 235035 (‘CMLA’) is a wholly owned subsidiary of
Commonwealth Bank of Australia ABN 48 123 123 124. CMLA guarantees all benefit payments under policies described in the
PDS.
– Neither the AIA Group nor the Commonwealth Bank of Australia Group (excluding CMLA) nor their subsidiaries, guarantee
Lifestream Guaranteed Income annuities or the repayment of capital or interest by CMLA. Investments in Lifestream Guaranteed
Income annuities are not deposits or other liabilities of the AIA Group nor the Commonwealth Bank of Australia Group (excluding
CMLA) nor their subsidiaries.
• I/We declare that if this application is signed under a Power of Attorney, the Attorney declares that he/she has not received notice
ofrevocation of the power (a certified copy of the Power of Attorney must be submitted with this application).
• I/We have read and understood the ‘Privacy of your personal information’ section of the PDS. I/We acknowledge and consent to the
collection, use and disclosure of my/our personal information as detailed in that section.
• I consent to my tax file number being disclosed and acknowledge it is being collected for the purposes of commencing my account
and calculating applicable taxes, levies and charges on benefits.
• I acknowledge that CMLA is authorised under the Income Tax Assessment Act 1997 (Cth) to collect my TFN, which will only be
used for lawful purposes.
• I/We have read the ‘Adviser Service Fees’ section of the PDS and request CMLA to pay the ASF as indicated in Step 8 of this
application form.
• I/We understand that:
– Any Upfront ASF is refundable under the cooling off provisions of this PDS.
– Any Ongoing ASF will be deducted from the after-tax regular payment and therefore I/we will receive as payment an amount less
than the amount stated as being my regular payment on my quote.
– Any ASFs are negotiated between my adviser and me/us. CMLA does not monitor the amount of the ASF or the service provided
in respect of the fee and that any adviser service fee is paid to the listed adviser in accordance with the arrangements we have in
connection with the adviser.
– Where CMLA is unable to process a payment of an ASF due to insufficient funds, I/we will deal directly with the adviser to make
alternative arrangements for payment.
– Where any part of the investment includes borrowed funds, no percentage based adviser service fee can be paid.
– The amount used to calculate my annuity regular payments and any RCV will not include the Upfront ASF that I/we have
authorised CMLA to pay.
Super rollover authorisation
• I am aware I may ask my superannuation provider for information about any fees or charges that may apply, or any other information
about the effect this transfer may have on my benefits.
• I consent to my tax file number being disclosed and acknowledge it is being collected for the purposes of commencing my account
and calculating applicable taxes, levies and charges on benefits.
• I acknowledge that CMLA is authorised under the Income Tax Assessment Act 1997 (Cth) to collect my TFN, which will only be
used for lawful purposes.
• I discharge the superannuation provider of my Super fund of all further liabilities in respect of the benefits paid and transferred
toCMLA.
• I request and consent to the transfer of superannuation as described above and authorise the superannuation provider of each fund
to give effect to this transfer.
By ticking (✔) the box beside my signature below I indicate that I do not want to receive marketing information from CMLA.
Signature of Investor 1 Print Name Date
DD / MM / YYYY
Signature of Investor 2 (Joint Owner) Print Name Date
DD / MM / YYYY
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STEP 10 – ADVISER TO COMPLETE
Verify the individual’s full name and date of birth or residential address. For lifetime annuities, the date of birth must be verified. Receipt
of a completed form will constitute your agreement as a reporting entity that you have completed the identification and verification of
the investor for the purposes of anti-money laundering and counter-terrorism financing laws.
Investor 1 details
ID document details Document 1 Document 2
Document type (e.g. passport)
Verified from
Original Certified copy Original Certified copy
Document issuer
Issue date
Expiry date
Document number
Accredited English translation
N/A Sighted N/A Sighted
Date verified
Investor 2 details (Joint Owner)
ID document details Document 1 Document 2
Document type (e.g. passport)
Verified from
Original Certified copy Original Certified copy
Document issuer
Issue date
Expiry date
Document number
Accredited English translation
N/A Sighted N/A Sighted
Date verified
• I certify that I have provided the Investor(s) with the Guaranteed Annuities Lifestream Guaranteed Income PDS with an issue date of
1 November 2019, the Policy Document and any supplementary PDS (where applicable).
• I have negotiated in accordance with my obligations the adviser service fee indicated in Step 8 of this application and I have read the
‘Adviser services fees’ section of the PDS and I understand that all adviser service fees are paid to my dealer group in accordance
with the arrangements between CMLA and that dealer group.
• I certify that the adviser sections of the relevant Identification and Verification form for all Investor(s) have been completed.
• If required, I give permission for CMLA to contact the Investor(s) directly to clarify any matter in relation to this application.
• If using the eProcess, I certify that I have read and understood the additional eProcess terms and conditions outlined below.
eProcess terms and conditions
1. Originals of all documents sent via the eProcess must be retained by me and be made available to CMLA upon request.
2. Documents sent to the nominated fax number are said to be received by CMLA on the date that they have a record of having
received the documents. However, if the fax is received after 5pm on a Sydney business day, the fax will not be regarded as being
received until the next Sydney business day. I also understand that where CMLA has no record of receiving a document, this may
mean that I will have to recommence the application process and a new quote may be required.
3. Documents sent to the nominated email address are said to be received by CMLA on the date we have a record of sending an
acknowledgement back to you that the application has been received. If your original email is received after 5pm on a Sydney
business day, then we will not view the email until the next Sydney business day.
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STEP 10 – ADVISER TO COMPLETE (CONTINUED)
Adviser name Adviser group name
Adviser number AFSL number
Phone number Email address
Adviser signature Date
DD / MM / YYYY
Additional comments/instructions
CIL1756 011119
Page 9 of 10
APPLICATION CHECKLIST
To ensure that we are able to process your application promptly, please check that you have:
Chosen the correct part of the application form to complete. Part A for individuals. Part B for Australian companies, trusts or funds.
Step 1
Selected the type of investment
Step 2A/2B
Provided your investor details including surname, given name, date of birth and residential address
Step 3A/3B (Personal Savings only)
Provided tax residency status
Step 4A
Provided your investment details including the details of your super rollover (if applicable)
Attached a cheque or a copy of the direct deposit receipt (if applicable)
Step 4B, 4C or 4D
Completed either step 4B, 4C or 4D
Step 5A/5B
Selected the payment frequency and provided your Australian financial institution details
Step 6A
Provided your Nominated Beneficiary details (if applicable)
Step 6B
Provided your Reversionary Beneficiary details (if applicable)
Step 7
Attached certified identification (ID) documents
Attached certified ID documents of Power of Attorney (if applicable)
The certifier must confirm the photocopy is a true and correct copy of the original ID, followed by their signature, name, qualification
and date. If you have an adviser, and step 10 is completed you are not required to provide Certified ID documents.
Step 8
Provided details of any Upfront Adviser Service Fee (if applicable)
Provided details of any Ongoing Adviser Service Fee (if applicable)
Step 9
Read the declaration, signed and dated application form
Step 10 (Financial adviser to complete)
Had your financial adviser provide their details and sign and date the application form (if applicable)
TFN Declaration Form
Completed and signed an original TFN declaration form (and if applicable a Withholding declaration form). It is not an offence to not
quote your TFN, however if you choose not to provide us with your TFN or claim an exemption, we may withhold an amount at the
highest marginal tax rate (including any applicable levies and charges).
Quote
Attached a valid quote (valid for 14 days only)
If your application is incomplete or your quote has expired, we won’t proceed with setting up your annuity until all
required information is received.
Where to send
Please send your application form, cheque or direct deposit receipt, certified ID, Tax File Number declaration form and Withholding
declaration form (if applicable) and valid quote to:
Post eProcess (adviser use only) Fax (adviser use only)
CommInsure Guaranteed Annuities
PO Box 320
Silverwater NSW 2128
Scan and email forms to:
NewBusinessAnnuity@cba.com.au
1300 852 094
CIL1756 011119
Page 10 of 10
5 What is your primary e-mail address?
4 What is your business address?
Suburb/town/locality
State/territory Postcode
There are penalties for deliberately making a false or misleading statement.
Signature of payer
DECLARATION by payer: I declare that the information I have given is true and correct.
Month
Year
Day
Date
2 If you don’t have an ABN or withholding
payer number, have you applied for one?
Yes
No
Section B: To be completed by the PAYER (if you are not lodging online)
Branch number
(if applicable)
1 What is your Australian business number (ABN) or
withholding payer number?
6 Who is your contact person?
Business phone number
7 If you no longer make payments to this payee, print X in this box.
Return the completed original ATO copy to:
Australian Taxation Office
PO Box 9004
PENRITH NSW 2740
IMPORTANT
See next page for:
 payer obligations
 lodging online.
ato.gov.au
This declaration is NOT an application for a tax file number.
 Use a black or blue pen and print clearly in BLOCK LETTERS.
 Print X in the appropriate boxes.
 Read all the instructions including the privacy statement before youcomplete this declaration.
Tax le number declaration
Once section A is completed and signed, give it to your payer to complete sectionB.
CLN1929 011019 NAT 3092-06.2019 [DE-6078]
Section A: To be completed by the PAYEE
7 On what basis are you paid? (select only one)
Full‑time
employment
Part‑time
employment
Casual
employment
Superannuation
or annuity
income stream
Labour
hire
9 Do you want to claim the tax-free threshold from this payer?
Answer no here if you are a foreign resident or working holiday
maker, except if you are a foreign resident in receipt of an
Australian Government pension or allowance.
No
Yes
Only claim the tax‑free threshold from one payer at a time, unless your total income from
all sources for the financial year will be less than the tax‑free threshold.
There are penalties for deliberately making a false or misleading statement.
You MUST SIGN here
Signature
Month YearDay
Date
DECLARATION by payee: I declare that the information I have given is true and correct.
10 Do you have a Higher Education Loan Program (HELP), VET Student
Loan (VSL), Financial Supplement (FS), Student Start-up Loan (SSL) or
TradeSupportLoan (TSL) debt?
Your payer will withhold additional amounts to cover any compulsory
repayment that may be raised on your notice of assessment.
Yes
No
OR I have made a separate application/enquiry to
the ATO for a new or existing TFN.
For more
information, see
question 1 on page 2
of the instructions.
OR I am claiming an exemption because I am under
18 years of age and do not earn enough to pay tax.
OR I am claiming an exemption because I am in
receipt of a pension, benefit or allowance.
1 What is your tax
le number (TFN)?
2 What is your name?
Title: Mr Mrs Miss Ms
Surname or family name
First given name
Other given names
4 If you have changed your name since you last dealt with the ATO,
provideyour previous family name.
6 What is your date of birth?
Month YearDay
3 What is your home address in Australia?
Suburb/town/locality
State/territory Postcode
Sensitive (when completed)
3 What is your legal name or registered business name
(or your individual name if not in business)?
An Australian resident
for tax purposes
A foreign resident
for tax purposes
A working
holiday maker
8 Are you: (select only one)
30920619
5 What is your primary e-mail address?
OR
1 2 0 0 4 0 2 1 8 0 9
T H E C O L O N I A L M U T U A L
L I F E A S S U R A N C E
S O C I E T Y L I M I T E D
P O B O X 3 2 0
S I L V E R W A T E R
2 1 2 8
1 8 0 0 6 2 4 1 0 0
Print form
Save form
Reset form
N S W
CLN192 9 011119
Page 1 of 1
CommInsure is a registered business name of The Colonial Mutual Life Assurance Society Limited ABN 12 004 021 809 AFSL 235035 (CMLA)
CBA791 180313 (003-880)
Page 44 of 50
This page has been left blank intentionally
CBA791 180313.indd 44 26/02/13 2:38 PM
12 Guaranteed Annuities PDS
Withholding declaration form
– short version for seniors and pensioners
Complete this declaration to authorise your payer to adjust
rom payments made to you.
You must provide, or have previously provided, your payer with
a completed Tax file number declaration (NAT 3092), quoting
your tax file number or claiming an exemption from quoting it,
before you can make a Withholding declaration.
■ Read the Instructions before completing this declaration.
■ Print neatly in BLOCK LETTERS.
■ Print
X
in the appropriate boxes.
PAYER’S COPY
Sensitive (when completed)
4 Are you an Australian resident for tax purposes?
Yes No
You must answer no
at questions 5.
Section A: Payee’s declaration
To be completed by payee.
1 What is your name?
Family name
Given names
OtherTitle: Mrs Miss Ms
Mr
2 What is your date of birth?
Day Month Year
5 Are you claiming or do you want to claim
the tax-free threshold from this payer?
Yes No
6 Do you want to claim the seniors and pensioners
tax offset by reducing the amount withheld
from payments made to you?
Are you:
Single
A member of an
illness-separated couple
A member
of a couple
Yes No
r.I have lodged a TFN application.
If you have not provided your TFN, indicate if any of the following reasons apply:
3
For information about tax file numbers, see instructions.
DECLARATION BY PAYEE
The tax laws impose heavy penalties for giving false or misleading statements.
I declare that the information I have given on this form is true and correct.
Signature of payee
Date
Day Month Year
Privacy
For information about your privacy, visit our website at ato.gov.au/privacy
CLN1930 011119 NAT 5072-06.2018
Page 1 of 2
HOW MUCH SHOULD YOU WITHHOLD?
The payee’s answers at questions 4 and 5 will indicate which
of the weekly, fortnightly or monthly tax tables you should use
as the base rate of withholding.
A yes answer at question 6 will generally require a variation
of the rate of withholding specified in the tax tables.
YOUR DETAILS
1 What is your Australian business number (ABN)
(or your withholding payer number if you are not in business)?
2 What is your registered business name or trading name
(or your individual name if you are not a business)?
DECLARATION BY PAYER
The tax laws impose heavy penalties for giving false or misleading statements.
The Colonial Mutual Life Assurance Society Limited
1 2 0 0 4 0 2 1 8 0 9
I declare that the information I have given on this form is true and correct.
Signature of payer
Date
Day Month Year
Privacy
For information about your privacy, visit our website at ato.gov.au/privacy
WRITTEN NOTICE
This declaration will constitute written notice under section 15-15 of schedule 1 to
Taxation Administration Act 1953 (TAA 1953) of the Commissioner’s approval
required to be withheld where:
■ the payee has given a completed Tax file number declaration to the payer, or
red into a voluntary agreement with the payer
■ the payee has notified the payer of the varied rate of withholding in writing on
roved form at section A.
STORING AND DISPOSING OF WITHHOLDING DECLARATIONS
The information in the completed Withholding declaration form must be treated as
sensitive. Once you have completed, signed and dated the declaration, you should
Do not send it to us.
Under the TFN guidelines in the Privacy Act 1988, you must use secure methods
when storing and disposing of TFN information. Under tax laws, if a payee submits a
new Withholding declaration or leaves your employment, you must still keep this
declaration for the current and next financial year.
Do not send this declaration form to us.
Sensitive (when completed)
Section B: Payer’s declaration
To be completed by payer.
CLN1930 011119 NAT 5072-06.2018
Page 2 of 2
Instructions/information on how to complete this form
• Before completing this application form, please ensure you have read the latest Product Disclosure Statement (PDS) for this
product. The PDS will help you to understand the product and decide whether it’s appropriate for your needs.
• Please complete this form using BLACK or BLUE INK in CAPITAL LETTERS. Mark appropriate answer boxes with a tick (✔).
• Fields marked with an asterisk (*) must be completed for the purposes of anti-money laundering (AML) and counter-terrorism
financing laws, Foreign Account Tax Compliance Act (FATCA) and Common Reporting Standard (CRS).
Short Term Income (1–5 years)
Long Term Income (6–30 years)
Lifetime Income (self-managed super funds only)
Please select the type of entity investing. In this form a ‘regulated’ super fund means a fund regulated by the ATO or APRA. An
‘unregulated’ trust includes family, testamentary, charitable or other type of trust.
Australian company
Step 3A
Australian unregulated trust (company trustee)
Step 3B
Australian unregulated trust (individual trustee)
Step 3C
Australian regulated superannuation fund (company trustee)
Step 3B
Australian regulated superannuation fund (individual trustee)
Step 3C
Are you a charity?*
Yes No Country established, if not Australia
Source of funds (e.g. sale of property, accumulated savings)*
Is your entity’s primary business activity investing?* Yes No
Tick ‘yes’ if the entity earns more than 50% of its total income from investment activities. For example, rent, interest or dividends, or
more than 50% of the entity’s assets produce or are held for producing investment income.
Please note: Joint ownership is not available if the investor is a company, fund or trust. For identification purposes additional
documentation is required for your Application to be completed. Please download the appropriate AML/counter-terrorism financing
identification form at commbank.com.au/annuities or contact us on 1800 624 100 to request a copy. Please attach the completed
identification form/s to this application.
Name of Australian Company or Company Trustee* ABN/ACN*
Registered office or principal place of business*
State Postcode Country
Please provide details of contact person
Title*
Mr Mrs Ms Miss Other
Given name(s)* Surname* Date of birth*
DD / MM / YYYY
Phone number Mobile phone number Email address
( )
STEP 1 – TYPE OF INVESTMENT
STEP 2 – TYPE OF ENTITY
STEP 3A – AUSTRALIAN COMPANY DETAILS
(Office use only)
GUARANTEED ANNUITIES
LIFESTREAM GUARANTEED INCOME
APPLICATION FORM TO BE COMPLETED BY AUSTRALIAN COMPANIES, TRUSTS OR
FUNDS (PART B)
Issue date: 1 November 2019
CIL1756 011119
Thank you for completing this form
Issued by The Colonial Mutual Life Assurance Society Limited ABN 12 004 021 809 AFSL 235035 (CMLA). ‘CommInsure’ is used under licence by CMLA.
Page 1 of 6
Short term of year/s (must be between 1 and 5 years inclusive)
Residual Capital Value (RCV) – indicate how much of the purchase price you want returned to you at the end of the fixed term.
$
OR
%
(max 100%)
Automatic reinvestment of the RCV at maturity
Refer to page 16 of the PDS for more information.
Name of Australian Trust or Superannuation fund* ABN/ACN/ARSN*
Full business name of the trustee in respect of the Trust or Superannuation fund* ABN/ACN*
Street address (PO Box is not acceptable)*
State Postcode Country
Please provide details of contact person
Title*
Mr Mrs Ms Miss Other
Given name(s)* Surname* Date of birth*
DD / MM / YYYY
Phone number Mobile phone number Email address
( )
Primary Trustee
The Primary Trustee is the primary signatory on the application form. If the entity type is an Australian unregulated trust, the Primary
Trustee completes the ‘identification verification requirements’.
Name of Australian Trust or Superannuation Fund* ABN
Title* Mr Mrs Ms Miss Other
Given name(s)* Surname* Date of birth*
DD / MM / YYYY
Street address (PO Box is not acceptable)*
State Postcode Country
Phone number Mobile phone number Email address
( )
Please provide details of all directors/beneficial owners on the appropriate AML/counter-terrorism financing identification form and
attach this as part ofyourapplication.
STEP 3B – AUSTRALIAN TRUST OR SUPERANNUATION FUND DETAILS – COMPANY TRUSTEE
STEP 3C – AUSTRALIAN TRUST OR SUPERANNUATION FUND DETAILS – INDIVIDUAL TRUSTEE
STEP 4A – YOUR INVESTMENT DETAILS
Purchase price amount
$
(min $10,000)
Reinvestment from existing policy
Policy number
This investment will be made by:
Cheque (make cheque payable to ‘CMLA Guaranteed Annuities’)
Deposit (deposit the investment amount into the following bank account and attach a copy of the receipt.
The investment can also be deposited at a Commonwealth Bank branch using the same bank account).
Account Name: CMLA #1 account
BSB: 062 000
Account number: 1085 2246
Please also complete either Step 4B, 4C or 4D
CIL1756 011119
STEP 4B – SHORT TERM INCOME (1–5 YEARS)
Page 2 of 6
Payment frequency Monthly Quarterly Half-yearly Yearly
Please provide details of your account you want your regular payments to be credited to. The account name must be in the name of
the investor. For example, “John Smith as trustee for Smith Family Trust”.
Name of Australian financial institution Account name Branch number (BSB) Account Number
STEP 4C – LONG TERM INCOME (6–30 YEARS)
STEP 4D – LIFETIME INCOME (ONLY APPLICABLE FOR SUPER FUNDS WHERE THE LIFE INSURED HAS MET A CONDITION
OFRELEASE)
Long term of year/s (must be between 6 and 30 years inclusive)
Residual Capital Value (RCV) – indicate how much of the purchase price you want returned to you at the end of the fixed term.
$
OR
%
(max 100%)
Indexation
No increase
CPI
or
Fixed increase of
%
(between 1 and 8%, no decimals)
Automatic reinvestment of the RCV at maturity
Refer to page 16 of the PDS for more information.
Guaranteed period of years (refer to page 22 of the PDS for moreinformation).
No increase
CPI
or
Fixed increase of
%
(between 1 and 8%, no decimals)
Life Insured
Title
Mr Mrs Ms Miss Other
Given name(s)*
Surname*
Gender* Date of birth*
Male Female
DD / MM / YYYY
Occupation and position title (specify if retired)*
Residential address* (PO Box is not acceptable)
State Postcode Country
Mailing address (if different to the above)
State Postcode Country
Phone number Mobile number
( )
Email address
For lifetime annuities, the date of birth of the life insured must be verified. You are required to attach a certified copy of the life
insured’s birth certificate, driver’s licence or passport.
CIL1756 011119
STEP 5 – PAYMENT DETAILS
Page 3 of 6
• I/We have read and understood the Guaranteed Annuities Lifestream Guaranteed Income PDS with an issue date of 1 November 2019,
the Policy Document and any Supplementary PDS (where applicable).
• I/We have completed this application in Australia.
• I/We wish to apply to CMLA for the Lifestream Guaranteed Income identified in this application.
• I/We declare that where Lifetime income is requested the superfund applying must have lifetime pension in its trust deed and the
life insured (member of that fund) has satisfied a condition of release in order to receive that pension and that the purpose/intent of
the investment is to discharge the Fund’s liabilities (contingent or not) in respect of superannuation income stream that are currently
payable by the Fund or for structured settlement purposes.
• I/We declare the answers to all questions, declarations and all information supplied by me/us or on my/our behalf in relation to this
application is true and correct (including those not in my/our own handwriting).
• I/We will promptly advise CMLA if it changes.
• I/We declare I/We are authorised by, and have consent of, the entity and any beneficial owners to provide the information.
• I/We declare the entity and any beneficial owners are aware that information about them and the annuity may be provided to the
taxauthorities.
• I/We declare that all the information/documentation required under the anti-money laundering and counter-terrorism financing laws
has been completed.
• I/We declare that all the information/documentation required under the Foreign Account Tax Compliance Act (FATCA) has been completed.
• I/We understand that:
– The Colonial Mutual Life Assurance Society Limited ABN 12 004 021 809 AFSL 235035 (‘CMLA’) is a wholly owned subsidiary
of Commonwealth Bank of Australia ABN 48 123 123 124. CMLA guarantees all benefit payments under policies described in
the PDS.
– Neither the AIA Group nor the Commonwealth Bank of Australia Group (excluding CMLA) nor their subsidiaries, guarantee
Lifestream Guaranteed Income annuities or the repayment of capital or interest by CMLA. Investments in Lifestream Guaranteed
Income annuities are not deposits or other liabilities of the AIA Group nor the Commonwealth Bank of Australia Group (excluding
CMLA) nor their subsidiaries.
• I/We declare that if this application is signed under a Power of Attorney, the Attorney declares that he/she has not received notice
ofrevocation of the power (acertified copy of the Power of Attorney must be submitted with this application).
• I/We have read and understood the ‘Privacy of your personal information’ section of the PDS. I/We acknowledge and consent to the
collection, use and disclosure of my/our personal information as detailed in that section.
• I/We have read the ‘Adviser Service Fees’ section of the PDS and request CMLA to pay the ASF as indicated in Step 6 of this
application form.
• I/We understand that:
– Any Upfront ASF is refundable under the cooling-off provisions of this PDS.
– Any Ongoing ASF will be deducted from the after-tax regular payment and therefore I/we will receive as payment an amount less
than the amount stated asbeing my regular payment on my quote.
– Any ASFs are negotiated between my adviser and me/us. CMLA does not monitor the amount of the ASF or the service provided
in respect of the fee and that any ASF is paid to the listed adviser in accordance with the arrangements we have in connection
with the adviser.
– Where CMLA is unable to process a payment of an ASF due to insufficient funds, I/we will deal directly with the adviser to make
alternative arrangements for payment.
– Where any part of the investment includes borrowed funds, no percentage based adviser service fee can be paid.
– The amount used to calculate my annuity regular payments and any RCV will not include the Upfront ASF that I/we have
authorised CMLA to pay.
By ticking (4) the box beside my signature below I indicate that I do not want to receive marketing information from CMLA.
Signature of Director/Company officer/Trustee Print Name Date
DD / MM / YYYY
Signature of Director/Company officer/Trustee Print Name Date
DD / MM / YYYY
STEP 6 – ADVISER SERVICE FEE
Complete this section if you wish to have any Upfront or Ongoing Adviser Service Fees (ASFs) paid in respect of your annuity. If you
authorise an Ongoing ASF, your after-tax (where applicable) regular payments will be reduced by this amount at the same payment
frequency as your regular payments. Please refer to the PDS or speak with your adviser for further details.
I/we authorise CommInsure to pay my/our adviser:
An Upfront ASF of
$
(incl. GST) or
%
(incl. GST) of amount received (no more than
2decimal places)
And/or
An Ongoing ASF of
$
(incl. GST) of the gross regular payments (no more than 2 decimal places).
STEP 7 – DECLARATION
CIL1756 011119
Page 4 of 6
• I certify that I have provided the Investor(s) with the Guaranteed Annuities Lifestream Guaranteed Income PDS with an issue date of
1 November 2019, the Policy Document and any supplementary PDS (where applicable).
• I have negotiated in accordance with my obligations the adviser service fee indicated in Step 6 of this application and I have read the
‘Adviser service fees’ section of the PDS and I understand that all adviser service fees are paid to my dealer group in accordance
with the arrangements between CMLA and that dealer group.
• If required, I give permission for CMLA to contact the investor(s) direct to clarify any matter in relation to this application.
• If using the eProcess, I certify that I have read and understood the additional eProcess terms and conditions outlined below.
eProcess terms and conditions
1. Originals of all documents sent via the eProcess must be retained by me and be made available to CMLA upon request.
2. Documents sent to the nominated fax number are said to be received by CMLA on the date that they have a record of having
received the documents. However, if the fax is received after 5pm on a Sydney business day, the fax will not be regarded as being
received until the next Sydney business day. I also understand that where CMLA has no record of receiving a document, this may
mean that I will have to recommence the application process and a new quote may be required.
3. Documents sent to the nominated email address are said to be received by CMLA on the date we have a record of sending an
acknowledgement back to you that the application has been received. If your original email is received after 5pm on a Sydney
business day, then we will not view the email until the next Sydney business day.
Adviser name Adviser group name
Adviser number AFSL number
Phone number Email address
( )
Adviser Signature Date
DD / MM / YYYY
Additional comments/instructions
STEP 8 – FINANCIAL ADVISER TO COMPLETE
CIL1756 011119
Page 5 of 6
To ensure that we are able to process your application promptly, please check that you have:
Chosen the correct part of the application form to be completed. Part A for individuals. Part B for Australian companies, trusts or
funds.
Step 1
Selected the type of investment
Step 2
Provided type of entity details
Step 3A or 3B or 3C
Provided your investor details (including contact details, phone number and email)
Step 4A
Attached a cheque or a copy of the direct deposit receipt (if applicable)
Step 4B, 4C or 4D
Provided your investment details and selected the automatic reinvestment feature (if applicable)
For super funds, provided details of the life insured
Step 5
Selected the payment frequency and provided your Australian financial institution details
Step 6
Provided Upfront Adviser Service Fee details (if applicable)
Provided Ongoing Adviser Service Fee per gross regular payment details (if applicable)
Step 7
Read the declaration, signed and dated the application form
Step 8
Had your financial adviser provide their details and sign and date the application form (if applicable)
AML & FATCA form
Completed and signed the appropriate AML & FATCA form
Attached certified ID documents of your Power of Attorney (if applicable)
The certifier has confirmed the photocopy is a true and correct copy of the original ID, followed by their signature, name,
qualification and date.
Quote
Attached a valid quote (valid for 14 days only)
Attached quote matches application (e.g. ownership, term, purchase price, indexation, residual capital value, payment frequency,
upfront and/or ongoing adviser service fee)
If your application is incomplete or your quote has expired, we won’t proceed with setting up your annuity until all
required information is received.
Where to send
Please send your application form, cheque or direct deposit receipt (if applicable), certified ID, and valid quote to:
Post eProcess (adviser use only) Fax (adviser use only)
CommInsure Guaranteed Annuities
PO Box 320
Silverwater NSW 2128
Scan and email forms to:
NewBusinessAnnuity@cba.com.au
1300 852 094
If have do not have an adviser, please ensure you send your application and applicable documents via post only.
Wecannot accept email and fax.
APPLICATION CHECKLIST
CIL1756 011119
Page 6 of 6
CBA791 011119
GUARANTEED ANNUITIES
LIFESTREAM GUARANTEED INCOME
SUPERANNUATION BENEFIT TRANSFER REQUEST
Issue date: 1 November 2019
Use this form to request another institution to transfer your super money to a Lifestream Guaranteed Income annuity.
USE BLACK OR BLUE PEN AND CAPITAL LETTERS.
You should contact your other super fund/s to find out if there are any fees, charges or other consequences for transferring
your super out of that fund, such as losing any insurance cover. Please note, legislation limits the amount of superannuation
monies that can be used to purchase a Lifestream Guaranteed Income annuity. We recommend you speak to a financial
adviser or Tax Adviser before making a decision to transfer your benefit/s. If you would like more information about
your benefit, simply call us on 1800 624 100 between 8:30 am and 6pm (Sydney time) Monday to Friday. * These fields
are mandatory.
If you know that the address held by your From fund is different to your current residential address, please give details below.
*Residential address (PO Box is not acceptable)
State Postcode
*Family name
*Given name(s)Title
State Postcode
Previous address
Email address
Other names known by (if any)/Previous names *Date of birth *Gender
Male
Female
Tax file number
#
Telephone number
( )
Fund address
*Fund name
From:
*Membership or Account number
Australian business number (ABN) Unique Superannuation Identifier (USI)
If you have more than two super accounts to transfer from you will need multiple copies of this form.
If relevant make cheques payable to ‘CMLA Guaranteed Annuities’
ABN
12 004 021 809
Unique Superannuation Identifier (USI)
12 004 021 809 320
The Colonial Mutual Life Assurance Society Limited
To:
SECTION 1 – PERSONAL DETAILS
SECTION 2 – FUND DETAILS
State Postcode
# You are not obliged to disclose your tax file number, but there
may be tax consequences.
Page 1 of 2
CBA791 011119
Issued by The Colonial Mutual Life Assurance Society Limited ABN 12 004 021 809 AFSL 235035 (CMLA). ‘CommInsure’ is used under licence by CMLA.
No identification is required for rollovers where your TFN is validated via the ATO SuperTic service. If your TFN cannot be validated,
no identification will be required, so long as your name, date of birth and address details provided on your request corresponds with
the other funds and our records. If there is a discrepancy in your name, date of birth or address, we, or the other fund, may request
that you provide further proof of your identity.
Post eProcess (adviser use only) Fax (adviser use only)
CommInsure Guaranteed Annuities
PO Box 320
Silverwater NSW 2128
Scan and email forms to:
NewBusinessAnnuity@cba.com.au
1300 852 094
*Name (Print in block letters)
✗
*Signature
*Date
/ /
By signing this request form I am making the following statements:
• I declare I have fully read this form and the information completed is true and correct.
• I am aware I may ask my superannuation provider for information about fees or charges that may apply, or any other information
about the effect this transfer may have on my benefits.
• I consent to my tax file number being disclosed for the purposes of commencing my account.
• I discharge the superannuation provider of my Super fund of all further liabilities in respect of the benefits paid and transferred
to CMLA.
• I request and consent to the transfer of superannuation as described above and authorise the superannuation provider of each fund
to give effect to this transfer.
Fund address
*Fund name
From:
*Membership or Account number
Australian business number (ABN) Unique Superannuation Identifier (USI)
If you have more than two super accounts to transfer from you will need multiple copies of this form.
If relevant make cheques payable to ‘CMLA Guaranteed Annuities’
ABN
12 004 021 809
Unique Superannuation Identifier (USI)
12 004 021 809 320
The Colonial Mutual Life Assurance Society Limited
To:
SECTION 2 – FUND DETAILS
State Postcode
SECTION 3 – AUTHORISATION
SECTION 4 – PROOF OF IDENTITY
Page 2 of 2
CommInsure is a registered business name of The Colonial Mutual Life Assurance Society Limited ABN 12 004 021 809 AFSL 235035 (CMLA)
CBA791 180313 (003-880)
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9Guaranteed Annuities PDS
CIL80 011119
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GUARANTEED ANNUITIES. Lifestream Guaranteed Income Product Disclosure Statement (Commonwealth Bank of Australia)

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Completed 29 July 2020

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