Product Disclosure Statement - eXpand

1 1 July 20211 Issuer IOOF Investment Management Limited ABN 53 006 695 021, AFS Licence No. Product Disclosure Statement (PDS) has been prepared and issued by IOOF Investment Management Limited (IIML) ABN 53 006 695 021, AFS Licence No. 230524. IIML is the Trustee of the IOOF Portfolio Service Superannuation Fund (Fund), ABN 70 815 369 818. eXpand consists of eXpand Super and eXpand Pension which are superannuation and pension products forming part of the Fund. The terms our , we , us and Trustee in this PDS refer to About eXpand Super 12. How super works 23. Benefits of investing with eXpand Super 24. Risks of super 25. How we invest your money 36. Fees and costs 47. How super is taxed 68. Insurance in your super 79. How to open an account 810. Other information 8i This PDS is a summary of significant information you need to help you decide whether eXpand Super will meet your needs. It includes references to additional important information contained in the eXpand Investment Guide (Investment Guide), eXpand Investment Options Menu (Investment Menu), eXpand General Reference Guide (General Reference Guide) and eXpand Insurance Guide (Insurance Guide) each of which forms part of the PDS.

2 These references are indicated by the information icon and you should consider the PDS in its entirety before making a decision to join eXpand information contained in this PDS is of a general nature only and does not take into account your individual objectives, financial situation or needs. You should consider seeking advice from a financial adviser before making a decision about eXpand Super. This Product is only available to persons receiving this PDS (electronically or otherwise) within Australia. IIML may refuse an application to join the Fund without providing reasons for the refusal. There may be words in this PDS and the guides you may not be familiar with. To help you understand these terms, we have defined them in the Key words explained section of the General Reference About eXpand Super eXpand Super can help you control and manage your retirement savings. Your super account can be used to accumulate contributions and other super savings from a variety of sources in a tax-effective way.

3 It also offers you competitive insurance options to protect your income and provide for your family or dependants if you unexpectedly get sick, injured or die. Being a member of eXpand Super gives you access to: A range of Australian and international fund managers. The majority of listed investments in the S&P/ASX 300 index, including a range of exchange traded funds plus other listed investments approved by the Trustee from time to time. The Managed Portfolio Service1 (MPS). Flexible standing instruction options. A selection of term deposits and fixed-term annuities (maturing investments) View your account details and generate reports via eXpand Online. Comprehensive insurance offering from multiple is our business, that s why we can help you make your retirement goals a is the IOOF group?The IOOF group consists of IOOF Holdings Ltd ABN 49 100 103 722 and is listed in the top 200 on the Australian Securities Exchange (ASX: IFL). IIML is part of the IOOF one of the largest financial services groups in Australia, with over 170 years experience in helping Australians secure their financial independence, the IOOF group provides services to more than 1,000,000 clients and has more than $202 billion in funds under management, advice and administration (as at 31 December 2020).

4 You can find more information about the IOOF group, director details, executive remuneration and other documents by visiting our website ( ). Product Disclosure Statement1 The Managed Portfolio Service is only available through financial advisers from approved dealer Super | Product Disclosure Statement2. How super worksSuper is a means of saving for retirement that is compulsory for most people. To encourage people to save for their retirement, the Federal Government provides a range of incentives for savings in super. This means super is taxed differently to other investments and there can be significant tax advantages with using super to save for retirement (see section 7 How super is taxed for more information).There are different types of contributions that can be made into super including: Compulsory employer contributions (super guarantee contributions ). Voluntary personal contributions . Concessional contributions (made with before-tax money, eg salary sacrifice contributions or tax- deductible personal contributions ).

5 Non-concessional contributions (made with after-tax money, eg spouse contributions or non- deductible personal contributions ). Government co- contributions . Downsizer contributions (made after age 65 from the proceeds of selling your home). , it s compulsory for employers to make contributions to super on behalf of their employees. Most employees have the right to choose which super fund the employer should pay those compulsory contributions into. If you have the right to choose your super fund, you can nominate your new eXpand Super account to receive compulsory employer contributions using the Choice of Fund form we provide or, you can nominate online with the Australian Taxation Office using your myGov account. There are some limitations on contributions to super: caps on the amount that can be contributed while retaining concessional tax treatment; limits on the age at which you can continue to make contributions ; and no additional non-concessional contributions are permitted if you have $ million or more in combined super and pension benefits.

6 Withdrawals of money from super are generally not allowed until you retire after reaching your preservation age (a pre-determined age based on your date of birth). In retirement your super can be taken either as a lump sum or an income stream or both. Although access to your super is restricted before retirement, you can withdraw voluntary contributions to help purchase your first home under the First Home Super Saver Scheme (FHSSS). Please refer to the General Reference Guide for further information about the You should read the important information about Everything you need to know about contributions and Accessing your super before making a decision. Refer to the General Reference Guide available on our website ( ). This material may change between the time when you read this PDS and the day you acquire the Benefits of investing with eXpand Super A true lifetime super solution: You can take your eXpand Super from job to job and through to retirement. Broad range of investment options: Providing access to approximately 400 managed investments, maturing investments, a majority of the listed investments on the S&P/ASX 300 and other listed investments approved by the Trustee from time to time.

7 Also available is the Managed Portfolio Service2 which is a managed discretionary account service providing professionally managed models. For further details about the investment options available please refer to the Investment Guide and the Investment Menu. Easy investment maintenance: Simple regular contribution (via Direct Debit and BPAY ), flexible investment instruction options and income distribution options. Comprehensive insurance options: You can select from Death Cover (including Terminal Illness), Death and Total & Permanent Disablement (TPD) Cover and Income Protection Cover in group and/or retail insurance options (subject to meeting eligibility requirements and underwriting). Cash Account: Records all transactions. A minimum of one per cent of your account balance is to be held in your Cash Account and can be increased to suit your needs. eXpand Online secure access: Access your account online, 24 hours a day, seven days a week with a single sign-on to access multiple accounts using the same email address.

8 Family Fee Aggregation: You can link multiple eXpand Super, eXpand Pension and eXpand Investment accounts (conditions apply) including your own and those of immediate family members, which may reduce the Administration Fee payable. Switchability: Allows you to move between eXpand Super and eXpand Pension without selling down your assets or realising capital gains tax. 4. Risks of superLike any investment, there are risks associated with investing your super. Different investment options carry different levels of risk depending on the assets that make up those options. Assets with the highest expected long-term returns may also carry the highest level of short-term risk. Other risks relevant to eXpand Super and super generally include: The value of investments will vary over time. Returns are not guaranteed, and past investment returns are not a reliable indicator of future performance. This means you may lose some of your money. In particular, if you leave eXpand Super, you may get back less than the amount you contributed because of low or negative investment returns, and the impact of fees, charges and taxes.

9 Super and/or taxation laws could change in the future, which may affect the value of your super and/or the ability to access your benefit. The amount of your future super savings (including contributions and returns) may not be enough to provide adequately for retirement. Everyone has a different attitude towards risk and return. It is important to link your investment style to your age, investment timeframe, risk tolerance and any other investments you may The Managed Portfolio Service is only available through financial advisers from approved dealer Super | Product Disclosure Statement3i You should read the important information about More about risks before making a decision. Refer to the General Reference Guide available on our website ( ). The material relating to More about risks may change between the time when you read this PDS and the day you acquire the Warning: When making a choice about the investment option(s) that best suits you, you should consider the likely investment returns and risks and your investment How we invest your money The range of investment options available through eXpand Super include: Approximately 400 externally managed investments from both large and boutique fund managers The majority of listed investments in the S&P/ASX 300 Index plus other listed investments approved by the Trustee from time to time Maturing investments including term deposits and fixed term You should read the Investment Guide and Investment Menu available on our website ( ) before making a decision.

10 The material may change between the time when you read this PDS and the day you acquire the below table provides a summary of the balanced investment option IOOF MultiSeries 70, which is available on the investment menu:IOOF MultiSeries 70 Typical investorThe Trust may be suitable for investors with an investment timeframe of approximately five to seven years; have a medium to high level of risk tolerance; who are seeking capital growth with some income through a well-diversified portfolio; and who are prepared to accept some short-term objectiveTo provide capital growth over the medium to long term by investing in a diversified portfolio of mostly growth and defensive assets and to achieve total returns after fees in excess of the benchmark over a rolling five-year strategyIOOF MultiSeries 70 gains its exposure to a diversified portfolio of investments through a mix of investment managers. The Trust provides a greater exposure to growth assets, such as property, Australian and international shares and alternative assets, with a moderate exposure to defensive assets, such as fixed interest and cash.