The Employee Retirement Plan (TERP) - Features
| Employer | Personal | Spouse | ||
|---|---|---|---|---|
| Minimum Contribution | Initial Contribution or rollover |
No minimum | No minimum | N/A |
| Additional transfer, rollover or contribution |
No minimum | No minimum | N/A | |
| Deposit Slip | N/A | N/A | N/A | |
| Direct debit | N/A | N/A | N/A | |
| Payroll deduction | N/A | N/A | N/A | |
| BPAY | N/A | N/A | N/A | |
| Withdrawals | Withdrawals are subject to restrictions, no minimum withdrawal amount applies | |||
| Pay-out-value on withdrawals | Amount of withdrawal less applicable taxes and benefit payment fee | |||
| Investment Fund | MLC Investment Option | The Investment Facility | ||
| Standard fees | Management Fee# | 1.74%pa | ||
| Administration Fee# | $11.76, deducted from member accounts that are below $1,000 as at 30 June. The Fee is deducted effective 30 June if investment returns for the preceding year were low or negative. Where the fee is deducted the Management Fee and Account Keeping Fee will not be deducted for balances below $1,000. | |||
| Termination Fee# | Nil | |||
| Account Fee# | $6.29 per month | |||
| Contribution Fee# | Nil | |||
| Other fees | Asset Transfer Fee# | Nil | ||
| Death Benefits - nomination of beneficiary |
In the event of your death you can make a non-binding beneficiary nomination. | |||
| Insurance | The Plan provides automatic Death and Total and Permanent Disability insurance cover. | |||
| Accessing your account information |
Call centre, writing (including fax). | |||
| Reporting | Annual Statements | |||
| Annual Report | ||||
| Latest information and investor education material at mlc.com.au | ||||
#This is the gross fee before tax benefit that is passed on to you. Please refer to the Product Disclosure Statement for more information on how tax effects your fees.
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