Win your own Renault Grow your super Welcome to the ... · Win your own Renault Roll all of your super into one account and go into the draw to win a Renault Grow your super Five

Member Update and Annual Report

Reporting period 1 July 2006 to 30 June 2007

Issued July 2007

The Member Update and Annual Report is comprised of:• Member Update and Annual Report (this book)• Additional information

This book also contains:Supplementary Financial Services Guide Issued July 2007

Win your own RenaultRoll all of your super into one account and go into the draw to win a Renault

Grow your superFive easy ways to boost your retirement savings

Welcome to the journey of a lifetimeSuper is an important investment for tomorrow and it’s important that you start saving today

Corporate Super – No. 1* and getting even better! Corporate Super has been rated as the No. 1 corporate super product in the Australian marketplace

In this Member Update and Annual Report (Annual Report), the terms ‘we’, ‘us’ and ‘our’ refer to ING Custodians Pty Limited (ABN 12 008 508 496, AFSL 238346, RSE L0000673) (Trustee or ING Custodians), Trustee of the ING MasterFund (ABN 53 789 980 697, RSE R1001525, SFN 292 916 944 (the Fund), and ING Life Limited (ABN 33 009 657 176, AFSL 238341) (ING Life). The information and assumptions in this Member Update and Annual Report are provided in good faith for you and your financial adviser and are current as at 30 June 2007. This Member Update and Annual Report has been prepared without taking into account your objectives, financial situation or needs. Before making a decision based on this material, you should consider the appropriateness of the information, having regard to your objectives, financial situation and needs. Before acquiring a product or continuing to hold a product mentioned in this Member Update and Annual Report (OneAnswer Allocated Pension and Corporate Super are issued by ING Custodians and non-superannuation income stream products are issued by ING Life) you should consider the relevant Product Disclosure Statement which is available at www.ing.com.au/member to determine whether the product is appropriate for you.

® Registered to BPAY Pty Ltd ABN 69 079 137 518.

Making an additional contribution to your Corporate Super account is easy using any of the following options: • BPAY® – use your internet or phone banking service and follow the instructions.

• EFT (internet banking) – transfer funds electronically via the internet.

• Direct debit – to obtain a form contact Customer Services on 1800 627 625.

• Cheque – quote your member number and type of contribution and mail to Corporate Super.

For more details on how to make an additional contribution to your Corporate Super account go to the back cover or visit www.ing.com.au/member

Remember, make an additional contribution of $1,000 or more before 31 October 2007 and go into the draw to win a Renault (see back cover).

Online Member Super Centre launching 1 October 2007

register now at

www.ing.com.au/member

(see page 4 for more information)

Feedback from members indicates that they would prefer to access their Member Update and Annual Report via the website rather than receive printed copies with their Annual Statement. In response to this, and in line with environmental concerns, we propose to provide access to the 2008 Member Update and Annual Report at www.ing.com.au/member rather than send printed copies with Annual Statements, provided relevant legislation is enacted that permits us to take this approach. Of course should you not agree to this, you will be able to receive a printed copy of the 2008 Member Update and Annual Report by calling us on 1800 627 625 or emailing us at [email protected]

Coming soonwww.ing.com.au/member

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‘Our strong growth and great industry ratings cement ING’s position as one of the most comprehensive and competitive super providers for employers and their employees.’

Ross Bowden, Executive Director, Employer Super

Executive Director’s message

Welcome to ING’s Corporate Super Member Update and Annual Report for 2007. What a big year it has been for Corporate Super.

ING employer super products hit $�0 billion

ING has achieved a significant milestone with our employer super products topping $10 billion in funds under management.

The strong growth further strengthens our position in the competitive employer super market after Corporate Super was ranked No. 1* by the Heron Partnership for corporate super funds in Australia as well as being awarded its highest rating of 5 Quality Stars*. Corporate Super has also been awarded the AAA rating for ‘exceptional quality’ by Selecting Super† and 5 apples‡ by Chant West.

This follows a recent survey by ACNielsen that rated ING as Australia’s top wealth manager for quality of customer service, level of ongoing fees and charges and brand strength§.

We’re making Corporate Super even better!

To ensure that Corporate Super continues to provide our members with highly rated features and benefits we are making some exciting changes. From 1 October 2007,

ING is committed to effectively managing your super today, tomorrow and always.

Ross Bowden Executive Director Employer Super

we are launching a new online Member Super Centre, where you will find all the information, updates and tools you need to help you on your superannuation journey. We’re also welcoming your family members so they can share in potential fee discounts, providing more choice in the investment menu and making other improvements to your insurance arrangements.

For more information on how we’re making Corporate Super even better, go to page 4.

Super’s now simpler

The highly tax-effective new super rules have awoken a much broader interest in superannuation. Employer super is now the easiest way for most Australians to access these opportunities and we want to help you make the most of them.

An important part of these changes is supplying your Tax File Number (TFN) to your super fund. If your super fund doesn’t have your TFN, some contributions could be taxed at a much higher rate than necessary. For more information see page 17 or visit www.ing.com.au/member

It’s also now easier to find and rollover your super into one account so why not get all your super together and go into the draw to win your own Renault (see back cover).

Now more than ever, it’s a great time to see your financial adviser who can help you get the most out of your super. If you do not have an adviser, we can help you get in contact with one (visit www.ing.com.au/member or phone Customer Services on 1800 627 625).

Thank you for choosing to invest your super with ING. You can be confident that your hard earned retirement savings are being managed by one of the world’s largest wealth management organisations.

ContentsWelcome to the journey of a lifetime 2

Corporate Super keeps getting better! 4

What benefits does Corporate Super provide right now? 6

How can I grow my super? 7

How has my investment performed? 8

How is my money invested? 9

What else has changed in Corporate Super? 10

What are the superannuation simplification measures? 16

What other information should you be aware of? 18

* Heron Partnership, 2007. For details visit www.heronpartners.com.au

† Rainmaker Information, Selecting Super Fund Quality Assessment, 2007.

‡ Chant West 2007 ratings. Corporate Super rated in Medium Corporate category.

§ 2007 ACNielsen Wealth Management Report.

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Now, more than ever before, super is an important investment for tomorrow.

Welcome to the journey of a lifetime

Getting started

Congratulations on your new job! Your employer sets up your Corporate Super account and starts contributing 9% compulsory super guarantee (SG) for you.

Super is a journey and, no matter where you are on your journey, Corporate Super will be there with you, today, tomorrow and always.

Along the way we’ll give you the facts you need to know and the options that lay before you. We want to help you understand your super and show you how to make the most of it!

� > * Source: ASFA Retirement Standard, March 2007.

Get set up online

To find out all about your super, transact, make switches, find out unit prices and much more, set yourself up on ING account access – our online self service website. Simply go to www.ing.com.au/member and follow the registration prompts.

How much super do you need for a comfortable retirement?Retired singles will need to spend $35,688 per year and couples $47,766 per year for a comfortable standard of living* (this assumes by retirement age, you own your own home).

Have you ever found super confusing or overwhelming?

The good news is that ING understands super and will guide you in the right direction.

ING is committed to helping more than half a million people understand how important super is and how simple it is to understand.

Where are you on your super journey?

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Welcome to the journey of a lifetime

Rolling over your super

You roll over your super from previous super accounts you’ve had from other jobs to save fees and make managing your super easier. You also find some lost super from 10 years ago and roll that in too! You double check that ING has your Tax File Number (TFN) – you don’t want to pay more tax than you have to! To find out more visit www.ing.com.au/member, www.rollyoursuper.com.au or go to page 7.

Retirement

* Source: ASFA Retirement Standard, March 2007.

On your journey you may find there are many different investment strategies that suit your situation. Visit www.ing.com.au/member to find out more. We also recommend you speak to your financial adviser about your investment strategy.

How much super do you need?

Changing jobs

Enjoying the benefits

Make certain your investment strategy is right

Thinking about retirement

You learn more about how much super you will need to have a comfortable retirement and you start making salary sacrifice contributions to super. To find out about strategies to increase your super via ING’s online education tools go to page 4.

You change jobs. Through Choice of Fund, you request that your new employer contributes to your Corporate Super account. Visit www.ing.com.au/member

to find out how ING can help you when you change jobs.

You learn more about how changing your super investment strategy can impact your final account balance! You change your investment strategy online.

Alternatively, talk to your financial adviser.

You start to enjoy the benefits of your Corporate Super membership, like insurance cover that you don’t have to pay for out of your disposable income, and member rewards that you can access now from ING’s innovative InvestorBenefits program. You can even set up your family with a Corporate Super account so that you can all enjoy fee discounts! To find out more about Corporate Super’s highly rated features and benefits go to pages 4 to 6.

You start to think about retirement. You contact your financial adviser to help you plan accordingly.

The new super rules allow you to conveniently transfer to an ING pension. You retire and start planning your guilt free overseas trip to celebrate the next stage of your life!

* Heron Partnership, 2007. For details visit www.heronpartners.com.au† Accumulation benefit components only.

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Already, Corporate Super is one of the best super offerings on the market. You have access to extensive member services which are easy to use and represent exceptional value. And now, our highly rated features and benefits are about to get even better!For a full description of all the new features and benefits see the Corporate Super Product Disclosure Statement (PDS) issued 1 October 2007 which can be downloaded from this date at www.ing.com.au/member or requested free of charge from Customer Services on 1800 627 625.

Corporate Super – No. 1* and getting even better!

What you can do now…• access and manage your account online

• search for lost super – a share of $9.7 billion could belong to you

• check out InvestorBenefits

• access financial education online – learn more about super

• boost your super savings – go into the draw to win a Renault (see back cover).

From 1 October 2007, we’re launching an innovative online Member Super Centre, where you will find all the information, updates and

tools you need to help you on your superannuation journey.

Access your super account online – View your Corporate Super online account, download a transaction history, request a switch†,

and much more.

Interactive tutorials – A range of interactive learning modules designed to answer the most commonly asked questions about super including growing your super, investment choice for your super and how much super is enough.

Calculators for investors – Tools to help you understand your super situation and get you on the path to an active and comfortable retirement.

Access to InvestorBenefits – Exclusive banking, lifestyle and entertainment discounts and special offers so you can benefit

from your super today while working towards the retirement lifestyle you desire.

Online forms – Commonly used forms that will automatically populate your personal details to save you time and effort.

www.ing.com.au/member launching

� October �007

To preview the new online Member Super Centre visit www.ing.com.au/member and start making the most of your super investment today.

Explore the benefits of ING’s new online Member Super Centre

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How are we making Corporate Super even better?✓ new online Member Super Centre

✓ we now welcome your family members

✓ enhancements to our insurance cover

✓ there’s more choice in the investment menu.

News – Updated information and news that’s relevant to you as a Corporate Super member.

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Enhancements to insurance coverWe’re introducing enhancements to our insurance cover so it’s more flexible and competitively priced.

✓ New Corporate Super Personal insurance rates

From 1 October 2007, we’re introducing new Death and TPD insurance rates for Corporate Super Personal members who previously did not have cover within their employer plan.

✓ New Group Salary Continuance (GSC) Benefit

We’re introducing a new GSC benefit. From 1 October 2007, a benefit payment period to age 65 will be available. For more information and the GSC to age 65 benefit period annual premium rates go to pages 11 and 12.

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Introducing a family member to INGIf you are a member of a Corporate Super employer plan, you can now invite members of your family (i.e. parents, children, spouses, defactos, partners, brothers and sisters) to join Corporate Super Personal and enjoy many of the same benefits you currently have, including their own personal account and low member fees. There is no limit to the number of family members who can join! If you would like your family to enjoy the benefits of Corporate Super Personal, they must join while you are still a member of your employer’s plan.

✓ Family Fee discounting

Family members will generally receive the same discounted fees (with the exception of the $56 Member Fee) that the introducing member receives as a member of a Corporate Super plan.

✓ Family members can access insurance cover

Another incentive for your family members to join Corporate Super Personal includes access to Death Only or Death and Total and Permanent Disablement (TPD) insurance (subject to the terms of the applicable insurance policy).

✓ Contributing for your spouse

It’s easy to contribute for your spouse or vice versa, via convenient payment options like BPAY, internet banking and direct debit.

✓ Splitting your contributions with your spouse

Members may be eligible to split some superannuation contributions with their spouse. This is called ‘contributions splitting’.

There’s now more choice in the investment menuThe following investment funds will be available through Corporate Super from 1 October 2007:

✓ ING Protected Growth

✓ ING Global Property Securities

✓ ING Emerging Companies (re-opening)

✓ OptiMix Geared Australian Shares

For more information on the new investment funds go to pages 10 and 11.

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What benefits does Corporate Super provide right now?

✓ Online administration and servicing

Look up current account balances and transaction history online as well as re-order statements, switch between investment funds and update your personal contact details. Logon to www.ing.com.au/member and start accessing your account online.

✓ Wide choice of investment funds

Maximise investment returns while managing risk by diversifying your super across a range of over 50 high quality, specially selected investment funds.

✓ Unlimited switching between investment funds

There’s no Switching Fee* charged for switching between investment funds and no limit to how often you can switch!

✓ Comprehensive and convenient insurance options

Insurance cover is available so that you can protect those closest to you in the event of unforeseen circumstances.

✓ Keep your account for life

Many people will change jobs and employers several times during their working life and we aim to make your superannuation transition simple and easy.

When your employer notifies us that you have left their employment, we will automatically transfer your account balance (provided it is over $1,500) to Corporate Super Personal and continue to provide you with many of the features and benefits you have always enjoyed.

For a simple way to select Corporate Super Personal as the fund to which your new employer makes future contributions, simply fill in the Choice of Fund Nomination Form available from www.ing.com.au/member

* Transaction cost factors may apply.† Source: ING Consumer Brand Research, Stancombe Research

and Planning, June 2007.

Super’s now simplerAlmost all working Australians have super, but many don’t actually understand how it works or how to make the most of the benefits it can offer. Following are the key changes that the reforms will bring, effective from 1 July 2007. For more details go to page 16 or www.ing.com.au/member

• Tax free super benefits for members from age 60.

• Make sure you have supplied us with your TFN to avoid paying too much tax.

• Removal of Reasonable Benefit Limits (RBLs).

• New contribution limits.

• Removal of the compulsory cashing rules once you reach age 65.

• It’s now easier to join all your accounts together and lost super will be easier to find.

• Lump sum death benefits paid to your death benefits dependants will be tax free.

For more information on the benefits Corporate Super provides for its members visit www.ing.com.au/member

✓ Very competitive fees

Corporate Super is very competitively priced due to the pooling of your super with the super of other employees and any linked family members. The low fees and premiums are made possible by ING’s size, scale and expertise in employer super.

✓ Easy rollover of monies

Don’t spread your money thin – get your super together by rolling all your super accounts into one and go into the draw to win your own Renault (see back cover).

✓ Access to InvestorBenefits

InvestorBenefits provides you with exclusive banking, lifestyle and entertainment discounts and special offers so you can benefit from your super today while working towards a retirement lifestyle you desire. Access InvestorBenefits at www.ing.com.au/member

✓ Expertise, stability and security

Research† indicates ING is one of the most trusted names in superannuation in Australia.

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How can I grow my super?

It’s time to do something! Here are five easy ways to grow your super:

�. Rollover from other super funds.

�. Choose an appropriate investment strategy.

�. Contribute extra to super.

�. Take advantage of the government co-contribution.

�. Make spouse contributions.

�. Rollover from other super funds.

Do you have three bank accounts? What about four gym memberships? Or six home insurance policies? If having multiple accounts or memberships doesn’t make sense to you, then why have multiple super funds?

Rollover or make additional contributions of $1,000 or more to your super before 31 October 2007 and go into the draw to win a Renault (see back cover or visit www.rollyoursuper.com.au). Please note your old fund may charge a termination penalty and moving funds may have investment, tax and insurance implications. If you have insurance cover, you need to be certain cover is maintained during the transfer. Always consider discussing your personal circumstances with your financial adviser.

�. Choose an appropriate investment strategy for your needs. For more information visit www.ing.com.au/member or refer to the Corporate Super Investment Choice Guide.

�. Contribute extra to super – one way to give your retirement savings a boost is through making extra contributions.

Salary sacrifice (pre-tax) contributions – an agreement between you and your employer to forgo part of your future salary, which your employer then contributes into your super account as an employer contribution.

Voluntary (after-tax) contributions – after-tax contributions are those you make into your super account from income that has already had income tax applied to it.

Compulsory super alone is unlikely to provide you with a comfortable retirement. According to experts at the

Association of Superannuation Funds of Australia*, you should consider saving at least 3–6% of your salary,

on top of the 9% compulsory super amount, for 40 years to achieve a comfortable retirement income.

* Source: www.superannuation.asn.au

�. Take advantage of the government co-contribution – if you are eligible and earn under $28,980 p.a. the government will contribute $1.50 for every $1.00 you contribute to super (after-tax), up to $1,500 per year. If you earn between $28,980 and $58,980 the co-contribution amount will depend on how much you earn and how much you contribute.

$0

$20,000

$40,000

$60,000

$80,000

$100,000

$120,000

$140,000

2019181716151413121110987654321

Years

After-tax contributions plus the maximum $1,500 co-contributionAfter-tax contributions

Net

cas

h p

osi

tio

n $110,799

$46,265

The graph below illustrates the benefit of the co-contribution.

�. Make spouse contributions – your spouse may decide to contribute for your benefit. You and your spouse can take advantage of Family Fee discounting and your spouse may benefit from any spouse contributions tax offset.

Assumptions:$1,000 (after-tax) available for investment per annum. Return consists of 3% p.a. income (20% franking), 5% p.a. capital growth. Capital Gains Tax (CGT), including discounts, has been applied. Fees and charges have not been applied. Source: Technical Services, ING Australia.

Like to see how this could work for you? Try one of our calculators at www.ing.com.au/member. Your financial adviser is the best person to help you select the most suitable super strategy and you should consult them before making any decision about your superannuation arrangements.

Just think, you could contribute just $20 per week to your super and end up with $2,540 in your account – $1,040 from you and $1,500 from the government!

To find out how easy it is to contribute extra to your super or to rollover your super into one account go to the back cover. Rollover your super or make an additional contribution of $1,000 or more before 31 October 2007 and go into the draw to win a Renault!

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How has my investment performed?

Investment fund

Performance inception

date* �007 �00� �00� �00� �00�Annualised

return†

Defensive – cash/fixed interestMulti-managerOptiMix Australian Fixed Interest 30/06/03 2.15 1.91 5.48 1.48 – 2.74Single managerING Cash 07/07/97 4.51 3.77 3.82 3.36 3.12 3.72ING Diversified Fixed Interest 07/07/97 3.29 2.30 7.61 2.54 7.67 4.65ING Mortgages 01/10/05 5.08 3.34‡ – – – 4.85UBS Diversified Fixed Income 30/06/03 2.64 1.68 6.26 2.73 – 3.31ConservativeMulti-managerOptiMix Conservative 25/07/01 8.14 7.31 8.27 6.59 3.03 6.65Single managerING Capital Stable 01/07/97 7.00 6.04 8.53 5.73 4.03 6.25Perpetual Conservative Growth 30/06/03 7.30 7.65 9.39 6.45 – 7.69UBS Defensive Investment 30/06/03 5.74 7.07 7.78 6.46 – 6.76ModerateMulti-managerOptiMix Moderate 30/06/03 10.81 10.18 10.00 10.09 – 10.27Single managerING Balanced 07/07/97 12.64 13.93 13.36 12.74 -3.57 9.60Colonial First State Diversified 02/07/02 12.97 13.47 11.00 9.88 -10.38‡ 6.99Schroder Balanced 30/06/03 14.64 12.80 11.55 9.44 – 12.09UBS Balanced 30/06/03 10.11 11.73 12.36 11.32 – 11.38GrowthMulti-managerOptiMix Balanced 25/07/01 14.42 14.36 12.19 13.53 -0.65 10.61OptiMix Growth 25/07/01 16.19 16.26 13.12 15.23 -1.68 11.60Single managerING Managed Growth 01/07/97 13.60 15.32 13.51 13.66 -3.94 10.18Barclays Global Investors Diversified Growth 30/06/03 14.00 14.43 12.22 8.73 – 12.32Perpetual Balanced Growth 07/08/02 8.96 15.01 13.48 12.08 -0.95‡ 9.78Zurich Managed Growth 30/06/00 12.37 15.99 11.40 10.74 -3.59 9.16High growthMulti-managerOptiMix High Growth 30/07/02 17.02 18.78 12.07 19.43 -7.60‡ 11.46Russell Growth 15/08/03 15.09 3.82 15.83 – – 11.14Single managerING High Growth 30/06/03 14.74 19.47 14.96 17.54 – 16.66High growth propertyMulti-managerOptiMix Property Securities 30/06/03 22.33 14.52 14.98 12.81 – 16.10Single managerING Property Securities 30/06/03 24.50 14.32 15.47 12.69 – 16.66Credit Suisse Property 30/06/03 21.42 12.17 14.02 11.02 – 14.59Vanguard Property Securities Index 30/06/03 22.52 14.71 14.69 11.65 – 15.82High growth – Australian sharesMulti-managerOptiMix Australian Shares 30/06/03 24.63 21.59 23.84 18.32 – 22.07Single managerING Australian Shares 07/07/97 26.67 22.66 27.96 18.11 -2.08 18.12ING Blue Chip Imputation 30/06/03 26.09 20.04 25.49 16.50 – 21.96ING Emerging Companies# 03/07/00 44.40 19.49 45.93 33.68 -5.02 26.17

When you invest with Corporate Super you can choose to invest in a number of different investment funds. Your Annual Statement will show the funds you are invested in. The following section details how the funds within Corporate Super have performed (the investment return).The investment objectives, strategies and other relevant information for each fund can be found in the current Corporate Super Investment Information Book or from 1 October 2007 in the Corporate Super Investment Choice Guide available from www.ing.com.au/member

Investment returns (Actual yearly returns as at 30 June (% p.a.)

The performance returns below are inclusive of the Expense Recovery Fee, Adviser Service Fee and Investment Management Fee. If your plan has negotiated any discounts to these fees, performance will vary.

Investment fund

Performance inception

date* �007 �00� �00� �00� �00�Annualised

return†

ING Select Leaders 01/10/05 31.50 18.44‡ – – – 29.03ING Sustainable Investments Australian Shares 30/06/03 26.16 24.57 20.62 9.53 – 20.04AMP Capital Equity 30/06/03 21.36 24.53 24.36 19.78 – 22.49Barclays Global Investors Australian Shares 01/10/05 25.07 11.87‡ – – – 21.31Colonial First State Imputation 30/06/03 21.44 22.92 24.77 13.42 – 20.56Investors Mutual Australian Shares 30/06/03 24.25 13.61 16.16 14.70 – 17.11Perennial Value Shares§ 01/10/05 25.54 7.22‡ – – – 18.64Perpetual Australian Shares 04/07/01 21.53 24.26 23.86 21.05 1.26 18.05Schroder Australian Equity 30/06/03 24.93 22.92 21.48 17.18 – 21.59Vanguard Australian Shares Index 06/09/01 26.04 21.68 24.27 17.40 -2.47 16.89High growth – International sharesMulti-managerOptiMix Global Shares 03/07/02 8.76 17.47 1.13 17.94 -15.12‡ 5.29OptiMix Global Smaller Companies Shares 30/06/03 12.23 19.08 5.00 22.48 – 14.50Single managerING Global Emerging Markets Shares 17/07/01 26.50 32.56 18.80 20.86 -23.62 12.96ING Global Shares 07/07/97 4.35 16.42 3.01 17.11 -18.92 3.51AXA Global Equity Value 30/06/03 14.43 21.44 5.61 15.88 – 14.20Barclays Global Investors International Shares 01/10/05 6.22 11.33‡ – – – 10.12Credit Suisse International Shares 10/07/00 3.31 18.31 -2.18 20.14 -12.17 4.76Perpetual International Shares 04/07/01 3.70 14.31 1.32 18.41 -22.28 2.02MFS Global Equity 01/10/05 5.61 12.84‡ – – – 10.61Platinum International 01/10/05 4.32 12.81‡ – – – 9.82Vanguard International Shares Index 10/07/00 6.35 15.63 3.08 15.87 -20.84 3.06Zurich International Shares 01/10/05 7.46 11.60‡ – – – 11.02Closed investment fundsING European Shares** 17/07/00 11.31 19.22 6.30 19.97 -23.05 5.42ING Global Sector** 25/07/01 5.18 16.72 1.83 12.86 -17.53 3.08ING Sustainable Investments – Global Shares†† 25/07/01 7.90 19.45 1.62 12.63 -22.02 2.84Advance Imputation** 25/07/01 21.79 15.90 18.45 18.80 -5.59 13.40MLC Platinum Global‡‡ 30/06/03 8.89 20.63 -0.97 20.00 – 11.78

Past performance is not a reliable indicator of future performance. While every care has been taken in the preparation of this information, no warranty is given as to the correctness of the information contained in the table and no liability is accepted by ING Custodians, ING Life or any other ING Group company for any error or omission. Returns are calculated on an exit price to exit price basis. Annualised performance is calculated in accordance with IFSA Standard No. 6.

* The date the first unit price for this fund was recorded.† Annualised returns for each investment fund are calculated over the last five years, or since

performance commencement date where the investment fund has not been in existence for the full five-year period.

‡ This part-year return shows performance from performance inception date to 30 June.§ Formerly known as IOOF Perennial Value Shares.# Closed to new investors effective from 1 July 2002. This fund is re-opening 1 October 2007.** Closed to new investors effective from 1 October 2005.†† Closed to new investors effective from 1 July 2003.‡‡ Closed to new and additional investments effective from 20 September 2004.

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* S&P ASX 300 in local currency terms† S&P ASX Small Ordinaries in local currency terms‡ MSCI World in local currency

§ MSCI AC Far East (Free) (ex-Japan) in local currency# MSCI Emerging markets (Free) in local currency|| MSCI Europe in local currency

** S&P ASX200 Prop/Prop Trusts†† UBSA Bank Bill Index‡‡ UBSA Composite Bond Index

How is my money invested?Economic and market update

Australia has been a beneficiary of robust conditions in the global economy over the past year. Strong demand for resource commodities, particularly from China, has sent the prices of some of Australia’s key exports skyrocketing which has led to an increase in domestic incomes. Underlying economic strength remains in the labour market, where the unemployment rate has dropped to 4.2%, a 33-year low.

The Reserve Bank of Australia (RBA) has continued to tighten monetary policy by increasing the cash rate from 5.75% to 6.25%. As a result the inflation rate has dropped from 4% to 2.4%, which is now within the RBA’s target range.

However, at the forefront of Australia’s booming economy is the strength of the sharemarket. The S&P/ASX300* (+29.2%) has experienced record returns on the back of stronger commodity prices and ongoing corporate activity. Australia’s small companies† (+44.4%) also prospered, thriving on domestic strength and an increase in company floats.

In common with its Australian counterpart, international sharemarkets rose steadily over the year‡ (22.1%). Asia ex-Japan showed the greatest strength§ (+42.5%), while the Emerging Markets# (+39.5%) and Europe|| (+25.5%) also delivered strong results. A further strengthening of the Australian dollar against the major overseas currencies has effectively limited the returns local investors have enjoyed from global share investments.

While the domestic residential property market continued to cool, the listed property trusts sector** demonstrated strong returns, jumping over 25% since June 2006.

Cash†† (+6.4%) and fixed interest‡‡ (+4%) performed in line with their defensive risk characteristics, underperforming the other sectors.

All in all, it’s been a good year for investors. There was strong economic expansion in Australia and robust returns from the local and global stock markets.

Trustee’s investment objectives and strategy

The investment objective of the Trustee is to offer you a range of investment funds that you can invest in, based on your own circumstances.

The Trustee implements its investment objectives by investing all contributions in a master policy issued by ING Life, which provides you with investment funds, which you or your employer have nominated. All investment funds available are provided from the ING Life Limited Statutory Fund No. 4, with the exception of ING Capital Guaranteed, which is provided from the ING Life Limited Statutory Fund No. 3.

Accumulation members

The Trustee invests all contributions in a master policy issued by ING Life. The Trustee offers employers and members the choice of investment funds.

Defined benefit members

If you have a Defined Benefit component, the investment objectives and strategy of this component are set by your employer and outlined on your Annual Statement. Your account will be updated using an interest-crediting rate approved by the Trustee.

Members with a Defined Benefit component should note that investment choice is not available in respect to their Defined Benefit component and accordingly members are unable to nominate their own personal investment strategy or switch in respect of their Defined Benefit component.

Selecting investment funds

When selecting investment funds you need to consider how long you wish to invest your money and the level of risk you are prepared to accept. In general, investments with the potential to earn higher returns (e.g. shares) carry the highest risk. Not only will the rate of return go up and down, but the value of your investment (the capital value) can also rise and fall. For investments that generally earn lower returns (e.g. cash), the capital value is less likely to fluctuate.

Investment value

Unless otherwise stated, the value of your investment is not guaranteed. All investment funds, with the exception of ING Capital Guaranteed, issue units with each unit representing a share of the underlying assets. The value of a unit will vary depending on the value of the assets of the relevant fund. Your investment balance is the number of units you hold multiplied by the unit price. The value of your units may rise or fall. The unit price for ING Cash is guaranteed never to fall. A limited guarantee applies to the unit price for ING Capital Stable.

For ING Capital Stable, the value of each unit at the date of withdrawal is guaranteed by ING Life not to be less than 80% of the average weighted price at which units were allocated. This increases to 100% for units held for three years or more.

Investment performance

The investment returns table on page 8 provides historical and annualised returns for each investment fund over the last five years, or less where the investment fund has not been in existence for the full five-year period. The table shows actual performance of the investment funds. Actual performance is the return over the period (after Management Fees and taxes) that has been credited to the members’ accounts invested in the investment fund for that period. To see how your investment is performing, you can register for account access by calling 1800 627 625 or simply logon to www.ing.com.au/member at any time.

How is investment performance passed on to me?

Net earnings of each investment fund are allotted, other than ING Capital Guaranteed, to members through changes in the fund’s unit price. Net earnings of the ING Capital Guaranteed fund are allotted through a declared rate.

What are derivatives?

Some funds may invest in derivatives, such as futures and options, in order to gain exposure to investment markets and to manage the risks associated with market price, interest rate and currency fluctuations. Except where specifically approved by the Investment Mandate, derivatives will not be used to gear a fund’s assets or for speculative purposes.

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The following changes are applicable from 1 October 2007. A full description of all features and benefits is available in the PDS available from 1 October 2007 which can be downloaded from www.ing.com.au/member or requested free of charge from Customer Services on 1800 627 625. Please note all fees shown are after-tax amounts.

Investment objectives and strategies for the new investment funds added from � October �007

ING Protected Growth

Investment objective

The fund aims to provide investors with exposure to growth assets via a portfolio that is managed with the objectives of providing long-term capital growth and to limit losses in falling markets.

The fund is expected to achieve returns (before fees, charges and taxes) that on average exceed inflation by 3.75% per annum, over the long term.

Investment strategy

The fund invests in the ING Investment Management HarVest Fund (IHF). The IHF invests in an actively managed mix of growth assets, cash and fixed interest. Each of the asset classes are managed in accordance with INGIM’s investment process.

Protection* is provided at a level of 85% of the highest unit price. This protection means the unit price of IHF will not fall by greater than 15% from its highest unit price, adjusted for distributions. ING Bank N.V. (AA - rated bank) is the provider of the protection.

Asset allocation The IHF varies the allocation between growth assets, cash and fixed interest in order to limit the losses in falling markets to no more than 15%.

The IHF intends to achieve its growth asset exposure via the ING Wholesale Managed Growth Trust.

Underlying fund: ING Investment Management HarVest Fund (IHF).

* The capital protection applies to the underlying fund (IHF). There are no guarantees that apply

directly to your investment.

ING Protected Growth

This investment fund invests in an underlying trust, the ING Investment Management HarVest Fund (IHF). The IHF dynamically manages the allocation of assets between growth biased investments and income biased investments so as to maximise return, whilst also allocating to protect the value of the fund from losses of greater than 15% from its highest value.

The unit price of the IHF is capital protected so as not to fall by more than 15% from the previous highest unit price, adjusted for distributions. The capital protection is provided by ING Bank N.V. (an AA-rated bank). Should the assets of the IHF fall excessively, the protection provider will add assets to the IHF to ensure that the unit price does not fall below the minimum capital protected level.

Counter party risk

Although it is unlikely, the ING Bank N.V. could fail to honour its commitments. If this happens, ING Bank N.V. might not be able to satisfy its contractual obligations to the IHF in respect of the capital protection mechanism which supports the IHF. If this occurs you could lose some or all of your investment.

Exposure to growth assets

The IHF intends to achieve its growth exposure via the ING Wholesale Managed Growth Trust. The ING Wholesale Managed Growth Trust currently has a benchmark exposure to growth assets of 70%. The expected average exposure to this trust over the long- term is around 75% of the IHF, but this can vary substantially over time and will fall as low as 0% if the capital protected

What else has changed in Corporate Super? minimum level is reached. Should the capital protection mechanism be instigated, your exposure to the ING Wholesale Managed Growth Trust could remain at 0%.

ING Global Property Securities


To out-perform (before fees, charges and taxes) the UBS Global Real Estate Investors (ex Australia) Total Return Index (hedged to the Australian dollar) over rolling three year periods.

Investment strategy

The fund invests primarily in a portfolio of global (including Australian) property and property related securities.

Asset allocation Asset class Benchmark (%) Range (%)

Cash 0 0-10

Global property securities 100 90-100

Underlying fund: ING Wholesale Global Property Securities Fund managed by INGIM.

ING Emerging Companies (re-opened)


The fund aims to achieve returns (before fees, charges and taxes) that exceed the S&P/ASX Small Ordinaries Accumulation Index, over periods of three years or more.

Investment strategy

The fund invests predominantly in a diversified portfolio of emerging companies in accordance with INGIM’s Australian shares investment process.


Cash 0 0-20

Australian shares 100 80-100

OptiMix Geared Australian Shares


The fund aims to achieve magnified returns (before fees, charges and taxes) that exceed the S&P/ASX 300 Accumulation Index, over periods of five years or more.

Investment strategy

The fund invests predominantly in a diversified portfolio of Australian shares through a mix of managers through the investments of the underlying OptiMix Wholesale Geared Australian Share Trust.


Cash 0 0-10

Australian shares 100 90-100

OptiMix Geared Australian Shares

OptiMix Geared Australian Shares invests primarily in Australian shares and gears to magnify returns.

What is gearing?

Gearing is the process of borrowing money to purchase more assets. As a result, gearing magnifies returns or losses and increases the volatility and risk from investments relative to the returns of a comparable non-geared investment. In other words, the fund has the potential for larger variations in returns as a result of exposure to borrowings.

Underlying investment

The fund invests into the OptiMix Wholesale Geared Australian Share Trust (Wholesale Trust). The Wholesale Trust borrows and in turn invests into OptiMix Wholesale Australian Share Trust.

Benefits

Benefits of geared investing through the fund include:

• magnified returns

• access to the OptiMix Wholesale Australian Share Trust, which provides diversification across a range of specialist investment managers

• borrowing at favourable institutional interest rates compared to interest rates available to individuals

• professionals managing the gearing level for you

• access to gearing for superannuation investors.

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Managing the Gearing Level of the Wholesale Trust

The Wholesale Trust aims to magnify returns through gearing. The Trustee has appointed INGIM to manage and monitor the gearing levels of the Wholesale Trust. An important objective of INGIM is to manage gearing to the level supported by expected dividends and borrowing costs. That is, INGIM aims to set the gearing ratio from time to time so that income earned from the Wholesale Trust covers interest payments. As a result, the gearing ratio is impacted by the relationship between dividend yields and average borrowing rates. For example, when interest rates are high relative to dividend yields, then the gearing ratio may be relatively low, and vice versa.

The Wholesale Trust has a targeted gearing ratio of 50%. This means that for every $1 invested, the Wholesale Trust borrows another $1 to increase the investment to $2.

The gearing level will automatically move with market movements and daily revaluation of the underlying investments. Sudden falls in underlying market values will automatically increase the gearing level. Gearing levels will be monitored on a daily basis. However, movements in gearing levels will not necessarily result in re-balancing to the gearing benchmark. Important considerations in determining gearing levels will include the dividends and borrowing costs of the Wholesale Trust and gearing ranges.

The gearing of the Wholesale Trust will be implemented through leading funding providers (lenders) and will be based on commercial terms. Members of the ING Group will be considered as possible lenders. The lenders will receive interest payments and other fees appropriate for providing such facilities and theses amounts will be paid by the Wholesale Trust. Lenders have priority over investors for interest and principal repayments, in line with the loan facilities. To minimise the risk to investors, lenders do not have additional recourse to investors if the fund or the Wholesale Trust is unable to meet its obligations under the loan facilities.

Risks

Gearing incurs additional investment risks as gearing magnifies returns or losses and as a result, increases the volatility of returns and reduces the security of capital invested.

Geared investments may significantly under-perform equivalent non-geared investments when the underlying assets experience negative returns or ‘bear’ markets. In extreme market declines, all capital invested could be lost.

Gearing significantly increases the risk of investing. We strongly recommend that you consult your financial adviser before deciding to use this investment strategy.

Withdrawal Fee

From 1 October 2007, the Withdrawal Fee (if applicable) will be $65 and applies to any full or partial withdrawals processed from 1 October 2007. The Withdrawal Fee may be indexed annually at 1 July using the December year ended CPI rate.

Member Fee changes for Corporate Super Personal

For members who transfer to Corporate Super Personal on or after 1 October 2007, the Member Fee will be set to $56 p.a. This fee will also apply to family members.

Personal Advice Fee

From 1 October 2007, the maximum Personal Advice Fee will be $5,000 p.a. subject to negotiation between you and your plan’s financial adviser. If you choose to use the employer plan’s financial adviser’s services for advice about your superannuation, you can negotiate a Personal Advice Fee directly with the financial adviser. The fee will be deducted from your member account balance in the month after the fee is agreed and is not an ongoing fee.

Should you require the plan’s financial adviser’s services again in the future, you and the adviser will need to renegotiate the fee.

Additional Adviser Service Fee

Your employer may negotiate to pay the employer plan’s financial adviser an Additional Adviser Service Fee for advice on superannuation matters relating to your employer’s plan. From 1 July 2007, the Additional Adviser Service Fee can be charged as a dollar or a percentage amount. If this fee is agreed, the cost to you may now be charged as a dollar (up to $150 p.a.) or a percentage (up to 1.00% p.a.) amount.

Upon transfer to Corporate Super Personal, this fee will cease.

Investment Management Fees (IMFs)

The IMFs for the investment funds added from 1 October 2007 are outlined below.

Investment fund IMF p.a.

ING Protected Growth 1.27%

ING Global Property Securities 1.14%

ING Emerging Companies 0.80%

OptiMix Geared Australian Shares 1.67%

New Group Salary Continuance (GSC) premium rates

From 1 October 2007, GSC with a benefit payment period to age 65 will be available. While members are part of the employer’s plan, they must maintain the GSC benefit period selected by the employer. On transfer to Corporate Super Personal, members may change their benefit and waiting period.The GSC to age 65 annual gross (before tax) premium rates, applicable per $100 of monthly insured benefit, are shown in the following table. Note that these premium rates are based on the White Collar 2 occupational class (WC2) with 20% insurance commission (exclusive of GST) and are net of Stamp Duty. Premium rates are provided for the various waiting periods – 30 day, 60 day and 90 day.

�0 day waiting period



Age next birthday

Male rates

Female rates

Male rates

Female rates

Male rates

Female rates

16–20 6.65 9.00 3.72 5.07 2.83 4.1121 6.87 9.29 3.85 5.25 2.91 4.2322 7.10 9.59 4.00 5.43 3.00 4.3623 7.34 9.91 4.15 5.62 3.10 4.4824 7.60 10.23 4.30 5.82 3.19 4.6125 7.86 10.57 4.47 6.02 3.29 4.7526 8.06 11.07 4.60 6.32 3.28 5.0827 8.33 11.67 4.76 6.68 3.29 5.3628 8.67 12.38 4.97 7.10 3.34 5.6029 9.08 13.20 5.22 7.58 3.41 5.8330 9.56 14.13 5.51 8.12 3.52 6.0631 10.11 15.15 5.73 8.57 3.66 6.3032 10.74 16.29 6.10 9.22 3.83 6.5633 11.44 17.52 6.50 9.93 4.04 6.8734 12.21 18.86 6.95 10.70 4.29 7.2435 13.06 20.29 7.45 11.52 4.58 7.67

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Age next birthday

Male rates

Female rates

Male rates

Female rates

Male rates

Female rates

36 13.98 21.81 7.98 12.39 4.91 8.2037 14.98 23.43 8.56 13.31 5.29 8.8238 16.06 25.13 9.19 14.28 5.73 9.5539 17.23 26.91 9.87 15.30 6.24 10.4040 18.48 28.77 10.59 16.36 6.81 11.3741 19.82 30.70 11.75 18.15 7.46 12.4842 21.26 32.70 12.61 19.33 8.20 13.7143 22.79 34.75 13.52 20.54 9.04 15.0744 24.43 36.86 14.49 21.78 9.99 16.5645 26.17 39.02 15.53 23.05 11.05 18.1646 28.03 41.21 16.63 24.34 12.23 19.8747 30.00 43.44 17.80 25.64 13.55 21.6748 32.09 45.69 19.04 26.95 15.01 23.5549 34.31 47.96 20.35 28.27 16.62 25.4750 36.65 50.22 21.73 29.59 18.38 27.4151 39.13 52.47 24.92 32.80 20.29 29.3352 41.73 54.69 26.56 34.15 22.34 31.2053 44.47 56.87 28.28 35.47 24.53 32.9754 47.33 58.98 30.07 36.75 26.85 34.6055 50.32 61.00 31.94 37.95 29.28 36.0556 53.35 62.84 33.82 39.04 31.75 37.2157 56.29 64.35 35.63 39.90 34.13 37.9558 59.01 65.40 37.28 40.47 36.28 38.1759 61.30 65.83 38.64 40.62 38.02 37.7460 62.88 65.39 39.52 40.21 39.08 36.5061 63.31 63.75 41.64 39.39 39.08 34.2662 61.92 60.36 40.45 37.03 37.47 30.7563 54.60 52.05 35.08 31.40 31.11 24.2564 36.86 35.05 22.34 19.97 17.44 13.2065 12.16 11.56 7.37 6.59 5.76 4.36

The occupation loadings applicable to members in Corporate Super Personal are as follows. Note that upon transfer to Corporate Super Personal, members will default to the Light Blue occupation category.

Occupation category GSC occupation rate loading factor

White Collar 1 (WC1) 0.91

White Collar 2 (WC2) 1.00

Light Blue (LB) 2.20

Heavy Blue (HB) 3.20

Premium table for Corporate Super Personal members for Death and TPD Cover

The following table shows the gross (before tax) annual premium rate applicable for each $1,000 of cover provided in respect of Death Only Cover (including terminal illness) and Death (including terminal illness) and TPD Cover for Corporate Super Personal members.

These premium rates are based on the White Collar occupational class and are inclusive of 20% commission (exclusive of GST) excluding any other premium loadings.

Age next birthday

Males Death

Females Death

Males TPD

Females TPD

17–20 0.75 0.30 0.14 0.06 21 0.71 0.29 0.15 0.07 22 0.67 0.28 0.16 0.08 23 0.63 0.26 0.17 0.08 24 0.59 0.24 0.18 0.08 25 0.55 0.23 0.19 0.09 26 0.52 0.21 0.19 0.09 27 0.48 0.20 0.20 0.09 28 0.47 0.20 0.21 0.10 29 0.46 0.19 0.23 0.12 30 0.45 0.19 0.24 0.13 31 0.44 0.20 0.26 0.15 32 0.44 0.21 0.28 0.17 33 0.45 0.22 0.30 0.20 34 0.45 0.24 0.33 0.23 35 0.46 0.26 0.36 0.27 36 0.47 0.28 0.39 0.31

Age next birthday

Males Death

Females Death

Males TPD

Females TPD

37 0.48 0.31 0.42 0.37 38 0.50 0.33 0.47 0.43 39 0.53 0.36 0.52 0.50 40 0.56 0.39 0.59 0.58 41 0.61 0.43 0.67 0.68 42 0.66 0.47 0.77 0.79 43 0.72 0.50 0.89 0.90 44 0.78 0.52 1.02 1.00 45 0.86 0.54 1.18 1.12 46 0.93 0.56 1.35 1.24 47 1.01 0.59 1.53 1.38 48 1.09 0.63 1.75 1.57 49 1.18 0.67 1.99 1.80 50 1.28 0.72 2.26 2.06 51 1.38 0.79 2.57 2.37 52 1.49 0.87 2.91 2.69 53 1.61 0.96 3.29 3.02 54 1.73 1.04 3.72 3.38 55 1.86 1.13 4.14 3.71 56 2.00 1.23 4.56 4.04 57 2.16 1.33 5.05 4.38 58 2.34 1.44 5.62 4.72 59 2.55 1.55 6.28 5.09 60 2.77 1.67 7.02 5.47 61 3.02 1.80 7.85 5.91 62 3.27 1.96 8.76 6.43 63 3.54 2.16 9.74 7.08 64 3.81 2.40 10.81 7.87 65 4.09 2.67 – –

Note: Death and TPD ceases when a TPD benefit is paid or on the members 64th birthday (whichever occurs first)

The occupation loadings applicable to members in Corporate Super Personal for Death Only and Death and TPD are as follows. Note that upon transfer to Corporate Super Personal, members will default to the Light Blue occupation category.

Occupation categoryMale and Female

Death onlyMale and Female

TPD

White Collar (WC1) 1.00 1.00

White Collar (WC2) 1.00 1.00

Light Blue (LB) 1.30 1.75

Heavy Blue (HB) 1.70 3.40

Other changes to Corporate Super An important part of investment management is the ongoing review and analysis of benchmarks, asset classes and investment ranges for each fund to ensure the funds continue to meet their stated objectives. For previous investment objectives, strategies or asset allocations call Customer Services on 1800 627 625.

During the year there have been some changes to the asset allocation, investment objectives and investment strategies applicable to some investment funds available within Corporate Super. These changes are effective now and are detailed below.

ING Balanced

New asset allocation benchmarks and ranges

Asset class Benchmark (%) Range (%)

Cash 10 0–30

Diversified fixed interest 20 5–35

International fixed interest 10 0–20

Property securities 3 0–10

Global property securities 2 0–10

Australian shares 33 20–50

International shares 20 5–35

Alternative assets (defensive) 0 0–10

Alternative assets (growth) 2 0–5

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ING Capital Stable



Cash 15 0–35

Enhanced cash 15 n/a

Australian fixed interest 30 10–50


Property securities 1.5 0–5



International shares 2.5 0–5


ING Managed Growth



Cash 3 0–30

Diversified fixed interest 15 0–30







Alternative assets (growth) 2 0–5

AMP Capital Equity

New investment objective

Over the long term, the fund aims to provide high returns while accepting high levels of volatility in returns and returns above the fund’s performance benchmark, after external manager costs but before taxes and ING management fees. The performance benchmark for the fund is the S&P/ASX 200 Accumulation Index.

New investment strategy

Company selection

To be considered for investment, a company must:

• generate a strong free cash flow

• manage capital effectively

• have sustainable long term growth prospects

• demonstrate strong management capability and vision.

This approach involves assessing these characteristics when selecting companies for potential investment and then determining which companies will be included in the investment portfolio.

The resulting portfolio is diversified across industries and this diversification is intended to help the fund generate consistently high performance over the long term.

Barclays Global Investors Australian Shares


The fund aims to achieve superior investment performance through providing returns (before fees, charges and taxes) that exceed those of the S&P/ASX 300 Accumulation Index over rolling three-year periods, while maintaining a similar level of benchmark investment risk to the index.

Barclays Global Investors Diversified Growth


The fund aims to achieve superior investment performance through providing returns (before fees, charges and taxes) that exceed those of the neutral portfolio benchmark over rolling three-year periods. The benchmark return is calculated using the benchmark asset allocation of the fund and the index returns for each asset class.



Cash 6 0–15





International shares (8% hedged) 28 20–40

Commodities 3 0–5

Global listed infrastructure (unhedged) 5 0–10

Barclays Global Investors International Shares


The fund aims to achieve returns (before fees, charges and taxes) that exceed those of the MSCI World ex-Australia Index (unhedged in AUD with net dividends reinvested) over rolling three-year periods while maintaining a similar level of investment risk to the index.

MFS Global Equity



Cash 0 0–10

International equities 100 90–100

Perennial Value Shares (formerly IOOF/Perennial Value Shares)

From 1 July 2007, IOOF/Perennial Value Shares changed its name and is now known as Perennial Value Shares.

Perpetual Australian Shares


Perpetual researches companies of all sizes using consistent share selection criteria. Perpetual’s priority is to select companies that represent the best investment quality and are appropriately priced. In determining investment quality, investments are carefully selected on the basis of four key investment criteria: conservative debt levels, sound management, quality business and in the case of industrial shares, recurring earnings.

Perpetual International Shares


PI Investment Management Limited adopts a fundamental bottom-up approach to stock selection focusing on quality companies (strong balance sheets, earnings visibility and competitive position) with attractive valuations within a global framework. Currency exposure may be hedged up to 75% of the value of the fund.

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Perpetual Balanced Growth



Cash* 10 0–30

Fixed interest 15 5–35

Mortgages 5 0–10


Infrastructure 5 0–10

Australian shares† 35 25–60

International shares‡ 25 5–30

Perpetual Conservative Growth



Cash* 25 15–45

Fixed interest 40 25–55

Mortgages 5 0–10


Australian shares† 20 10–30

International shares‡ 5 0–10

Schroder Australian Equity


The objective of the fund is to out perform the S&P/ASX 200 Accumulation Index over the medium to long term.

Schroder Balanced


The objective of the fund is to provide unit holders with returns (before taxes and ING management fees) in the order of 4% to 5% above inflation (as measured by headline CPI) over the medium to long term (e.g. rolling three year basis), through investment across a broad range of asset classes and investment instruments including (but not limited to) a range of Schroders’ or third party registered managed investment schemes and direct securities (including Exchange Traded Funds (ETF)). The Fund may also gain exposure to markets through derivatives positions.

UBS Diversified Fixed Income


This fund aims to provide a total return (after external manager costs, but before taxes and fees) in excess of the returns measured by relevant debt market indices§, over rolling three-year periods.


The fund is an actively managed portfolio of cash and fixed income securities with respect to market and sector allocation, interest rate exposure and issue selection. The fund normally gains its asset sector exposure by investing in the relevant UBS managed funds. The fixed income assets of the fund are predominantly of investment grade quality. Non-investment grade fixed income assets (high yield and emerging market debt) must not exceed 30% of the total portfolio. The fund may invest in financial derivatives to gain exposure to markets and currencies and to limit the risk of adverse interest rate movements. The fund is managed to a minimum 90% $A exposure.



Australian bonds and cash 50 20–80

International bonds and cash 50 20–80

UBS Balanced


The fund normally gains its asset sector exposure by investing in other relevant UBS managed funds. The fund may also invest directly. Derivatives may be used to gain or hedge exposure to markets and currencies. The long-term average exposure to growth and income assets is expected to be 65% and 30% respectively of the total portfolio. The remaining 5% is expected to be allocated to alternative assets which are likely to be a combination of both growth and income.



Cash 5 0–30

Bonds 25 0–60




Alternative strategies 5 0–20

UBS Defensive (also known as UBS Defensive Investment)


The fund normally gains its asset sector exposure by investing in other relevant UBS managed funds. The fund may also invest directly. Derivatives may be used to gain or hedge exposure to markets and currencies. The long-term average exposure to conventional growth and income assets is expected to be 30% and 65% respectively of the total portfolio. The remaining 5% is expected to be allocated to alternative assets which are likely to be a combination of both income and growth.



Cash 20 0–50

Bonds 45 0–80




Alternative strategies 5 0–15

Zurich Managed Growth



Cash 5 0–15






* The cash component may invest in quality deposits, money market, mortgages, fixed interest and debt-like hybrid securities.† The fund gains its exposure to Australian shares by investing in an underlying Australian Share Fund, which has an investment universe that allows it to invest in stocks listed on sharemarket

exchanges outside of Australia. Exposure to stocks listed outside Australia is limited to 20% and is generally hedged to the Australian dollar to the extent reasonably practical. The investment guidelines showing the fund’s maximum investment in international shares do not include this potential additional exposure.

‡ The currency exposure of international assets may be hedged up to 75% of the underlying international investments of the fund.§ Market indices: 50% UBS Australian Composite Bond Index (0+Yr) and 50% Lehman Global Aggregate Index ($A hedged).

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Enhancements to OptiMix investment funds

OptiMix Moderate – changes to asset ranges

In accordance with the OptiMix Manage the Managers (MTM) active investment process, the OptiMix investment team recently conducted a review of the asset class ranges for OptiMix Moderate. As a result, the following change was made effective 16 February 2007:

Asset class Range (%)

Cash and Australian fixed interest 15–42

Australian inflation linked bonds 2–8

International inflation linked bonds 0–5

International fixed interest 8–22

Australian property securities 6–16

International property securities 0–10

Australian shares 16–28

International shares 10–22

Global small companies shares 0–5

Why this has happenedThis change provides greater flexibility to react to changing market conditions. It is a result of the OptiMix investment team’s ongoing management of each OptiMix fund, which includes a regular review of benchmarks and ranges. This process helps provide assurance that a dedicated and expert team of investment professionals is managing your investment. Asset allocation reviews are essential because markets are continually evolving and strategies must adapt in order to continue to meet investment objectives. For more information on investment fund changes, please refer to www.ing.com.au/member

Introduction of a long/short investment strategy for OptiMix’s Australian shares asset class

What is a long/short investment strategy?

Long/short investment strategies involve the purchase of undervalued shares (long position) and short selling of overvalued shares (short position).

The benefits

A long position allows a manager to profit from stocks that are expected to increase in value. Short selling allows managers to profit from stocks that are expected to decline in value by selling borrowed stock at a higher price and buying it back at a lower price. This means that a long/short investment strategy allows managers to add value from both falling and rising stock prices, thereby enhancing returns for investors.

Funds impacted by the change:

• OptiMix Conservative

• OptiMix Moderate

• OptiMix Balanced

• OptiMix Growth

• OptiMix High Growth

• OptiMix Australian Shares

• OptiMix Geared Australian Shares.

Global Smaller Companies manager change

Schroder Investment Management Australia Ltd has been appointed as an OptiMix MTM Global Smaller Companies Share manager effective January 2007, and subsequently Wellington Management Company LLP has been terminated.




• OptiMix Growth

• OptiMix Global Smaller Companies Shares

• OptiMix High Growth.

International Fixed Interest changes

New manager

Franklin Templeton Investments Australia Ltd has been appointed as an OptiMix International Fixed Interest manager effective February 2007.

New mandate

OptiMix has appointed TCW Group to manage a US Mortgage backed securities investment mandate within the OptiMix international fixed interest portfolio.


• OptiMix Conservative



• OptiMix Growth.

Proposed enhancements to OptiMix investment fundsAn important part of the OptiMix MTM ongoing review is to analyse the benchmarks and investment ranges for each fund to ensure the funds continue to meet their stated objectives. As a result of the review the following recommended changes are proposed.

New investment ranges for OptiMix Property Securities

During the second half of 2007, it is proposed that the investment ranges for the OptiMix Property Securities fund are to change, to allow for a wider tactical asset allocation to global property securities. Currently, the fund can gain up to 10% exposure to global property securities. It is proposed to increase the fund’s exposure to global property securities up to 20%. However, the new ranges will not alter the investment objective, strategy, benchmark or risk profile of the fund. The fund’s proposed new asset allocation is detailed below.



Cash 0 0–10

Australian property securities 100 90–100


OptiMix Australian Fixed Interest changes

It is proposed to change the name of the OptiMix Australian Fixed Interest fund to the OptiMix Diversified Fixed Interest fund. The investment objective, strategy, asset allocation, benchmark and ranges will also change. The proposed changes will increase the diversification of the fund and improve performance as the combination of Australian and global property securities produces a better risk and return outcome than investing in a single asset class. The proposed changes are detailed below.

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The Federal Government has legislated extensive changes to simplify and streamline superannuation.

The information below is a summary of the main changes affecting Corporate Super members, and is of a general nature only. The superannuation simplification measures may have a significant impact on your superannuation arrangements and the timing of any investment decisions. We suggest you seek further advice from your financial adviser regarding these measures.

Changes to superannuation contributions effective � July �007

• An annual limit of $150,000* generally applies to non-concessional (after-tax) contributions. Limited exemptions from this cap apply. Members under 65 years of age at any time in the financial year will be able to contribute up to $450,000 in a year, by bringing forward their contribution caps from the following two years. Amounts over the non-concessional contributions cap will, effectively, be taxed at the top marginal rate plus Medicare levy.

• An annual limit of $50,000† p.a. (or $100,000 p.a. until the end of the 2011/12 financial year for those members aged at least 50) applies to concessional (taxable) contributions. Amounts over this limit will, effectively, be taxed at the top marginal rate, plus Medicare levy and will also count towards the non-concessional contributions cap.

• Contributions by employers and individuals able to claim a tax deduction (e.g. self-employed) will generally be fully tax deductible up to age 75.

What are the superannuation simplification measures?


The fund aims to achieve returns (before fees, charges and taxes) that exceed the composite benchmark, over periods of three years or more. The composite benchmark comprises 50% UBS Australian Composite Bond Index (0 + Yr) and 50% JP Morgan Global Bond Index ex-Australia (fully hedged into A$).


The fund invests predominantly in a diversified portfolio of fixed interest securities through a mix of managers, in accordance with the OptiMix Manage the Managers investment process.



Australian fixed interest and cash 50 0–100


Investment funds closed to new and existing membersBT Putnam Global Core Hedged was the only fund to close for new and existing Corporate Super members. This fund closed 29 November 2006 with all investors switched to the Barclays Global Investors International Shares fund on this date.

Increases in IMFs for some of the Perpetual investment funds The Investment Management Fees (IMFs) that apply to the Perpetual investment funds within Corporate Super are as follows:

Investment fund IMF p.a.

Perpetual Conservative Growth 0.71%

Perpetual Balanced Growth 0.82%

Perpetual Australian Shares 0.82%

Correction to �00� Member Update and Annual Report The 2006 Corporate Super Member Update and Annual Report contained an error in its reporting of new asset allocation ranges for Colonial First State Diversified and Perpetual Conservative Growth. This error appeared on page 16 of the report. The correct disclosure is shown below.

Colonial First State Diversified



Perpetual Conservative Growth


Mezzanine mortgages 5 0–10

• The government co-contribution has been extended to self-employed persons earning 10% or more of their total income (assessable income and reportable fringe benefits) from carrying on a business, eligible employment or a combination of both (other co-contribution requirements apply).

• Generally, Employment Termination Payments are unable to be ‘rolled over’ into a superannuation fund (transitional arrangements apply).

Changes to superannuation benefit payments effective � July �007

• You are now able to keep your superannuation account after age 65, even if you stop working.

• Reasonable Benefit Limits (RBLs) have been abolished, reducing restrictions on how much can be withdrawn from superannuation with concessional tax treatment.

• Lump sum and pension payments to members aged 60 or over are tax free. Payments do not have to be included in a tax return, which may provide further tax and government benefits.

• Lump sum payments to members under age 60 will generally consist of only two components, taxable and tax free. Pensions started before 1 July 2007 and paid to members under age 60 will generally continue to be taxed under existing arrangements until a lump sum payment which will ‘trigger’ a change to a tax free and taxable components basis. Lump sum and pension payments are required to be drawn down proportionately from the tax free and taxable components. No tax is payable on the tax free component.

* Set at three times the cap on concessional contributions.† Indexed annually but only increased in $5,000 increments.

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• Superannuation rollover benefits are required to be drawn down proportionately from taxable and tax free components.

The table below shows the maximum rates of tax payable on the taxable component of lump sum withdrawals if you have provided us with your Tax File Number (TFN).

Maximum rate of tax including Medicare levy

Preservation age to age 59Amount up to low rate threshold* 0%

Amount over low rate threshold* 16.5%

Under preservation age 21.5%

• Disability superannuation benefits have been extended to self-employed persons so that an increased tax free component may apply to lump sums or a 15% tax offset for income streams that qualify (conditions apply).

• New minimum pension standards apply, including minimum annual payment levels. Maximum levels will only apply to transition to retirement pensions.

• All superannuation death benefit lump sum payments to death benefits dependants are tax free.

A lump sum payment to a non-dependant will be taxed with a maximum rate of 16.5% applied to the taxed element and a maximum rate of 31.5% applied to the untaxed element. No tax is payable on the tax free component.

A lump sum payment to your estate will be taxed depending on whether a death benefits dependant or non-dependant finally receives the benefit. Your personal legal representative is responsible for tax arrangements when your estate pays the benefit to your beneficiary(ies).

• Death benefit pensions can only be paid to death benefits dependants. Pension payments are tax free where the deceased was, or recipient is, aged 60 or over. If the deceased was, and recipient is, under age 60, then pension payments will generally consist of only two components, taxable and tax free. The taxable component is taxed at the recipient’s marginal rates (and Medicare levy where applicable) with a 15% tax offset until the recipient turns age 60, when payments become tax free. No tax is payable on the tax free component.

Death benefit pensions to children are restricted to those:

– under age 18

– between age 18 and age 25 if financially dependent on the member

– over age 18, if the child has a prescribed disability.

Pension payments to children must cease at age 25 unless the child has a prescribed disability. The remaining account balance is paid as a tax free lump sum.

• Further changes have been made to treat a person as a death benefits dependant, if they receive a superannuation lump sum because a member of the Australian Defence Force, Police Force or a Protective Services Officer is killed in the line of duty.

Changes to social security effective �0 September �007

• 50% assets test exemption for complying income streams will be abolished. However, existing complying income streams will retain their existing assets test exemption status.

* The low rate threshold of $140,000 (2007/08) is indexed annually but only increased in $5,000 increments.† The 46.5% tax is comprised of 15% contributions tax and 31.5% no-TFN tax. The no-TFN tax of 31.5% may be refunded to your account if your TFN is

subsequently provided within the prescribed time limit.

• Pension assets test taper rates will change from $3 to $1.50 per fortnight per $1,000 above the relevant threshold. This will result in the assets test disqualification limit increasing by approximately $191,000 for a single person and $316,000 (combined) for a couple.

Changes to contributions splitting

• Member contributions not claimed as a tax deduction made after 5 April 2007 cannot be split.

Splittable contributions made after 5 April 2007 will generally be limited to employer contributions and member contributions covered by a valid and acknowledged notice to claim a tax deduction.

From 1 July 2007 splittable contributions will be limited to the lesser of:

– 85% of the concessional contributions for the financial year

– the concessional contributions cap for that financial year

– the taxed element of the superannuation benefit.

Before deciding to split your contributions, please read the Trustee’s Contributions Splitting Policy available from www.ing.com.au/member or Customer Services on 1800 627 625, or speak to your financial adviser.

Important note: This is a summary of the key superannuation simplification changes applicable to Corporate Super. For more information on the changes, visit the Australian Government websites www.simplersuper.treasury.gov.au or www.ato.gov.au/bettersuper, or seek professional advice from your financial adviser.

Additional government co-contribution for superannuationThe government has agreed to pay a one-off additional co-contribution into the superannuation accounts of those persons who were eligible for the co-contribution for the 2005/06 income year. The extra payment will double the co-contribution paid for that year.

In most cases, the additional co-contribution was paid into superannuation accounts before 30 June 2007, with remaining amounts to be paid in 2007/08.

For further information or to confirm your eligibility, please contact your financial adviser.

Collection of Tax File NumbersIn addition to the changes for superannuation, the government has introduced new rules for the provision of TFNs to superannuation funds. These changes are designed to help you keep track of your superannuation (including any lost benefits), and to ensure you are not taxed at a rate higher than is applicable to you.

What will happen if we do not have your TFN?

If your superannuation fund does not have your TFN from 1 July 2007 you:

• could pay 46.5% tax on concessional contributions (such as compulsory employer contributions and salary sacrifice)†

• may be unable to make, or have made for your benefit, member contributions

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• could miss out on any government co-contribution payment (if eligible)

• will not be able to split your eligible contributions with your spouse

• may pay 46.5% on lump sum and pension payments.

How do you know if we have your TFN?

If we have your TFN we would have acknowledged this on your last superannuation Annual Statement. You should refer to the front page of your statement and the line that reads ‘TFN Received?’ If the answer to this question is ‘No’, then we have either not been advised of your TFN or currently hold an invalid TFN.

How can you provide your TFN to us?

You can provide your TFN in the following ways:

• By completing the Tax File Number Nomination Form (available from www.ing.com.au/member) and returning it to us by post or fax. This form can then be sent to GPO Box 7024, Sydney NSW 2001 or faxed to 02 9234 6668.

• Over the phone by calling Customer Services on 1800 627 625.

Additional information is available on our website www.ing.com.au/member or you can visit the ATO website at www.ato.gov.au

Transfer of superannuation arrangements into ING MasterFundWe are pleased to confirm that your benefits in ING Corporate Super Fund were successfully transferred to the ING MasterFund (Fund) on 30 June 2007. The trustee of the Fund is ING Custodians.

This change did not affect your existing benefits or entitlements.

As a result of this change your Annual Satement for the year ending 30 June 2007 containing information on the fund has been sent to you as an ‘Exit Statement’. This is because you were transferred from the ING Corporate Super Fund to the ING MasterFund. Your next statement ending 30 June 2008 will be issued by the ING MasterFund.

Superannuation surcharge abolishedThe government has abolished the superannuation surcharge payable on relevant individual contributions and termination payments made from 1 July 2005. However, some contributions paid before 1 July 2005 may still be assessed for the surcharge.

Superannuation surcharge for accumulation members

Where the Australian Taxation Office (ATO) advises a superannuation surcharge is payable on your benefit, this amount will be withdrawn from your account and paid to the ATO. The ATO will then send you a copy of the surcharge assessment so that you can check that the figures they used in calculating the surcharge are correct.

Superannuation surcharge for defined benefit members

Where the ATO advises a superannuation surcharge is payable in respect of your benefit, the amount payable will be withdrawn from the Defined Benefit Plan and paid to the ATO. This amount will then either be:

• withdrawn from your benefit at the discretion of the Trustee

• paid by your employer.

The ATO will send you a copy of the surcharge assessment so that you can check that the figures they used in calculating the surcharge are correct.

Policy committee for employer-sponsored members

The Trustee is required to make reasonable attempts to establish a policy committee whenever:

• an employer pays contributions into the plan on behalf of more than 49 of its employees

What other information should you be aware of?• five or more members of an employer group write to the Trustee

requesting that a policy committee be established.

Your policy committee should:

• meet at least once a year to consider issues about your superannuation plan

• provide the Trustee with feedback and make recommendations about the operation of the plan.

The committee must include an equal number of employer and employee members.

Your Annual Statement will include details of your policy committee (if any), including the names of the policy committee representatives and how they were appointed.

For more information on policy committees, please visit www.ing.com.au/member or call Customer Services on 1800 627 625.

Other information for defined benefit members

Employer contributions

The Trustee will contact you separately if your employer is not contributing to your plan at the rate recommended by the plan’s actuary and the difference is material.

Reserves

Your employer’s reserve account is invested in accordance with the investment strategy for the plan.

Solvency

At the time this Annual Report went to print, the Trustee was conducting its annual review to ensure each defined benefit plan was solvent during the reporting period. The Trustee will advise you of any material items arising from this review in relation to your plan.

Financial reporting, asset allocation and investments

Superannuation laws do not require financial reporting, asset allocation information or, if relevant, details about each combination of investment invested indirectly in a single enterprise or single group of enterprises and that have a combined value in excess of 5% of the total assets of the fund, in this Annual Report, as all investments in the Fund are provided under a master life insurance policy. If you would like a copy of the audited financial reports and Auditor’s Reports, please visit www.ing.com.au/member from early November 2007.

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Can Corporate Super help you locate your lost super?

In addition to providing links from www.ing.com.au/member to help you search for your lost super, ‘Supermatching’ is an electronic commerce interface which is designed to provide specific information from the various ATO databases, including the Lost Members Register, so that members may be ‘matched’ with their superannuation benefits. We may conduct this search process on your behalf. If we match you with your missing superannuation benefits, we will advise you and request instructions as to whether you want us to rollover the funds into your existing super account with us. If you do not want us to undertake this free service on your behalf then you will need to advise us in writing.

Confirming transactions

You will receive written confirmation of certain transactions including switches, rollovers and benefit payments. You can request confirmation of your transactions and any other additional information about Corporate Super in the following ways:

• Visit www.ing.com.au/member

• Call us on 1800 627 625 weekdays between 8am and 8pm (Sydney time) and have your query answered over the phone or ask for written confirmation of the recent transactions you have made, to be sent to you.

• Email us at [email protected]

If you have made a request and do not receive confirmation within a reasonable timeframe, you should contact Customer Services on 1800 627 625 to confirm that ING has received your request.

Unit pricing program update

Last year we advised you of a unit pricing review we conducted, that identified some funds had been affected by unit pricing errors relating to particular periods prior to September 2004.

In addition to providing an Enforceable Undertaking to the industry regulator, the Australian Securities and Investments Commission (ASIC), which underlined our commitment to protect investors’ interests, we have further strengthened our internal processes and controls to ensure their integrity going forward.

The unit pricing program was completed in December 2006 and if you were entitled to compensation, you were informed in writing prior to this date. Some investors may have received more than one compensation letter as part of a progressive review which was completed fund by fund.

For further information, please visit www.ing.com.au/member

Anti-detriment payments

The Trustee is also able to pay an amount in addition to the available Death Benefit when the benefit is payable for the benefit of your dependant(s)*. This additional payment notionally represents the amount that would have been included in the Death Benefit had there been no tax on the relevant contributions. For more information please speak to your financial adviser.

* A dependant for this purpose would include your spouse, ex-spouse or child.

Bankruptcy and superannuation

Bankruptcy law has been changed to allow bankruptcy trustees to recover certain superannuation contributions that are made after 28 July 2006 with the intention to defeat creditors.

The changes also include provisions for superannuation funds to ‘freeze’ superannuation benefits upon relevant notification and not to have to repay fees, charges or taxes applying to recovered contributions.

Further information is available on the Australian Government website www.itsa.gov.au or from your financial adviser.

United Kingdom superannuation and pension transfers

We have received qualifying recognised overseas pension scheme (QROPS) status from United Kingdom (UK) regulators. Generally, QROPS status allows the transfer of UK benefits without UK taxes being applied. However, Australian taxes and other obligations, such as the reporting to UK regulators of subsequent payments and rollovers, may apply.

For more information, visit the UK websites www.hmrc.gov.uk/manuals/rpsmmanual/RPSM14101050.htm or www.pensionsadvisoryservice.org.uk/pension_rights/overseas_transfers/index.asp, or seek professional advice from your financial adviser.

Importance of keeping details up to date

It is important that we always have your current details on record, so that we can keep you informed about your super investment and pay any benefits directly to you.

The easiest way to track and manage your super is online. To logon visit www.ing.com.au/member and follow the simple registration prompts. Once you register, you can quickly login to update your super details at any time.

Alternatively, notify Customer Services on 1800 627 625 if you have moved or wish to change your beneficiary or investment details.

If two items of written communication to you are returned to us as unclaimed mail from your last known address, we will classify you as a lost member and report this to the ATO.

Unclaimed money

A benefit is considered unclaimed money if:

• you are age 65 or over

• the Trustee has not received a contribution or rollover for you for two years

• the Trustee is unable to contact you after five years since last contacting you.

In these circumstances the Trustee is required to pay your benefits as unclaimed money to the government.

Member protection

Under Federal Government legislation, superannuation funds may protect small account balances from erosion by fees. A ‘small account’ is an individual member’s account with a balance of less than $1,000 that includes employer contributions for Superannuation Guarantee or award purposes.

The Trustee protects small accounts by ensuring fees deducted in any reporting period do not exceed the investment earnings credited to a member’s account for that period. However, insurance premiums or taxation, if any, will continue to be deducted from your account.

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Any fees, in excess of investment earnings which have been deducted, are reimbursed to members with account balances under $1,000 at the annual review date.

If your account balance is less than $1,000, we may transfer your benefits to an Eligible Rollover Fund that accepts small balances and complies with member protection rules.

Eligible Rollover Fund (ERF)An ERF is a low risk, low return investment fund which does not offer insurance cover. Your super benefits may be transferred to an ERF, unless otherwise specifically determined by the Trustee with regard to any member and advised to such member accordingly, if your account balance is less than $1,000 and:

• we have not received a contribution from you (or received on your behalf) for two consecutive years

• where one item of correspondence is returned to us as unclaimed mail from your last known address.

Before transferring your superannuation benefits to an ERF, the Trustee will attempt to communicate the proposed transfer to you and provide you with an option to nominate another fund.

The ERF chosen for Corporate Super is:

Australian Eligible Rollover Fund (AERF) Jacques Martin Administration & Consulting Pty Limited Locked Bag 5429 Parramatta NSW 2124 Phone 1800 677 424

The Trustee of the AERF is Perpetual Trustee Company Limited (ABN 42 000 001 007). We will notify you of any future changes to the ERF. Set out below is a summary of some of the significant features of the AERF, current as at the date of the preparation of this Annual Report. For detailed information about the AERF, please contact the AERF directly.

If your benefits are transferred to the AERF:

• You will cease to be a member of Corporate Super and become a member of the AERF, meaning you will be subject to its governing rules, including a different fee structure.

• Member investment choice will not be available. Your benefits will be invested in a diversified portfolio with exposure to both growth assets (equities and property) and defensive assets (fixed interest and cash). There is no guarantee that investment returns will not be negative.

• Your benefits will be ‘member protected.’ Generally, this means administration charges cannot exceed investment earnings on your account in a reporting period. Other costs, however, such as taxes, may be deducted. Your benefits will not be protected against negative returns.

• The AERF is unable to accept any ongoing contributions from you or your employer, however rollovers from other superannuation funds may be permitted.

• The AERF does not offer insurance benefits. Any insurance cover you had as part of your Corporate Super account will cease at the time of the transfer.

Trustee

The trustee of the Fund is ING Custodians Pty Limited. The Trustee has indemnity insurance cover in respect of its trusteeship of the Fund.

Trust Deed

The Fund is governed by a Trust Deed, a copy of which is available upon request by contacting Customer Services on 1800 627 625.

Who looks after my super?

Role Organisation Responsibility Contact

Trustee ING Custodians Pty Limited

Ensures the ING MasterFund is operated in accordance with the Trust Deed, the Superannuation Industry (Supervision) Act 1993, the Corporations Act 2001 and other relevant legislation.

GPO Box 5306 Sydney NSW 2001 Phone 1800 627 625

Insurer/Administrator

ING Life Limited

Issues life policies to the Trustee in respect of the ING MasterFund.

Administers the ING MasterFund policies on behalf of the Trustee.

GPO Box 5306 Sydney NSW 2001 Phone 1800 627 625

Auditor KPMG Yearly audit of the ING MasterFund, certifying that assets exist and that certain requirements of the superannuation laws are met.

Important notes As your employer has joined Corporate Super, you are a member of the ING MasterFund ABN 53 789 980 697 RSE R1001525 SFN 292 916 944 (the Fund).

ING Custodians Pty Limited ABN 12 008 508 496 AFSL 238346 RSE L0000673 (ING Custodians or Trustee) is the Trustee of the Fund and the issuer of this Member Update and Annual Report. ING Custodians is a subsidiary of ING Australia Limited ABN 60 000 000 779 (ING Australia).

The Trustee invests all contributions in a master policy issued by ING Life Limited ABN 33 009 657 176 AFSL 238341 (ING Life) which then invests in selected investment fund(s). ING Life is also the administrator of the Fund.

An investment in the Fund is neither a deposit nor a liability of:

• ING Australia

• ING Bank (Australia) Limited ABN 24 000 893 292 (ING Bank)

• ING Investment Management Limited ABN 23 003 731 959 (INGIM)

• any other company in the ING Group (ING) other than ING Life in relation to the master policy.

The information and assumptions in this Member Update and Annual Report are provided in good faith for you and your financial adviser and are current as at 30 June 2007. This Member Update and Annual Report has been prepared without taking into account your objectives, financial situation or needs. Before making a decision based on this material, you should consider the appropriateness of the information, having regard to your objectives, financial situation and needs. Before acquiring a product or continuing to hold a product mentioned in this Member Update and Annual Report (OneAnswer Allocated Pension and Corporate Super are issued by ING Custodians and non-superannuation income stream products are issued by ING Life) you should consider the relevant Product Disclosure Statement (PDS) which is available at www.ing.com.au/member to determine whether the product is appropriate for you.

Unless otherwise stated, the value of investments will fluctuate as the values of underlying assets rise or fall. Information regarding your investment is indicative only and may change frequently. Information contained in our PDS may change from time to time and we may need to update this information. You can obtain updated information by contacting your financial adviser, visiting the ING website, or contacting Customer Services. We encourage you to regularly visit the Corporate Super product page at www.ing.com.au/member for updated information.

Unless expressly stated, the repayment of capital invested is not guaranteed. Past performance is not a reliable indicator of future performance. Please note that this Member Update and Annual Report is not intended to provide legal, investment or taxation advice, for which you should consult the appropriate professional adviser. In this Member Update and Annual Report, the terms ‘we’, ‘us’ and ‘our’ refer to ING Custodians or ING Life as the case may be.

Supplementary Financial Services GuideDate: July 2007

This Supplementary Financial Services Guide (SFSG) supplements the Financial Services Guide (FSG) which was included with the Corporate Super Member Update and Annual Report dated August 2006. You should read this SFSG together with our August 2006 FSG when deciding to use the financial services offered to you.

As an environmental initiative we are providing only the SFSG outlining changes that have occurred. To obtain a copy of the current FSG please visit www.ing.com.au/member or call Customer Services on 1800 627 625.

Amendments to the FSGUnder the section headed ‘What is a Financial Services Guide?’ the first 3 paragraphs should be in bold type.

Under the section headed ‘What is a Financial Services Guide?’ replace the 4th paragraph with the following two paragraphs:

If you choose to use our services or you are issued with one of our products or one of our products is recommended to you, you are likely to also receive from us a Product Disclosure Statement (PDS). Each PDS contains information about a particular product and will assist you in making an informed decision about that product or service. The PDS will include information about matters such as terms and conditions of the product, associated costs and any significant benefits and risks.

If you receive personal advice from a financial adviser, you will be provided with a Statement of Advice (SoA). Personal advice is advice that takes into account one or more of your financial objectives, financial situation and needs. An SoA will contain the advice and the details on which the advice is based.

Under the section headed ‘What is a Financial Services Guide?’ replace the first dot point in paragraph 5 with:

• ING Australia Limited ABN 60 000 000 779 (ING Australia)

Under the section headed ‘What is a Financial Services Guide?’ insert the following paragraph after the list of entities in paragraph 5:

This FSG is designed to assist you in deciding whether to use any of the products and services offered by our licensed entities.

Under the section headed ‘Who is ING’ replace the text under the sub- headings ‘ING in Australia’ and ‘ING Group’ with the following:

ING in AustraliaING Australia Limited (ING Australia) is one of Australia’s leading fund managers, life insurers and superannuation providers with more than $40 billion in assets under management. ING Australia is a joint venture between the global ING Group, which owns 51%, and one of Australia’s major banks, ANZ, which owns 49%. The licensed entities listed on page 1 are separate entities from ANZ or any ANZ Group entity and are not authorised deposit-taking institutions under the Banking Act 1959.

ING Australia provides a broad range of financial products and services through an extensive network of professional financial advisers and financial institutions, including its own advice groups.

Under the Australian Prudential Regulatory Authority licensing system for superannuation trustees, ING Custodians is a Registrable Superannuation Entity (RSE).

ING GroupING Group is a global financial services company of Dutch origin with 150 years of experience, providing a wide array of banking, insurance and asset management services in over 50 countries. Our 120,000 employees work daily to satisfy a broad customer base: individuals, families, small businesses, large corporations, institutions and governments. Based on market capitalisation, ING is one of the 20 largest financial institutions worldwide and ranked in the top 10 in Europe.

Under the section headed ‘What are the financial services and products we offer?’ replace the heading with:

What financial services and products do we offer?

Under the section headed ‘How can we be contacted’ replace the headings in the table as follows:

• Remove ‘Customer Service’ heading in table.

• Replace ‘ING Life’ with ‘ING Life Limited’.

• Replace ‘INGFM – ING Investor Services’ with ‘ING Funds Management Limited’.

• Replace ‘ING Custodians – ING Superannuation Services’ with ‘ING Custodians Pty Limited’.

• Replace ‘INGGI – ING Insurance Centre’ with ‘ING General Insurance Pty Limited’.

Under the section headed ‘How can we be contacted?’ insert the following paragraph after the table:

If your enquiry is of a general nature, please phone us on 02 9234 8111 or refer to your disclosure documents (PDS, Annual Report or Annual Statement), for the relevant Customer Services number.

Under the section headed ‘How are we paid for the services we provide?’ replace the 3rd sentence in the 1st paragraph with:

In some situations, withdrawal fees, exit fees, account fees and transaction fees may apply.

Under the section headed ’What commissions, fees or other benefits are received?’ replace the 2nd and 3rd sentence of the 3rd paragraph with:

These documents list all remuneration and commissions they receive for providing you with a particular product/service, if the remuneration or commissions are calculable at the time or as soon as practicable after you receive personal advice. If the remuneration is not calculable at the time you receive personal advice, information on how their commission will be calculated will be provided at the time the personal advice is given or as soon as practicable thereafter. This includes alternative (e.g. non-monetary) forms of remuneration such as paying for conferences, sponsorships, etc.

Under the section headed ’What commissions, fees or other benefits are received?’ insert the following paragraphs after the 1st sentence in the 4th paragraph:

This could be made up of a single one-off payment or calculated as a percentage of the total amount of sales generated by their referrals or agreed payments in expectation of referrals. Details of any remuneration or commission they receive will be provided to you by the referrer.

ING Australia maintains an Alternative Form of Remuneration Register (Register) in accordance with IFSA Industry Code of Practice on Alternative Forms of Remuneration in the Wealth Management Industry. The Register outlines the alternative forms of remuneration which are paid and received from givers and receivers of such remuneration. If you would like to review the Register, please contact Customer Services on the relevant contact number listed in your disclosure documents (PDS, Annual Report or Annual Statement).

Under the section headed ‘How do we protect your privacy’ replace the last sentence in the 2nd paragraph with:

Please refer to your PDS, Annual Report or Annual Statement for contact details.

Under the section headed ‘What should you do if you have a complaint?’ in the 2nd sentence replace the following text ‘the table on page 2’ with:

‘your PDS, Annual Report or Annual Statement’.

Under the section headed ‘What should you do if you have a complaint?’ replace the heading in the table as follows:

Replace ‘Non-superannuation/Insurance/Investment’ with ‘Non-superannuation/Life insurance/Investment products’.

Under the section headed ‘What should you do if you have a complaint?’ replace the 2nd paragraph after the table with:

It is important that you contact us in the first instance so we can endeavour to resolve your complaint in accordance with our procedures, otherwise the relevant external independent body may be unable to assist you.

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Win your own Renault!

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Customer ServicesPhone enquiries 1800 627 625

Email address

[email protected]

Postal addressEmployer Super GPO Box 5306 Sydney NSW 2001

Website www.ing.com.au/member www.rollyoursuper.com.au


* Terms and conditions of entry apply and are available at www.ing.com.au/member. The promoter is ING Australia Limited ABN 60 000 000 779. Licensed under NSW Permit No. TPL07/01758, ACT Permit No. TP07/00673, SA Licence No. T07/781, VIC Permit No. 07/677.

More ways to win!

Make an after-tax contribution of $1,000 or more via

BPAY or EFT (internet banking) into your Corporate Super

account and go into the draw to win a Renault*.

How to make a contribution

BPAY

Simply select the BPAY option from your internet or phone

banking service and follow the instructions. You will need

to provide the following:

Biller code: 838649

Reference number: 13 + <customer reference number>

OrEFT (internet banking)

Simply go to your internet banking service and follow the

instructions. You will need the following:

Account name: your name

BSB Number: 012-911

Account Number: 000 838 649

Reference Number: MV + <member number>

For more information visit www.rollyoursuper.com.au

The average working Australian has three separate super accounts. Are you one of these people?

Rolling your super into one account can mean:

• you only pay one set of fees

• a larger account balance that can work harder for you

• one set of paper work and one point of contact.

How to rollover your super and enter the draw

1. Complete the Get super organised form on the inside back cover

2. Sign it

3. Return it to us before 31 October 2007 and go into the draw to win a Renault.

Get super organised!

Don’t know where all your super is or need more forms? Visit www.rollyoursuper.com.au>

Rollover your super to ING – and win your own RenaultING Custodians Pty Limited ABN 12 008 508 496, AFSL 238346, RSE L0000673 ING MasterFund ABN 53 789 980 697, RSE R1001525, SFN 292 916 944

Instructions – Complete and return this form to the below address. If you have multiple super funds, you will need to complete a separate request for each old fund. Simply photocopy the blank form before completing your details.

ING Life Limited GPO Box 5113 Sydney NSW 2001

Step 1. Your old fund details

Please transfer my benefits from the following superannuation fund to ING:

Superannuation or Rollover Fund

Fund address

State Postcode

Policy/Member number

Date of Birth D D M M Y Y Y Y Approx Dollar Value of transfer $:

Previous Employer name

Step 2. Your ING super details

Plan name

Member number

Surname

Given name(s)

Address

State Postcode

Email

Business hours phone ( )

Date of Birth D D M M Y Y Y Y Internal use only:

Step 3. Authorisation

1. I authorise the transfer of all my benefits as outlined above.2. I understand that in giving this authorisation, the trustee of my other fund is discharged from all liability in respect of my

membership of the other fund once the total of my member’s account in the other fund has been transferred.3. To the best of my knowledge, my other fund is a complying superannuation fund under the Superannuation Industry

(Supervision) Act 1993.4. I understand that, in certain circumstances, ING may be required to deduct tax from the untaxed portion (if any) of the amount

transferred.5. I approve the deduction of transfer fees (if any) from the benefits transferred (subject to legislative restrictions).6. I understand that I will be notified upon receipt of fund transferred from my previous fund by ING.7. I acknowledge that the Trustee follows the National Privacy Principles as described in the Privacy Act 1988 (Cth) and has

a Privacy Policy which describes in detail the way the Trustee handles members’ personal information. (If you’d like a copy of the Privacy Policy, please call Customer Service or visit our website at www.ing.com.au).

8. I accept that ING may send me information about its products or services from time to time. I understand that I may notify ING of my decision not to receive further information by contacting ING directly.

Signature of Member ✗ Date D D M M Y Y Y Y

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Other things to be aware of: • Your old fund may charge a termination penalty. • Moving funds may have investment, tax and insurance implications. • If you have insurance cover, you need to be certain cover is maintained during the transfer. • Always consider discussing your personal circumstances with your financial adviser.

Get super organised!

2007CSAR2 0 0 7 C S A R

Fold

Fold

Font colour: Black onlyWidth: 99 mm X Length: 230 mm (*adjusted to 210mm wide)

Note: All components must be printed.The artwork components must not be re-scaled. Re-scaling will

DeliveryDelivery Address:Address:GPO Box 5113SYDNEYSYDNEY NSW 2001

ING Life LimitedReply Paid 5113SYDNEY NSW 2001

Filename: D5066079200199230Y050414.pdf date: 14/04/2005 12:04:37

Please note:ï It is the customer's responsibility to check that the artwork is correct, please check the delivery address details and the addressee details below the barcode. Contact Australia Post if any changes are

required.ï Failure to adhere to correct addressing and formatting standards will result in higher customer charges or cancellation of service.ï Refer to the Reply Paid Service Guide or visit www.auspost.com.au/replypaidï Please check the artwork details thoroughly. Australia Post is not responsible for any errors.

Summary: Envelope Paper Requirements:- weight of 65 to 100gsm;- thickness of 0.08 to 0.18 mm;- stiffness: machine direction of 3 mN; and,- stiffness: cross direction of 1.5mN.

No print content can appear in the bottom 20 mm of the front or rear of the article. WARNINGChanges to this artwork not complying withReply Paid Service Guidelines may result incancellation of your Reply Paid service.

create processing problems.

Font colour: Black onlyWidth: 99 mm X Length: 230 mm (*adjusted to 210mm wide)

Note: All components must be printed.The artwork components must not be re-scaled. Re-scaling will

DeliveryDelivery Address:Address:GPO Box 5113SYDNEYSYDNEY NSW 2001

ING Life LimitedReply Paid 5113SYDNEY NSW 2001

Filename: D5066079200199230Y050414.pdf date: 14/04/2005 12:04:37

Please note:ï It is the customer's responsibility to check that the artwork is correct, please check the delivery address details and the addressee details below the barcode. Contact Australia Post if any changes are

required.ï Failure to adhere to correct addressing and formatting standards will result in higher customer charges or cancellation of service.ï Refer to the Reply Paid Service Guide or visit www.auspost.com.au/replypaidï Please check the artwork details thoroughly. Australia Post is not responsible for any errors.

Summary: Envelope Paper Requirements:- weight of 65 to 100gsm;- thickness of 0.08 to 0.18 mm;- stiffness: machine direction of 3 mN; and,- stiffness: cross direction of 1.5mN.

No print content can appear in the bottom 20 mm of the front or rear of the article. WARNINGChanges to this artwork not complying withReply Paid Service Guidelines may result incancellation of your Reply Paid service.

create processing problems.

Terms and conditions of entry apply and are available at http://www.ing.com.au. The promoter is ING Australia Limited ABN 60 000 000 779. Licensed under NSW Permit No. TPL07/01758, ACT Permit No. TP07/00673, SA Licence No. T07/781, VIC Permit No. 07/677.

Get super organised!How to consolidate your super and win!

Complete this form, sign and return by 31 October 2007. If you have more than one super account to rollover, photocopy a form for each account. The more super accounts you rollover the more chances you have of winning!


Rolling your super into one account

can mean:

• you only pay one set of fees • a larger account balance that can work harder for you • one set of paperwork and one point of contact.

More ways to win!No super to consolidate? Make an after-tax contribution of $1,000 or more into your Corporate Super account.Need help making an after tax contribution or to search for lost super

visit www.rollyoursuper.com.au

Additional informationReporting period 1 July 2006 to 30 June 2007

Issued July 2007

The Member Update and Annual Report is comprised of:

• Member Update and Annual Report

• Additional information (this document)

These documents form the Corporate Super Member Update and Annual Report and should be read together.

The purpose of this Additional information flyer is to inform you of:

• the dedicated customer servicing by ING Australia Limited

• the closure of the Russell investment funds

Dedicated customer servicing by ING Australia Limited

For those members who are part of an ANZ Corporate Super plan, you may already be aware that your superannuation is managed by ING Australia Limited (ING Australia), a joint venture partnership between the global ING Group, which owns 51% and ANZ, which owns 49%. ING Australia is one of Australia’s leading fund managers, life insurers and superannuation providers with more than $40 billion in assets under management.

From 1 June 2007, members of ANZ Corporate Super plans have received dedicated customer servicing from ING Australia. Any services that were previously provided by ANZ are now provided by ING Australia. Except as otherwise indicated, all the features and benefits that have always been available to you as a Corporate Super member will continue.

In line with this, members of ANZ Corporate Super plans may notice over the coming months some changes to the look of member communications, starting now with your Member Update and Annual Report. As we streamline our processes for the benefit of all Corporate Super members, the ANZ logo and branding will gradually be replaced with ING.

Closure of the Russell investment funds

From 1 October 2007, the Russell Growth Fund will close to new investors and we will no longer accept any switches into the fund. If you are an existing investor, you will be able to make additional contributions. However, you will be unable to increase the percentage of any existing contribution allocation you may already have set up.

The Russell Capital Stable, Russell Diversified 50 and Russell Balanced investment funds have closed to new and existing members effective 26 June 2007.

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Documents

Win your own Renault Grow your super Welcome to the ... · Win your own Renault Roll all of your super into one account and go into the draw to win a Renault Grow your super Five