PROGRESSIVE - Account-based Pensions

PROGRESSIVE SUPERANNUATION FUND
ABN 21 871 924 959 SFN 110 630 941 R1056976

ACCOUNT-BASED PENSION PLAN

Jumps
Commutable Account-based Pensions
Transition to Retirement Pensions
Forms & Contact Details
Member Investment Choice
Performance

Efficiency
A low coverall management charge results from control and integration of investment, custodial and Member administration. The Fund's Trustee does not outsource these services.

Clear-Cut Investment Options
Member Investment Choice is straightforward, flexible and cost-free.

Consistency
Progressive Superannuation Fund has maintained consistent investment strategies since 1998 with highly superior returns for Members.

Please Note: The information presented here is not personal advice - it does not take account of your personal objectives, financial situation or needs. Before acting on this advice you should consider whether it is appropriate to your own situation. We recommend you also consider obtaining independent financial advice before making investment decisions.

Progressive's Account-based Pension Plan is open to eligible Australian Residents.

Commutable Account-based Pensions
Eligibility - If you have reached the "Preservation age" of 55 years and have retired or have reached 65 years of age, irrespective of whether working or not, you can establish a Commutable Account-based Pension (CAP)

For a CAP, there is an age-related minimum amount you are required to be paid each year but there is no maximum - you have access to the total account balance at all times.

The main features of a CAP are:
- Tax-free pension payments for people aged 60 or more.
- Tax-free lump sum withdrawals for people aged 60 or more.
- Reduced income tax rates for those who have retired but are less than 60.
- Flexible and regular income stream.

Transition to Retirement Pensions
Eligibility - Transition to Retirement Pensions are non-commutable account-based pensions designed for people who have reached their preservation age (currently 55) and want to access their superannuation benefits without retiring from the workforce.

Persons who establish a Transition to Retirement Pension can continue to contribute to their superannuation account including salary sacrifice whilst drawing on their TRP income stream.

For TRPs the Government prescribes both minimum and maximum amounts of annual pension, and lump sum withdrawals are not permitted except in certain circumstances.

However you are not locked in - you are able to transfer your funds back into a superannuation account.

The main features of a TRP are:
    - Access to your superannuation monies before you retire.
    - Income supplemented through regular pension payments.
    - Tax-free pension payments for people aged 60 or more.
    - Taxrebates for those who are less than 60 years.

To inform yourself fully about Progressive's Commutable Account-based Pensions and Transition to Retirement Pensions please read the Progressive Superannuation Fund Account-based Pension Plan Product Disclosure Statement

Progressive Account-based Pension Forms
Download and read Progressive's
Pension Plan PDS before filling in any forms.

Contact Progressive if you have any
queries or need assistance.

Transfer Authority

Contact Us
Mail:    Level 4 131 Clarence Street
           Sydney NSW 2000
Tel:     (02) 9299 5843
Fax:    (02) 9262 1064
e-Mail: super@progressive.com.au

Trustee
Progressive Pty Ltd (ABN 53 075 411 371 AFSL 235 191 RSE L0003100) is Trustee of the Fund and responsible for its management

Member Investment Choice
Member Investment Choice (MIC) is flexible and simple.
- Two distinct investment strategies
- You choose the mix
- No switching fees

Blend Income and Growth Investment Strategies
Members can choose - in 10% increments - blended options represented respectively
by Income and / or Growth investment strategies.

For example - Progressive's Balanced investment option is 30% Income / 70% Growth.

Progressive Supeannuation Fund's distinct and consistent Income and Growth investment strategies have produced highly superior returns to Members since 1998.

Refer to the Pension Plan PDS for detailed information on Progressive's investment strategies.

Please Note: These investment options are not capital guaranteed and are subject to their respective investment risks which are outlined in the Pension Plan PDS. This means that the value of an investment in them can rise or fall.

Switching of Investment Choice
Members can change Investment choice at any time except that investment choice in place at beginning of a month holds during that month.
When Members switch Investment Choice there is:
- No service charge.
- No Buy Sell spread cost.
- No change in fees or charges.

Income Investment Strategy
The Income investment strategy is a low risk or defensive strategy for stable income to provide high levels of both:
- Security against short-term investment risk; and
- Assurance of positive annual returns over any year.

To attain these objectives the Income portfolio holds assets that characteristically produce a steady income and historically have shown low investment risk and volatility.

Growth Investment Strategy
The Growth investment strategy is for significant growth over the medium to long term.
Investment is in listed Australian and International Equities and Property Trusts - direct or via collective investments.

A strong benchmark weighting in favour of the ASX 50 Leaders has been held since 1998.

Accordingly, the Growth strategy can be expected to experience short-term fluctuations in returns and have the significant possibility of negative returns in a given year.

Performance
Annualised Earning rates for 3 different Investment Options are
shown in the table below. These performances are consistent with the
objectives and investment strategies of the Fund.

OPTION	INCOME	BALANCED	GROWTH
Period	Earning rate	Earning rate	Earning rate
1-year to 31 July 2010	5.40%	7.18%	7.61%
3-years to 31 July 2010	6.24%	0.89%	-1.77%

Member earnings are the investment income less the coverall management

charge - there are no contributions fees deducted nor any other fees or charges

against Members' contributions or benefits balances.

Please note: Past performance is not a guarantee for future performance.

For further information download the Progressive Superannuation Fund Account-based Pension Plan Product Disclosure Statement

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