How we invest
your money
28 March 2025
The information in this document forms part of the following
Product Disclosure Statements (as supplemented from
time to time):
> UniSuper A ccumulation 1 Product Disclosure Statement
issued on 2 8 March 2025
> UniSuper D efined Benefit Division and Accumulation 2
Product Disclosure Statement i s sued on 28 March 2025
> UniSuper F lexi Pension Product Disclosure Statement
issued on 2 8 March 2025
> UniSuper Personal Account Product Disclosure Statement
issued on 2 8 March 2025
ABOUT THIS DOCUMENT Contents
This document has been prepared and issued by
UniSuper Limited. It contains detailed information
about how your Accumulation 1, Personal Account,
Defined Benefit Division, Accumulation 2 or Flexi 1
Introduction
Pension account is invested and the investment
options available to you. It should be read in
2
What are you aiming for and what are your needs?
conjunction with the Product Disclosure Statement
(PDS) and Target Market Determination (TMD) that
5
applies to your UniSuper membership category. How would you like to invest your super?
Information in this document may change from time
7
to time. If the changes are not materially adverse, Your investment options
you will find the updates, along with this document,
at unisuper.com.au/pds. You can also request a paper Making your investment choice 19
or electronic copy of updates without charge by calling
1800 331 685. 23
How we manage your investments
UniSuper, ABN 91 385 943 850, is referred to as
‘UniSuper’ or ‘the Fund’. UniSuper Limited, ABN 54 General investment risks information 30
006 027 121, AFSL No. 492806, is referred to as ‘USL’
or the ‘Trustee’, and holds MySuper Authorisation
Number 91385943850448. UniSuper Management
Pty Ltd, ABN 91 006 961 799, AFSL No. 235907, is
AWARD-WINNING FUND
referred to as ‘UniSuper Management’ or ‘USM’. USL
has delegated administration of UniSuper to USM, We’ve won a string of awards and high ratings for our
which is wholly owned by USL in its capacity as record of long-term investment performance, value
UniSuper’s trustee. UniSuper Advice is operated by and services from the country’s top ratings and
USM, which is licensed to deal in financial products research agencies and well-known publications.
and provide financial advice. UniSuper Advice financial Importantly, past performance isn’t an indicator of
advisers are employees of USM. They are remunerated future performance. Consider your personal
by way of a base salary and potential bonuses. circumstances, read the product disclosure statement
and target market determination and seek independent
This document assumes you’re an Australian resident
financial advice before investing. The rating is not a
for income tax purposes.
recommendation to purchase, sell or hold any product.
The information in this document is of a general nature For more information about our awards and ratings
only and does not take into account your individual go to unisuper.com.au/awards.
objectives, financial situation or needs. You should
consider the appropriateness of the information having
regard to your personal circumstances and consider
consulting a qualified financial adviser before making
an investment decision based on information
contained in this document. The value of your
investments can go up or down and investment returns
can be positive or negative. The Trustee does not
guarantee the performance of the Fund’s investment
options. To the extent that this document contains
any information which is inconsistent with the
UniSuper Trust Deed and Regulations (together, ‘the
Trust Deed’) the Trust Deed will prevail.
USM, Canstar, Rainmaker Information Pty Ltd and the
Responsible Investment Association Australasia
(RIAA) have consented to their logo and/or
Where relevant, the organisations included in this
statements being included in this document, in the
document have provided their consent to the materials
form and context in which they appear.
and statements attributed to them, in the form and
© UniSuper Limited 2025 context in which they appear and have not withdrawn
this consent as at the date of preparation.
Introduction
Your super is likely to be one of the biggest investments you’ll have during your lifetime.
It’s important to consider your options carefully, so you select the investment options that
best suit your needs.
Most UniSuper members get to choose from a range of
investment options*, giving you flexibility to set your own
Need advice?
investment strategy. Before choosing your investment
options, think about your circumstances, needs and your No matter where you are in your super journey,
if you need help when it comes to making your
risk appetite.
choice, we recommend speaking to a qualified
1. WHAT ARE YOU AIMING FOR AND WHAT ARE financial adviser. Our award-winning advice
YOUR NEEDS? team can help you with your financial decisions
Whether retirement is 40 weeks or 40 years away, start no matter your financial situation or stage of
life. For more information on your advice options
by thinking about your goals.
with UniSuper, visit unisuper.com.au/adviceor
2. HOW INVOLVED DO YOU WANT TO BE? call 1800 331 685.
Decide how involved you want to be in managing your
super. Are you happy to leave it to us (which means your
super will be invested in our default Balanced (MySuper)
investment option) or would you prefer to choose your
own diversified portfolio?
3. COMPARE INVESTMENT OPTIONS
Look at the objectives, investment strategy, risks and
potential ranges of returns of each investment option
What if I don’t make an investment
available at unisuper.com.au/investments/
choice?
our-investment-options. You can choose one or a
combination of options. If you don’t make an investment choice, your
super will be invested in our default Balanced
4. MAKE YOUR CHOICE (MySuper) investment option.
You can choose or switch your investment option(s) by: See ‘Your investment options’ section for more
switching online, or information.
making an Investment choice requestavailable at
PENSION AND DBD MEMBERS
unisuper.com.au/forms.
MySuper doesn’t apply to you. For information
Switches submitted online are processed quicker than
on the Balanced option applicable to you, see
paper-based switches. You should consider this before deciding
‘Your investment options’ section.
how and when to switch. Read more about this in section
‘Making your investment choice’.
* If you’re in the Defined Benefit Division (DBD), investment choice applies only to the accumulation component of your super. See unisuper.com.au/dbd
for more information.
What are you aiming for and
what are your needs?
You can decide how your super is invested—but how do you know which investment is right
for you? Here we look at some of the things you’ll need to consider.
What are you aiming for? How long do you have to save?
To choose the investment option(s) that best suits your When choosing your investment option(s) consider how
needs, you need to think about what your needs are: long you’ll have to invest (or your investment time frame),
When do you plan to retire? which might be until you retire or start transitioning
How far away is that day, and how long does it give you to retirement.
to save?
It’s also important to understand the relationship between
Do you plan to permanently retire from the workforce,
investment time frames and investment risk, which we
or remain employed on a part-time or casual basis?
cover in the next section.
How long could your retirement last?
The main risk when investing your super is that your
These are all important questions to ask when it comes to
savings will fall short of your income needs in retirement.
determining what you need your super to achieve, and
This is why it’s important to consider your investment time
which investments are most likely to help you reach that
frame when choosing your investment option(s).
goal.
As a general rule, investors with longer investment time
frames (for example, 15 years or more) may be able to
How much super will be enough?
tolerate the short-term ups and downs in financial markets
associated with assets like shares, and benefit from higher
One of the most important things to consider is how much or moderate long-term returns that these assets
super you’ll need—and that depends largely on the type of may provide.
lifestyle you want in retirement. Will you be happy enough
On the other hand, investors with shorter investment time
with a lifestyle that provides you with the basics? Or would
frames (for example, 10 years or less)—or who now depend
you prefer a more comfortable lifestyle that includes some
on their super savings to provide them with retirement
of life’s extras, such as eating out, going to the theatre, or
income—may have less capacity for their investments to
taking a regular holiday? Our online calculators can help
recover from significant fluctuations in value. They may
you find out if you’re on track.
be more comfortable with assets that are less likely to
Visit unisuper.com.au/calculator and start planning today.
fluctuate over shorter periods, like cash and fixed interest,
but which may deliver lower returns over the long term.
However, in order to maintain the real value of your
investment, the returns achieved by your chosen
investment option must at least equal or exceed the rate
of inflation over time.
How we invest your money 3
What are you aiming for and what are your needs?
How much investment risk are you
willing to take?
Did you know?
You can earn investment returns on top of your
Investment risk is the likelihood that money will be lost on
investment returns. This is called
an investment. Risk can come from a range of sources
‘compounding’—learn more about how it works
by visiting unisuper.com.au/investment-basics. depending on the type of investments held. For example,
changes in market, economic, social and political conditions
can all affect different investments in different ways,
causing them to go up or down in value. It’s important to
be aware that returns may not always be positive—just as
an investment’s value can go up, it can also go down.
Why is inflation important? When it comes to investing, risk and return are linked.
Inflation can potentially eat into your super Generally, the greater the potential returns that an
savings. That’s why it’s important to consider
investment may achieve, the greater the risk associated
investment strategies that have the potential to
with it. While it’s usually impossible to predict exactly how
grow above inflation over time, particularly if
‘risky’ an investment might be, or precisely what returns it
your super is going to stay invested for
will achieve, particular asset classes tend to have certain
many years.
risk and return characteristics.
2 $02 45 . 5 0 For example, shares are considered higher risk assets as
they tend to carry higher levels of investment risk, but they
also have the potential for higher returns over longer
time frames.
Cash investments on the other hand generally have lower
levels of risk, but also tend to produce lower overall returns.
To maintain the real value of your investment, the returns
2055 achieved by your chosen investment option must at least
$9.44 equal or exceed the rate of inflation over time.
You’ll find more about the asset classes we invest in, in the
Price in 2055 is estimated based on an annual
next section.
inflation rate of 2.5% for 30 years.
ASSET CLASS RISK AND RETURN CHARACTERISTICS
Shares and
Private Equity
Infrastructure
Property
Fixed Interest
Cash
hgiH
High
woL
Low
nruter
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Expected risk
This chart illustrates the relative position of the asset classes on the risk and return spectrum and is not indicative
of actual performance.
A diversified approach
Let’s compare
‘Diversification’ simply means investing across a mix of
assets, rather than investing all of your money in just one Our Pre-mixed Balanced option invests across
type. It draws on the fact that different types of investments a number of asset classes and has exposure to
over 2,000 entities. Our Global Companies in
tend to perform differently from one another at different
Asia Sector option, however, invests in a single
times. If one of the investments in your overall portfolio is
asset class and may have exposure to as few as
performing poorly, this poor performance may be offset
30 companies. As such, it is best suited to being
by the better performing investments in your portfolio.
combined with Pre-Mixed or other Sector
You can diversify by choosing investments across a broad options.
range of asset classes, for example shares, property, fixed
Find out more about our investment options in
interest and cash. Diversification can be achieved within the ‘Your investment options’ section of
a single asset class, for example by choosing a share this document.
portfolio comprising the shares of many different
companies rather than investing in just one or
two companies.
At UniSuper, our Pre-Mixed investment options are
already diversified across a range of asset classes.
Our Sector investment options are less diversified and may
be limited to a single asset class. They’re intended to be
combined with other investment options to build a
diversified portfolio.
If you choose to only invest in a single Sector option, you
may be exposed to more risk and may miss out on the
benefits of the balance between risk and return offered by
a Pre-Mixed option.
You’ll find more information on the Pre-Mixed and Sector
investment options in the ‘Your investment options’ section.
How would you like to invest
your super?
You can choose the Pre-Mixed investment options to match your needs and leave the rest
to us. If you prefer a more hands-on approach, you can build your own strategy using our
Sector options, or a combination of both.
What we offer Choosing your investment strategy
PRE-MIXED OPTIONS Asset classes are the building blocks of your investment
strategy. They generally group together similar types of
Select the mix that best suits you. These options combine
investments. Some options will invest in only one asset
different mixes of asset classes that we manage for you.
class, while others will include a mix.
Our investment managers select and manage the
investments within each asset class.
These options suit members who prefer us to manage a
diversified mix of investments on their behalf. You can
choose to invest in more than one Pre-Mixed option and What are asset classes?
combine our Pre-Mixed options with Sector options. An asset class is a specific category of assets or
investments. Each asset class tends to carry a
SECTOR OPTIONS different level of risk as well as a different level
of expected returns.
Build your own portfolio with these single sector options
and choose how much you want to invest in each.
Our investment managers select and manage the
investments within each asset class. These options suit
members who want to be more hands on and choose their
own asset allocation.
SUSTAINABLE AND ENVIRONMENTAL BRANDED
OPTIONS
We offer two pre-mixed sustainable branded investment
options and an environmental branded option.
These investment options have been certified by the
Responsible Investment Association of Australasia (RIAA).
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There are a wide range of asset classes that
build up your investment strategy
CASH INFRASTRUCTURE AND PROPERTY
PRIVATE EQUITY
Investments include money in bank We invest directly and indirectly via Investing in property can mean
deposits or in short-term money funds in unlisted infrastructure such different things to different people.
market securities. Cash provides as airports and toll roads. We also hold When we say we invest in property,
largely stable short-term returns and investments in private equity funds investments include investments in
has the lowest volatility of all asset (funds that invest in companies not land, real estate or real property
classes. Therefore, cash is generally listed on public share markets) and across the industrial, retail, office and
considered a stable investment. Cash direct investments in private equity alternative sectors. These investments
returns come largely from interest paid (investments in unlisted companies). can be direct or via entities known as
on the amount invested, as well as any We view investments in unlisted REITs. These entities often generate
increase (or decrease in the case of infrastructure and private equity as revenues through property related
negative returns) in the value of the investments in their own right. When activities such as rents and
underlying securities. assessing their potential as an development profits. REITs may be
investment opportunity, we consider listed or unlisted.
FIXED INTEREST (ALSO a range of factors. The likely returns
CALLED BONDS) from the investment is one important LISTED REITs (REAL
factor, because ultimately these are ESTATE INVESTMENT
the returns our members actually TRUSTS)
Includes loans to governments, private
receive. Other factors include their
companies, banks and other Listed REITs are also known as ‘listed
market positions, revenue profiles and
corporations that are issued as property trusts’ or ‘LPTs’. They’re
competitive landscape of the
securities, which pay regular interest entities which are publicly listed on
industries in which they operate, the
over a set term, hybrids, asset backed stock exchanges which generate
strength of their balance sheets,
securities and private credit. Returns income from various activities
capital management discipline, the
come from the interest paid on this associated with properties. Investing
quality of their boards, management
‘loan’, as well as any increase (or in a listed REIT is very different from
teams and assets, ESG considerations,
decrease in the case of negative investing in unlisted real estate or
and a range of other financial and
returns) in the value of the underlying property and the likely returns will be
non-financial metrics.
securities. very different. In addition to rental
Fixed interest returns are typically income and development profits, some
higher than cash and lower than shares listed REITs generate significant
over the long term. Returns can revenue from management or
fluctuate over the short term but are development fees which they charge
usually more stable than shares. their clients.
The investment returns from listed
SHARES REITs are different from, and are more
volatile than, returns from investing in
unlisted real estate. This is because
Includes part of a company that you listed share prices are affected by a
can buy and sell on a securities range of factors such as market
exchange and may include shares in sentiment and market conditions as
unlisted companies (for example well as the strength of their
private companies that are expected management teams, capital
to list publicly on a security exchange) management practices and diversity
and may also include listed real estate of income generating activities,
investment trusts (REITs) which we amongst other things.
view as investments in their own right.
Interest in these securities may be held
directly or via a pooled vehicle. You
can access large and small companies
across a range of industries in
Australia and overseas.
The glossary of terms on this page is provided as a guide only. The description of asset classes provides a summary of the types of assets that may be
held within each asset class but is not intended to restrict or constrain what assets (or specific securities) may or may not be held within each asset
class.
Your investment options
With a range of investment options in both our Pre-Mixed and Sector menus, you have
flexibility to set your strategy.
Our investment options are split into Pre-Mixed and Sector
options. You can choose any investment options from either
Find out more
or both of the investment menus (each nomination must
be in whole numbers), though our Sector options aren’t For more about our Sustainable Balanced,
designed to be used in isolation. Sustainable High Growth and Global
Environmental Opportunities options, see the
‘How we manage your investments’ section.
Our investment options
PRE-MIXED
Conservative
Conservative Balanced TOLERANCE RANGES
Balanced (MySuper)
As a general guide, we aim to ensure that actual allocations
Sustainable Balanced
for the majority of investment options don’t deviate from
Growth
the strategic allocations by more than +/- 20%.
High Growth
Specific ranges for all our options are detailed in the
Sustainable High Growth
‘Your investment options’ section. This applies to the
SECTOR amount that each option invests in each specific asset class.
Cash It allows for some variation in the strategic allocations and
Australian Bond accounts for both natural market movements and to
Australian Income accommodate its investment strategy.
Listed Property
We may restrict the strategic allocations to tighter bands
Australian Shares
within this range if necessary. These ranges may change.
International Shares
Global Environmental Opportunities We don’t use derivatives or other leveraged instruments
Australian Dividend Income in a way that may result in a particular asset allocation
Global Companies in Asia exceeding 100% or being below 0%.
Each of our investment options has a specific ‘strategic The Sector investment options may from time to time
asset allocation’, which outlines the option’s unique mix of include a small allocation to cash for portfolio management
asset classes. purposes. The Australian Dividend Income option
predominantly invests in Australian shares. Up to 30% of
If you tailor your strategy, you may need to increase or
the assets in this option can be invested in Australian
reduce the amount you invest in each investment option
income securities, such as credit and debt securities, hybrid
to bring it back in line with your selected investment
and Australian high yield credit instruments.
strategy from time to time. This is called ‘rebalancing’.
For more information on portfolio balancing, see the
‘Making your investment choice’ section.
UNISUPER'S INVESTMENT OPTION VOLATILITY
Growth
Australian Shares
Balanced International Shares
Balanced (MySuper) Australian Dividend Income
Sustainable Listed Global Companies in Asia
Balanced Property High Growth
Conservative Balanced Sustainable High Growth
Conservative
Australian Bond
Cash
hgiH
High
woL
Low
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Global Environmental
Opportunities
Australian Income
Expected risk
The strategic asset allocations are correct as at 28 March 2025 but may change during your UniSuper membership resulting
in different expected risk and return. In particular, the Trustee may alter the strategic asset allocation or the composition
of individual asset classes from time to time to suit prevailing market circumstances. Actual allocations will deviate from
their targets, but are monitored so they’re kept within the Trustee-approved tolerance range.
This chart refers to long-term volatility expectations. The risk profiles of these options may deviate relative to the chart
over the shorter term depending on current asset valuations and market movements.
VOLATILITY Changes to investment options
The graph above shows an approximation of our investment
options when comparing each option’s potential return and We make changes to our investment options from time to
its expected volatility risk over the long term—in other time. For example, we may add or remove an investment
words, the potential for returns to fluctuate. option or make changes to its strategic asset allocation or
to the underlying investments of the option. We’ll let you
RISK VERSUS RETURN
know about any materially adverse changes, including if
In this section we’ve classified each investment option any investment options are to be discontinued.
using a different measure of risk to the Standard APRA Other changes to our investment objectives and strategic
Risk Measure which measures the number of years in a asset allocations will be published on our website.
20-year period that returns are expected to be negative
(ignoring how large or small any investment gains or losses
might be). This is why the graph above may show different Find out more
risk ratings to the ratings shown later in this section.
Visit unisuper.com.au/investments for more
information about our investment option's risk
and return profiles.
How we invest your money 9
Your investment options
Pre-Mixed or Sector, what's right for you?
PRE-MIXED INVESTMENT MENU SECTOR INVESTMENT MENU
What options A range of diversified investment options, A range of mainly single asset class options designed
are available? each with its own return objectives and its to be blended with other single asset class options or
own blend of assets. combined with Pre-Mixed options to create your own
unique asset mix.
Who is it If you are seeking an option that aligns to If you’re a more hands-on investor who has experience
designed for? your risk level which invests across a range in selecting and monitoring your investments, you may
of asset classes, you may be interested in our be interested in our Sector investment menu. Note that
pre-mixed investment menu. We do the work no individual single asset class investment option is
for you by allocating funds across asset designed to make up 100% of your account. Instead,
classes. they’re intended to be used in combination with other
single asset class or Pre-Mixed options, or to
complement a broader existing investment portfolio.
What would I When choosing a Pre-Mixed option, simply You define how you want your money invested by
have to do? select the investment option(s) that best selecting your own mix from our range of Sector and
match your investment time horizon, your Pre-Mixed options. Apart from determining your own
level of comfort with investment risk, and the unique asset mix, you’ll also need to monitor and
goals you set for your super and retirement rebalance your portfolio as necessary to ensure it
savings. remains in line with the investment strategy you’ve set.
More information on portfolio rebalancing is available
in the ‘Making your investment choice’ section.
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PRE-MIXED INVESTMENT OPTIONS
Conservative Conservative Balanced
PERFORMANCE OBJECTIVE1 PERFORMANCE OBJECTIVE1
To achieve returns (after taxes and investment expenses, before To achieve returns (after taxes and investment expenses, before
deducting account-based fees) that are at least 1.0% p.a. more than deducting account-based fees) that are at least 2.0% p.a. more than
inflation (CPI) over the suggested time frame. inflation (CPI) over the suggested time frame.
MEMBER SUITABILITY MEMBER SUITABILITY
Suits members who want exposure to a range of asset classes and are Suits members who want exposure to a range of asset classes and are
less comfortable with large fluctuations in the value of their investments. less comfortable with large fluctuations in the value of their investments.
SUGGESTED INVESTMENT TIMEFRAME SUGGESTED INVESTMENT TIMEFRAME
Minimum of five years Minimum of five years
INVESTMENT STRATEGY INVESTMENT STRATEGY
To invest in a diversified portfolio of mainly assets like fixed interest To invest in a diversified portfolio of assets like fixed interest and cash,
and cash, and some assets like shares, property, infrastructure and shares, property, infrastructure and private equity.
private equity.
STRATEGIC ASSET ALLOCATION (%)2
STRATEGIC ASSET ALLOCATION (%)2
Australian Shares 20 (0-40)
Australian Shares 10 (0-30)
International Shares 23 (3-43)
International Shares 13(0-33)
Property 7 (0-27)
Property 7 (0-27)
Infrastructure & Private Equity 7 (0-27)
Infrastructure & Private Equity 7 (0-27)
Cash & Fixed Interest 43 (23-63)
Cash & Fixed Interest 63 (43-83)
EXPECTED FREQUENCY OF NEGATIVE ANNUAL RETURN
EXPECTED FREQUENCY OF NEGATIVE ANNUAL RETURN
Three to less than four in 20 years
Two to less than three in 20 years
SUMMARY RISK LEVEL
SUMMARY RISK LEVEL
Medium to high
Medium
1 Performance objectives are not promises or predictions of any particular rate of return.
2 Each of the asset classes may include cash balances for portfolio management purposes. The Australian shares asset class may include interests in
pooled vehicles which may take both long and short positions/investments. Strategic asset allocations are long term targets. Actual allocations will
vary from their strategic allocations, but are monitored so that they are kept within a ‘tolerance range’ approved by the Trustee (refer to the ‘Your
investment options’ section for details). The strategic asset allocation is correct as at 28 March 2025 but may change throughout your UniSuper
membership. In particular the Trustee may alter the strategic asset allocation or the composition of individual asset classes from time to time to suit
prevailing market circumstances. Some portion of the allocation to international investments may be hedged against currency movements. Different
currencies may be hedged to different extents or possibly not at all. Negative returns may occur more or less regularly than expected. Updated strategic
asset allocations and significant changes will be published on our website at unisuper.com.au/investments and in the updated latest version of this
document atunisuper.com.au/pds.
How we invest your money 11
Your investment options
PRE-MIXED INVESTMENT OPTIONS
Balanced Sustainable Balanced
PERFORMANCE OBJECTIVE1 PERFORMANCE OBJECTIVE1
To achieve returns (after taxes and investment expenses, before To achieve returns (after taxes and investment expenses, before
deducting account-based fees) that are at least 3.0% p.a. more than deducting account-based fees) that are at least 3.0% p.a. more than
inflation (CPI) over the suggested time frame. inflation (CPI) over the suggested time frame.
MEMBER SUITABILITY MEMBER SUITABILITY
Suits members who want exposure to a range of mainly higher risk asset Suits members who:
classes and are comfortable with the value of their investments want exposure to a range of higher risk asset classes
fluctuating. are comfortable with the value of their investments fluctuating and
are comfortable with greater volatility because of sustainable screens2
SUGGESTED INVESTMENT TIMEFRAME
are comfortable with the explanation of listed property exposures on
Minimum of ten years page 6 and the returns being different from (and more volatile than)
returns from owning real property.
INVESTMENT STRATEGY
SUGGESTED INVESTMENT TIMEFRAME
To invest in a diversified portfolio of mainly higher risk assets such as
Australian and international shares, property, infrastructure and private Minimum of six years
equity, with some fixed interest and cash investments.
INVESTMENT STRATEGY
STRATEGIC ASSET ALLOCATION (%)3
To invest in a diversified portfolio of Australian and international shares
that are selected on the basis of sustainable investment criteria (and
the application of some negative screens and/or positive attributes),
together with Australian listed property, fixed interest, infrastructure,
private equity and cash assets. Refer to the ‘How we manage your
investments’ section for more information.
STRATEGIC ASSET ALLOCATION (%)3
Australian Shares 28 (8-48)
International Shares 33 (13-53)
Property 4 (0-24)
Infrastructure & Private Equity 11 (0-31)
Cash & Fixed Interest 24 (4-44) Australian Shares 27 (7-47)
International Shares 39 (19-59)
EXPECTED FREQUENCY OF NEGATIVE ANNUAL RETURN
Three to less than four in 20 years Property 0 (0-20)
SUMMARY RISK LEVEL Infrastructure & Private Equity 10 (0-30)
Medium to high Cash & Fixed Interest 24 (4-44)
EXPECTED FREQUENCY OF NEGATIVE ANNUAL RETURN
Four to less than six in 20 years
SUMMARY RISK LEVEL
High
1 Performance objectives are not promises or predictions of any particular rate of return.
2 Read the ‘How we manage your investments’ section and our website to find out what sustainable and environmental investing means to us and what
our investment options can invest in. Different products have different approaches.
3 Each of the asset classes may include cash balances for portfolio management purposes. The Australian shares asset class may include interests in
pooled vehicles which may take both long and short positions/investments. Strategic asset allocations are long term targets. Actual allocations will
vary from their strategic allocations, but are monitored so that they are kept within a ‘tolerance range’ approved by the Trustee (refer to the ‘Your
investment options’ section for details). The strategic asset allocation is correct as at 28 March 2025 but may change throughout your UniSuper
membership. In particular the Trustee may alter the strategic asset allocation or the composition of individual asset classes from time to time to suit
prevailing market circumstances. Some portion of the allocation to international investments may be hedged against currency movements. Different
currencies may be hedged to different extents or possibly not at all. Negative returns may occur more or less regularly than expected. Updated strategic
asset allocations and significant changes will be published on our website at unisuper.com.au/investments and in the updated latest version of this
document atunisuper.com.au/pds.
12 1800 331 685
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PRE-MIXED INVESTMENT OPTIONS
Growth High Growth
PERFORMANCE OBJECTIVE1 PERFORMANCE OBJECTIVE1
To achieve returns (after taxes and investment expenses, before To achieve returns (after taxes and investment expenses, before
deducting account-based fees) that are at least 3.5% p.a. more than deducting account-based fees) that are at least 4.0% p.a. more than
inflation (CPI) over the suggested time frame. inflation (CPI) over the suggested time frame.
MEMBER SUITABILITY MEMBER SUITABILITY
Suits members who want exposure to a range of mainly higher risk asset Suits members who want exposure to a range of higher risk asset classes
classes and are comfortable with the value of their investments and are comfortable with the value of their investments fluctuating.
fluctuating.
SUGGESTED INVESTMENT TIMEFRAME
SUGGESTED INVESTMENT TIMEFRAME
Minimum of seven years
Minimum of seven years
INVESTMENT STRATEGY
INVESTMENT STRATEGY
To invest in a diversified portfolio of mainly higher risk assets such as
To invest in a diversified portfolio of mainly higher risk assets such as Australian and international shares, property, infrastructure and private
Australian and international shares, property, infrastructure and private equity, with some fixed interest and cash investments.
equity, with some fixed interest and cash investments.
STRATEGIC ASSET ALLOCATION (%)2
STRATEGIC ASSET ALLOCATION (%)2
Australian Shares 43 (23-63)
Australian Shares 33 (13-53)
International Shares 49 (29-69)
International Shares 40 (20-60)
Property 3 (0-23)
Property 5 (0-25)
Infrastructure & Private Equity 5 (0-25)
Infrastructure & Private Equity 9 (0-29)
Cash & Fixed Interest 0(0-20)
Cash & Fixed Interest 13 (0-33)
EXPECTED FREQUENCY OF NEGATIVE ANNUAL RETURN
EXPECTED FREQUENCY OF NEGATIVE ANNUAL RETURN
Four to less than six in 20 years
Four to less than six in 20 years
SUMMARY RISK LEVEL
SUMMARY RISK LEVEL
High
High
1 Performance objectives are not promises or predictions of any particular rate of return.
2 Each of the asset classes may include cash balances for portfolio management purposes. The Australian shares asset class may include interests in
pooled vehicles which may take both long and short positions/investments. Strategic asset allocations are long term targets. Actual allocations will
vary from their strategic allocations, but are monitored so that they are kept within a ‘tolerance range’ approved by the Trustee (refer to the ‘Your
investment options’ section for details). The strategic asset allocation is correct as at 28 March 2025 but may change throughout your UniSuper
membership. In particular the Trustee may alter the strategic asset allocation or the composition of individual asset classes from time to time to suit
prevailing market circumstances. Some portion of the allocation to international investments may be hedged against currency movements. Different
currencies may be hedged to different extents or possibly not at all. Negative returns may occur more or less regularly than expected. Updated strategic
asset allocations and significant changes will be published on our website at unisuper.com.au/investments and in the updated latest version of this
document atunisuper.com.au/pds.
How we invest your money 13
Your investment options
PRE-MIXED INVESTMENT OPTIONS SECTOR INVESTMENT OPTIONS
Sustainable High Growth Cash
PERFORMANCE OBJECTIVE1 PERFORMANCE OBJECTIVE1
To achieve returns (after taxes and investment expenses, before To achieve the RBA cash rate2 as adjusted for applicable fees and taxes
deducting account-based fees) that are at least 4.0% p.a. more than over the suggested time frame.
inflation (CPI) over the suggested time frame.
MEMBER SUITABILITY
MEMBER SUITABILITY
Suits members who want to invest in a specific asset class and are less
Suits members who: comfortable with large fluctuations in the value of their investments.
want exposure to a range of higher risk asset classes
are comfortable with the value of their investments fluctuating and SUGGESTED INVESTMENT TIMEFRAME
are comfortable with greater volatility because of sustainable screens3 Minimum of one year4
are comfortable with the explanation of listed property exposures on
page 6 and the returns being different from (and more volatile than) INVESTMENT STRATEGY
returns from owning real property.
To invest in a diversified portfolio of cash and money-market securities,
SUGGESTED INVESTMENT TIMEFRAME including (but not limited to) at-call and term bank deposits, bank bills,
negotiable certificates of deposit, notice accounts and other short-term
Minimum of seven years fixed income securities out to a maximum maturity of around one year.
However, from December 2021, where your funds are invested in this
INVESTMENT STRATEGY
option, they will be placed in a deposit product with National Australia
To invest in a diversified portfolio of securities (including but not limited Bank Limited ABN 12 004 044 937 AFSL 230686 pursuant to an
to securities comprising Australian and international shares) selected arrangement UniSuper has with National Australia Bank Limited. This
on the basis of sustainable investment criteria (and the application of option is not a deposit by you in a bank account and your balance is not
some negative screens and/or positive attributes), together with guaranteed under the Australian Government bank deposit guarantee
Australian listed property, infrastructure and private equity, property scheme.
with some fixed interest and cash investments. Refer to the ‘How we STRATEGIC ASSET ALLOCATION (%)5
manage your investments’ section for more information.
STRATEGIC ASSET ALLOCATION (%)5
Cash 100
Australian Shares 38 (18-58)
EXPECTED FREQUENCY OF NEGATIVE ANNUAL RETURN
International Shares 56 (36-76)
0.5 to less than one year in 20 years
Property 0 (0-20)
SUMMARY RISK LEVEL
Infrastructure & Private Equity 6 (0-26)
Low
Cash & Fixed Interest 0(0-20)
EXPECTED FREQUENCY OF NEGATIVE ANNUAL RETURN
Four to less than six in 20 years
SUMMARY RISK LEVEL
High
1 Performance objectives are not promises or predictions of any particular rate of return.
2 The RBA cash rate is the interest rate on unsecured overnight loans between banks. The overnight (interbank) cash rate can differ from the RBA’s
cash rate target.
3 Read the ‘How we manage your investments’ section and our website to find out what sustainable and environmental investing means to us and what
our investment options can invest in. Different products have different approaches.
4 Depending on circumstances, this investment option may also be suitable for a suggested timeframe of less than one year.
5 Each of the asset classes may include cash balances for portfolio management purposes. The Australian shares asset class may include interests in
pooled vehicles which may take both long and short positions/investments. Strategic asset allocations are long term targets. Actual allocations will
vary from their strategic allocations, but are monitored so that they are kept within a ‘tolerance range’ approved by the Trustee (refer to the ‘Your
investment options’ section for details). The strategic asset allocation is correct as at 28 March 2025 but may change throughout your UniSuper
membership. In particular the Trustee may alter the strategic asset allocation or the composition of individual asset classes from time to time to suit
prevailing market circumstances. Some portion of the allocation to international investments may be hedged against currency movements. Different
currencies may be hedged to different extents or possibly not at all. Negative returns may occur more or less regularly than expected. Updated strategic
asset allocations and significant changes will be published on our website at unisuper.com.au/investments and in the updated latest version of this
document atunisuper.com.au/pds.
14 1800 331 685
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SECTOR INVESTMENT OPTIONS
Australian Bond Australian Income
PERFORMANCE OBJECTIVE1 PERFORMANCE OBJECTIVE1
To achieve returns that match the relevant bond index as adjusted for To achieve returns that exceed the RBA cash3 rate by 1.0% p.a. as
applicable fees and taxes over the suggested time frame. adjusted for applicable fees and taxes over the suggested time frame.
MEMBER SUITABILITY MEMBER SUITABILITY
Suits members who want to invest in a specific asset class and are less Suits members who want to invest in a specific asset class and are less
comfortable with large fluctuations in the value of their investments. comfortable with large fluctuations in the value of their investments.
SUGGESTED INVESTMENT TIMEFRAME SUGGESTED INVESTMENT TIMEFRAME
Minimum of five years Minimum of four years
INVESTMENT STRATEGY INVESTMENT STRATEGY
To predominantly invest in securities (including but not limited to To invest in a range of Australian fixed interest instruments including
securities issued or guaranteed by the Australian (Federal and State) but not limited to fixed and floating corporate and government bonds,
governments) and cash. hybrids, residential mortgage backed securities, private credit and cash.
The Option will have a 20% limit to Private Credit. From time to time
STRATEGIC ASSET ALLOCATION (%)2 and subject to market conditions, the Trustee may also add a modest
allocation towards global fixed interest instruments. Although unlikely,
equity holdings may also arise in the event of a default, restructure or
conversion of an existing credit security.
STRATEGIC ASSET ALLOCATION (%)2
Australian Bonds 100
EXPECTED FREQUENCY OF NEGATIVE ANNUAL RETURN
Three to less than four in 20 years
Australian Fixed Interest 100 (90-100)
SUMMARY RISK LEVEL
Global Fixed Interest4 0 (0-10)
Medium to high
EXPECTED FREQUENCY OF NEGATIVE ANNUAL RETURN
Three to less than four in 20 years
SUMMARY RISK LEVEL
Medium to high
1 Performance objectives are not promises or predictions of any particular rate of return.
2 Each of the asset classes may include cash balances for portfolio management purposes. The Australian shares asset class may include interests in
pooled vehicles which may take both long and short positions/investments. Strategic asset allocations are long term targets. Actual allocations will
vary from their strategic allocations, but are monitored so that they are kept within a ‘tolerance range’ approved by the Trustee (refer to the ‘Your
investment options’ section for details). The strategic asset allocation is correct as at 28 March 2025 but may change throughout your UniSuper
membership. In particular the Trustee may alter the strategic asset allocation or the composition of individual asset classes from time to time to suit
prevailing market circumstances. Some portion of the allocation to international investments may be hedged against currency movements. Different
currencies may be hedged to different extents or possibly not at all. Negative returns may occur more or less regularly than expected. Updated strategic
asset allocations and significant changes will be published on our website at unisuper.com.au/investments and in the updated latest version of this
document atunisuper.com.au/pds.
3 The RBA cash rate is the interest rate on unsecured overnight loans between banks. The overnight (interbank) cash rate can differ from the RBA's
cash rate target.
4 Any foreign investments are currency hedged.
How we invest your money 15
Your investment options
SECTOR INVESTMENT OPTIONS
Listed Property1 Australian Shares
This is a listed REITs option
PERFORMANCE OBJECTIVE2 PERFORMANCE OBJECTIVE2
To achieve returns (after taxes and investment expenses, before To achieve returns (after taxes and investment expenses, before
deducting account-based fees) that are at least 3.0% p.a. more than deducting account-based fees) that are at least 4.0% p.a. more than
inflation (CPI) over the suggested time frame. inflation (CPI) over the suggested time frame.
MEMBER SUITABILITY MEMBER SUITABILITY
Suits members who: Suits members who want to invest in a specific asset class and are
want to invest in a specific asset class comfortable with the value of their investments fluctuating.
are comfortable with the value of their investments fluctuating
SUGGESTED INVESTMENT TIMEFRAME
are comfortable with the explanation of listed property exposures on
page 6 and that returns will reflect changes in security prices on listed Minimum of seven years
markets which will be different from (and more volatile than) returns
from owning real property. INVESTMENT STRATEGY
SUGGESTED INVESTMENT TIMEFRAME To invest in a diversified portfolio of securities, including but not limited
to, Australian shares.3
Minimum of six years
STRATEGIC ASSET ALLOCATION (%)4
INVESTMENT STRATEGY
To invest in a diversified portfolio of securities, including but not limited
to, listed property securities.
STRATEGIC ASSET ALLOCATION (%)4
Australian Shares 100
EXPECTED FREQUENCY OF NEGATIVE ANNUAL RETURN
Four to less than six in 20 years
Australian Listed Property (REITs) 50 (30-70)
SUMMARY RISK LEVEL
International Listed Property (REITs) 50 (30-70)
High
EXPECTED FREQUENCY OF NEGATIVE ANNUAL RETURN
Four to less than six in 20 years
SUMMARY RISK LEVEL
High
1 This option is not intended for people who are seeking returns from investing in real property. Investing in a listed REIT is very different from investing
in real estate or real property. Listed REITs can generate income from management fees or development fees as well as rental income and there are a
range of factors which can influence share prices including market sentiment and macroeconomic conditions, amongst other things. The likely returns
from listed REITs will be very different and more volatile than returns experienced from unlisted real property and real estate investments. Read more
about REITs (real estate investment trusts) on page 6.
2 Performance objectives are not promises or predictions of any particular rate of return.
3 From time to time this option may hold non-Australian exposures.
4 Each of the asset classes may include cash balances for portfolio management purposes. The Australian shares asset class may include interests in
pooled vehicles which may take both long and short positions/investments. Strategic asset allocations are long term targets. Actual allocations will
vary from their strategic allocations, but are monitored so that they are kept within a ‘tolerance range’ approved by the Trustee (refer to the ‘Your
investment options’ section for details). The strategic asset allocation is correct as at 28 March 2025 but may change throughout your UniSuper
membership. In particular the Trustee may alter the strategic asset allocation or the composition of individual asset classes from time to time to suit
prevailing market circumstances. Some portion of the allocation to international investments may be hedged against currency movements. Different
currencies may be hedged to different extents or possibly not at all. Negative returns may occur more or less regularly than expected. Updated strategic
asset allocations and significant changes will be published on our website at unisuper.com.au/investments and in the updated latest version of this
document atunisuper.com.au/pds.
16 1800 331 685
UNISUPER.COM.AU
SECTOR INVESTMENT OPTIONS
International Shares Global Environmental
Opportunities
PERFORMANCE OBJECTIVE1 PERFORMANCE OBJECTIVE1
To achieve returns (after taxes and investment expenses, before To achieve returns (after taxes and investment expenses, before
deducting account-based fees) that are at least 4.0% p.a. more than deducting account-based fees) that are at least 4.0% p.a. more than
inflation (CPI) over the suggested time frame. inflation (CPI) over the suggested time frame.
MEMBER SUITABILITY MEMBER SUITABILITY
Suits members who want to invest in a specific asset class and are Suits members who want to invest in a specific asset class and are
comfortable with the value of their investments fluctuating. comfortable with the value of their investments fluctuating.
SUGGESTED INVESTMENT TIMEFRAME SUGGESTED INVESTMENT TIMEFRAME
Minimum of seven years Minimum of ten years
INVESTMENT STRATEGY INVESTMENT STRATEGY
To invest in a diversified portfolio of global shares and securities, which To invest in a diversified portfolio of assets, including but not limited to,
may include up to 10% in Australian shares. international and some Australian securities, and infrastructure and
private equity assets (which may include development assets), selected
STRATEGIC ASSET ALLOCATION (%)2 on the basis of environmental considerations and the application of
some negative screens. Refer to the ‘How we manage your investments’
section of thisdocument for more information.
STRATEGIC ASSET ALLOCATION (%)2
International Shares 100 (90-100)
Australian Shares 0 (0-10)
International Shares 95 (75-100)
EXPECTED FREQUENCY OF NEGATIVE ANNUAL RETURN
Infrastructure & Private Equity 5 (0-25)
Four to less than six in 20 years
EXPECTED FREQUENCY OF NEGATIVE ANNUAL RETURN
SUMMARY RISK LEVEL
Six or greater in 20 years
High
SUMMARY RISK LEVEL
Very high
1 Performance objectives are not promises or predictions of any particular rate of return.
2 Each of the asset classes may include cash balances for portfolio management purposes. The Australian shares asset class may include interests in
pooled vehicles which may take both long and short positions/investments. Strategic asset allocations are long term targets. Actual allocations will
vary from their strategic allocations, but are monitored so that they are kept within a ‘tolerance range’ approved by the Trustee (refer to the ‘Your
investment options’ section for details). The strategic asset allocation is correct as at 28 March 2025 but may change throughout your UniSuper
membership. In particular the Trustee may alter the strategic asset allocation or the composition of individual asset classes from time to time to suit
prevailing market circumstances. Some portion of the allocation to international investments may be hedged against currency movements. Different
currencies may be hedged to different extents or possibly not at all. Negative returns may occur more or less regularly than expected. Updated strategic
asset allocations and significant changes will be published on our website at unisuper.com.au/investments and in the updated latest version of this
document atunisuper.com.au/pds.
How we invest your money 17
Your investment options
SECTOR INVESTMENT OPTIONS
Australian Dividend Income Global Companies in Asia
PERFORMANCE OBJECTIVE1 PERFORMANCE OBJECTIVE1
To achieve a gross yield at least equal to the dividend yield of the To achieve returns (after taxes and investment expenses, before
Australian equity market, and provide potential for capital growth over deducting account-based fees) that are at least 4.0% p.a. more than
the suggested time frame. inflation (CPI) over the suggested time frame.
MEMBER SUITABILITY MEMBER SUITABILITY
Suits members who want to invest in a specific asset class and are Suits members who want to invest in a specific asset class and are
comfortable with the value of their investments fluctuating. comfortable with the value of their investments fluctuating.
SUGGESTED INVESTMENT TIMEFRAME SUGGESTED INVESTMENT TIMEFRAME
Minimum of seven years Minimum of seven years
INVESTMENT STRATEGY INVESTMENT STRATEGY
To invest in a portfolio of securities, including but not limited to, To invest in a portfolio of global securities (including but not limited to
Australian shares and up to 30% in income securities (i.e. not ordinary international shares) which may include Australian shares and securities
shares, such as debt securities), that are expected to be high yielding.2 that seeks to take advantage of the expected growth in emerging Asian
economies by investing in well-established global companies.
STRATEGIC ASSET ALLOCATION (%)3
STRATEGIC ASSET ALLOCATION (%)3
Australian Shares2 1004 (70-100)
International Shares 100
Income Securities 0 (0-30)
EXPECTED FREQUENCY OF NEGATIVE ANNUAL RETURN
EXPECTED FREQUENCY OF NEGATIVE ANNUAL RETURN
Four to less than six in 20 years
Four to less than six in 20 years
SUMMARY RISK LEVEL
SUMMARY RISK LEVEL
High
High
1 Performance objectives are not promises or predictions of any particular rate of return.
2 From time to time, this option may hold non-Australian exposures.
3 Each of the asset classes may include cash balances for portfolio management purposes. The Australian shares asset class may include interests in
pooled vehicles which may take both long and short positions/investments. Strategic asset allocations are long term targets. Actual allocations will
vary from their strategic allocations, but are monitored so that they are kept within a ‘tolerance range’ approved by the Trustee (refer to the ‘Your
investment options’ section for details). The strategic asset allocation is correct as at 28 March 2025 but may change throughout your UniSuper
membership. In particular the Trustee may alter the strategic asset allocation or the composition of individual asset classes from time to time to suit
prevailing market circumstances. Some portion of the allocation to international investments may be hedged against currency movements. Different
currencies may be hedged to different extents or possibly not at all. Negative returns may occur more or less regularly than expected. Updated strategic
asset allocations and significant changes will be published on our website at unisuper.com.au/investments and in the updated latest version of this
document atunisuper.com.au/pds.
4 This option predominantly invests in Australian shares. Up to 30% of the assets in this option can be invested in Australian income securities, such
as credit and debt securities, hybrid and Australian high yield credit instruments.
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MYSUPER – ACCUMULATION MEMBERS ONLY
UniSuper is authorised to offer ‘MySuper’. Employees who Balanced (MySuper)
don’t have a super fund, or have never made an investment
choice, will usually have their employer contributions made
PERFORMANCE OBJECTIVE1
to a MySuper. It’s designed to protect members by ensuring
CPI + 4% p.a. over 10 years (after fees, costs and taxes) for a member
funds that offer MySuper products meet certain rules
who has a constant $50,000 balance and who does not incur any
regarding their investment strategies, fees and activity-based fees.
insurance cover. MEMBER SUITABILITY
UniSuper has selected its Balanced option to be its Suits members who want exposure to a range of asset classes and are
comfortable with the value of their investments fluctuating.
MySuper investment strategy.
SUGGESTED INVESTMENT TIMEFRAME
DBD and Pension members can’t become part of MySuper.
Ten years
You can view our MySuper dashboard including MySuper
INVESTMENT STRATEGY
investment returns at
To invest in a diversified portfolio of mainly higher risk assets such as
unisuper.com.au/mysuper/mysuper-dashboard.
Australian and international shares, property, infrastructure and private
equity, with some fixed interest and cash investments.
STRATEGIC ASSET ALLOCATION (%)2
Pension and DBD members
MySuper doesn’t apply to you. For information
on the Balanced option applicable to you,
see page 11.
Australian Shares 28 (8-48)
HOW THE RETURN TARGET IS CALCULATED International Shares 33 (13-53)
Return targets aren’t guaranteed. Negative returns may Property 4 (0-24)
occur more or less often than expected. Infrastructure & Private Equity 11 (0-31)
The return target for the Balanced (MySuper) option has Cash & Fixed Interest 24 (4-44)
been calculated in accordance with MySuper requirements.
EXPECTED FREQUENCY OF NEGATIVE ANNUAL RETURN
It is the average of the expected returns, based on long-run
Three to less than four in 20 years
return assumptions.
SUMMARY RISK LEVEL
The investment strategies for the Balanced (MySuper)
Medium to high
option and the Balanced option described earlier in this
section are the same. However, the return target for the
Balanced (MySuper) option is higher than the return target
for the Balanced option because the Balanced (MySuper)
option objective is less conservative, and we have a lower
degree of confidence in achieving it.
This doesn’t mean that we are aiming for the Balanced
(MySuper) option to have higher returns or that it has a
riskier investment strategy.
1 Return targets are not promises or predictions of any particular rate of return.
2 Each of the asset classes may include cash balances for portfolio management purposes. The Australian shares asset class may include interests in
pooled vehicles which may take both long and short positions/investments. Strategic asset allocations are long term targets. Actual allocations will
vary from their strategic allocations, but are monitored so that they are kept within a ‘tolerance range’ approved by the Trustee (refer to the ‘Your
investment options’ section for details). The strategic asset allocation is correct as at 28 March 2025 but may change throughout your UniSuper
membership. In particular the Trustee may alter the strategic asset allocation or the composition of individual asset classes from time to time to suit
prevailing market circumstances. Some portion of the allocation to international investments may be hedged against currency movements. Different
currencies may be hedged to different extents or possibly not at all. Negative returns may occur more or less regularly than expected. Updated strategic
asset allocations and significant changes will be published on our website at unisuper.com.au/investments and in the updated latest version of this
document atunisuper.com.au/pds.
Making your
investment choice
It’s important to keep track of and manage your investments. There are a number of ways to
monitor the progress of your investments and adjust your portfolio if you need to.
You can choose an investment strategy for your rollovers, future contributions and existing
account balance.
Future contributions strategy Investment switching
You can choose the way contributions to your account are You can change investment options for your existing
invested from a range of investment options.* This is known account balance—this is called an investment switch.*
as your future contributions strategy. You can change this An investment switch doesn’t change the way your future
strategy at any time but it won’t affect the way your existing contributions and rollovers are invested, so you need to
account balance is invested. No fee applies if you change also consider updating your future contributions strategy
your future contributions strategy. If you haven’t nominated and rollover strategy when you make an investment switch,
a future contributions strategy at the time we receive your unless you’re in a pension product.
contribution, then your contribution will be invested in our
Investment switching allows you to respond to significant
default Balanced (MySuper) investment option.
changes in your personal financial circumstances by
You can change your future contributions strategy at any altering your investment choice to suit your needs.
time through your online account or by making You can switch your investment option(s) at any time
an Investment choice request at through your online account or by making an Investment
unisuper.com.au/forms. Changes made through your choice request atunisuper.com.au/forms. We do not
online account are effective immediately. charge a fee for investment switching.
Investment switches take up to three Melbourne business
Rollover strategy days to be processed and become effective—contributions
and rollovers received after your request is made, but
before your request is processed, may be considered part
You can choose the way rollovers (or transfers) to your
of your existing account balance when we process your
account are invested—this is known as your rollover
investment switch request. See the information in the table
strategy.* Your rollover strategy will apply to all future
on page 21 to understand when your switch
rollovers to your account from when it’s processed, until
becomes effective.
you change it.
You can update your rollover strategy at any time. The
investment option(s) for your existing account balance and
your future contributions strategy will remain the same.
No fee applies if you change your rollover strategy. Thinking about making a switch?
If you don’t select a rollover strategy, all rollovers to your
A UniSuper adviser can help you figure out what
account will be invested in line with your future
investment mix is right for you.
contributions strategy.
More information on UniSuper Advice—our
in-house financial advice service for
You can change your rollover strategy at any time through
members—is covered later in this section.
your online account or by making an Investment choice
request at unisuper.com.au/forms. Changes made through
your online account are effective immediately.
* Investment choice doesn’t apply to the defined benefit component of a DBD account. Rollover and future contribution strategies don’t apply to UniSuper
Flexi Pensions.
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How investment returns are
applied
To switch or change your future
contributions strategy or rollover
Investment returns can be positive or negative and are strategy
applied by calculating a specific crediting rate for each
investment option, net of tax, investment fees and costs. ONLINE
Simply log in to your account and switch online.
During a quarter, we calculate interim crediting rates on a
OR
daily basis, based on the information available at the time.
Make an Investment choice request at
Then, at the end of a quarter, we calculate a final crediting
unisuper.com.au/forms. We must receive your
rate which takes into account additional information
form within 30 days of it being signed.
(for example, recent valuations of the assets of the
investment option).
CONTACT US
Visitunisuper.com.au/contact-us.
You’ll see investment returns applied as a transaction to
Return your completed request to UniSuper:
your
account:
Electronically: using the Upload a document
following 30 June and 31 December each year when the
tool atunisuper.com.au/contact-us . You can
final crediting rates are declared
chat with us online or call1800 331 685 if you
when you switch your investment options need assistance.
when you make a partial or full withdrawal.
Mail: UniSuper Level 1, 385 Bourke Street
When these transactions occur, your account will be
Melbourne Vic 3000
updated to reflect any difference between previous interim
and final crediting rates.
We can’t accept phone instructions.
If you’re invested in an investment option at the end of the
quarter and you make a switch, or a partial withdrawal
from the investment option before the final crediting rate
is issued, the final crediting rate will still be applied to the
balance you held to the end of the quarter. Tax on investment earnings
However, if you remain invested in an investment option
at the end of a quarter, and make a full withdrawal from Investment earnings of complying superannuation funds
the fund before final crediting rates are declared, interim are generally taxed in Australia up to 15%. In some cases,
crediting rates will apply to the entire balance you held in this rate may be lower because of any tax deductions and
that investment option at the end of the quarter. credits UniSuper may qualify for. This tax is deducted from
the Fund’s investment earnings before they’re allocated to
If you transfer funds between a UniSuper super account
your account. If you’re in retirement phase, different taxes
and a UniSuper pension account (or vice versa), the transfer
apply. See the relevant PDS for more information.
will be treated as a withdrawal for crediting rate purposes
(even though you may choose the same investment options
Unallocated contributions
in the account you’re transferring to). When you request
a withdrawal your account balance will include investment
returns (positive or negative) on your account based on You’ll start receiving investment returns (positive or
the latest available crediting rate(s), which is generally the negative) once your contributions are allocated to your
day prior to processing your withdrawal but may be from chosen investment option(s).
an earlier day in some cases.
In some cases, we’ll hold contributions made on your behalf
that we’re unable to immediately allocate to your account.
If this occurs, investment returns (positive or negative) for
Switch faster online
the investment option(s) you’ve chosen will be applied
Switches submitted online are processed quicker from the date on which the contribution was received.
than paper-based switches.
If, while holding these contributions, the return on your
You should consider this before deciding how investment option(s) were lower than any interest we
and when to switch. received, we will retain the difference.
You can switch your investment options anytime
by logging in to your online account.
How we invest your money 21
Making your investment choice
Before you switch It’s important to understand the risks and other
implications associated with switching your investment
option(s). Please read the UniSuper investment information
Occasionally, you might consider it appropriate to switch
contained in your UniSuper membership PDS together with
your investment choice in response to changing
this document and call us for help if there’s anything you
circumstances or investment time frames. Before you
don’t understand.
decide to switch, make sure you’re doing it for the
right reasons.
Transferring members
Simply switching investment options in an effort to chase
higher short-term returns could mean that you lose out
over time. This is because investment markets are If you’ve transferred from one UniSuper membership type
continually changing—by the time you react to one set of to another (e.g. DBD to an accumulation account) and
market conditions, the market may have already changed haven’t provided a new future contributions strategy, any
again. Super is a long-term investment that’s well served contributions received on or after the transfer date will be
by taking a long-term view. invested as per your previous future contributions strategy.
WHEN WE CONSIDER YOUR SWITCH ‘RECEIVED’
Online Form
If you submit your switch via your online account, it’s If you submit your switch via a paper form—whether by
processed quicker because we consider it ‘received’ as soon post, email or a financial adviser—we consider it ‘received’
as you press the ‘Submit’ button. once it’s been entered into our administration system
(rather than when you email it or it’s delivered to us
by post).
WHEN YOUR SWITCH BECOMES EFFECTIVE
Requests received before 2pm on a Melbourne business If UniSuper’s offices are closed on Melbourne business
day are processed two Melbourne business days later. days (for example, over Christmas) the transaction will
take effect in accordance with the above timeframes (as if
Requests received after 2pm on a Melbourne business day the offices were open) but won’t appear on your account
are processed three Melbourne business days later. until after UniSuper’s offices reopen.
Requests received on non-business days are regarded as Example 1
received before 2pm the next Melbourne business day.
Raj submits his switch from the High Growth option into
A Melbourne business day is any day that is not a weekend the Balanced option at 11.30am on Monday in Melbourne.
or public holiday in Melbourne in the State of Victoria. His account will continue to earn returns from the High
Growth option (positive or negative) until the end of the
Investment returns applied to your account will reflect the calendar day Tuesday.
crediting rates of your existing investment options up to
and including the calendar day prior to processing. From close of business Tuesday in Melbourne, the
investment returns applied to Raj’s account will reflect the
Investment returns include returns up to the close of regular
earnings of the Balanced option.
trading hours for global security exchanges for that trading
day. For example, for equities traded on the Australian
Example 2
Securities Exchange (ASX), this is 4pm Sydney time and
for equities traded on the New York Stock Exchange
Ling submits her switch from the Conservative option into
(NYSE), this is 4pm New York time.
the Growth option at 4.00pm on Monday in Melbourne.
Her account will continue to earn returns from the
Conservative option (positive or negative) until the end of
the calendar day Wednesday.
From close of business Wednesday in Melbourne, the
investment returns applied to Ling’s account will reflect
the earnings of the Growth option.
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UNISUPER.COM.AU
What if I want to replace the
switch I've just made?
UniSuper Advice
UniSuper Advice is operated by UniSuper
If you’ve submitted a switch online before 2pm on a Management Pty Ltd, which is licensed to
Melbourne business day, you can replace it with a new provide financial advice services and deal in
online switch before 2pm that same day and the first switch financial products. This means you can get
financial advice from someone who truly
won’t get processed. If you’ve switched online and the 2pm
understands UniSuper’s products and services.
cut-off has passed, you’ll need to make a new switch to
replace the one you want to cancel.
Our advisers are required to achieve a high
If you want to replace a switch you first made using a paper standard of relevant education. Nearly all our
Investment choice form, please call us before attempting advisers have tertiary qualifications, many in
to replace your switch as: financial planning or related disciplines, and
almost all of our comprehensive advisers have
your paper-based switch may be in progress (even if it’s
the internationally-recognised CERTIFIED
not yet visible online), and
FINANCIAL PLANNER® (CFP®)* certification
the replacement switch you make online may be
delivered by the Financial Advice Association
incorrectly overridden by your original paper-based
Australia (FAAA).
request.
UniSuper Advice offers scaled personal advice
on topics like super contributions, investment
What is portfolio rebalancing?
options and insurance as they relate to your
UniSuper account at no additional cost to you
Depending on how you invest your accumulation-based or comprehensive personal advice in areas
product or Flexi Pension, and if you’re invested in more including superannuation, retirement planning,
than one option, you may need to check and possibly adjust insurance, non-super investments and
how it’s invested from time to time. This process is called accumulating wealth on a fee-for-service basis.
rebalancing. By checking your portfolio for such changes, If you’ve already received advice, a review
service is also available to help you stay on track
and rebalancing your portfolio (through switching your
with your goals. If you request personal advice
investment options), you can ensure your accumulation
services, UniSuper Advice will provide you with
super remains invested according to your personal
a quote before you proceed—there’s no
financial objectives.
obligation. UniSuper advisers are salaried
For pension members, it’s important to review your employees and don’t receive any commissions.
drawdown order instructions from time-to-time. This is
No matter your stage of life, it’s never too late
because drawing payments from your pension will change
to plan your financial future. Contact UniSuper
how your remaining account balance is spread across your
Advice on1800 823 842 or email
chosen investment option(s) and reduce the degree of
diversification. Over time, the allocation of your remaining
account balance between options may reflect a strategy * CFP®, CERTIFIED FINANCIAL PLANNER® are certification marks owned outside
which is very different from your original intentions. the U.S. by Financial Planning Standards Board Ltd (FPSB). Financial Advice
Association of Australia Limited is the marks licensing authority for the CFP Marks
You should reconsider whether this is appropriate based
in Australia, through agreement with FPSB.
on your financial needs and circumstances.
Information about fees and costs
You’ll find detailed information about the fees
and costs associated with investing your super
in the relevant PDS document and our Fees and
costs document, available at unisuper.com.au/
pds
How we manage
your investments
We apply a risk-based assessment to identify material labour standards, environmental, social
and governance (ESG) factors across our major investment holdings including our 50 largest
Australian investments. We also offer two pre-mixed sustainable branded investment options
and an environmental branded option. These investment options have been certified by the
Responsible Investment Association of Australasia (RIAA).
Our approach to responsible
investing
Climate risk
For information on how we manage climate risks
We apply a risk-based assessment to identify material ESG
and opportunities visit unisuper.com.au/
factors across our major investment holdings including our
responsible-investing. You can also find
50 largest Australian investments, including the information on our responsible investment and
consideration of labour standards as part of our obligations proxy voting policy, Responsible investment
under the Modern Slavery Act 2018. We analyse and monitor reports, and Modern slavery statement.
our major investments (or those investments where we
identify a material risk) to understand the ESG
opportunities and risks which, in our opinion, are most
significant. We select from a range of tools to evaluate an
We are actively involved in industry wide initiatives focused
investment from an ESG perspective, which may include
on helping companies integrate ESG issues into their
insight from our engagement meetings with companies,
investment practices and decision-making. For example,
internal analysis and modelling and/or utilising ESG data
we’re a signatory to the Principles for Responsible
and reports through external providers.
Investment (endorsed by the United Nations), a founding
As part of this approach, we: member of the Australian Council of Superannuation
are an active owner. This means that we seek to exercise Investors, a member of the Investor Group on Climate
all proxy votes for listed Australian and international Change, the Asian Corporate Governance Association and
share holdings, and we regularly actively engage with Climate Action 100+.
our 50 largest Australian investments on a range of
SECTOR OR INDUSTRY SCREENING
commercial, strategic and ESG-related matters
conduct a range of ESG-related activities as part of our Fund-wide exclusions include:
day-to-day investment management process. For
Tobacco
example, when we’re considering an investment, we
regularly conduct an ESG risk assessment; when we Companies that are considered to be manufacturers of
interview prospective fund managers we assess their cigarettes and other tobacco products, as classified by
ESG capabilities; and we regularly review managers’ third party providers.
approach to ESG via an ESG survey
Thermal Coal
provide for member choice across a range of investment
options (excluding the defined benefit division) Companies with reported revenues greater than 10%
collaborate with peers, other investors and industry deriving from the exploration or production of thermal coal.
groups to ensure appropriate standards are in place However, we may retain an interest in companies that have
regarding ESG at an industry-wide level. more than 10% of their reported revenue from coal
exploration and production if they’re in the process of
divesting their thermal coal business. Further information
about these screens and their limitations can be found
at unisuper.com.au/investments.
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UNISUPER.COM.AU
Option screening
Screen limitations Additional screens apply to our sustainable and
environmental branded options. For further details of the
We screen companies every six months based
on the revenue they report. If the revenue from screens for the sustainable and environmental branded
the sectors with the screens is not disclosed by options, please refer to ‘Our sustainable and environmental
the company, an estimate of the maximum branded options’ opposite.
revenue based on the company’s business
operations is calculated based on publicly
Who manages your investments
available information. If a company’s revenue
mix changes in between the six-monthly
compliance checks (e.g., due to merger or Across the Fund, our investments are managed by a
demerger activities) and then exceeds the combination of both internal and external investment
permitted revenue thresholds, we seek to managers. We manage the majority of our investment
identify these changes in our bi-annual review.
strategies in-house where we have internal capabilities
From time to time, there may be inadvertent
and where we think external managers have little
inclusion of securities that fall outside our
comparative advantage. We also select external investment
negative screens due to the timing of
managers for their specialist knowledge of particular asset
operational controls.
classes, sectors or markets and ESG practices.
In addition to the six-monthly screening process,
we do aim to screen for these anomalies and
Once appointed, investment managers:
seek to exclude securities that fall outside our
have discretion within the bounds of their specified
negative screens once identified. The ability to
investment guidelines to invest within their allocated
dispose of a security is dependent on a number
sector or market
of factors including the liquidity of the security
must aim to achieve an agreed performance objective
in question, for example if it is held in an illiquid
unlisted fund. If we acquire an interest in a are monitored regularly for results and performance,
security as a result of a merger with another and
fund, the transferred securities will be vote on our holdings at AGMs.
considered in our bi-annual review and where
Visit unisuper.com.au/investments for more information
possible we will seek to exclude these securities.
about our investment managers and how our investments
The screening process is applied to listed
equites and, wherever reasonably possible, other are managed.
asset classes such as infrastructure, property,
and fixed interest products. The screening
Our sustainable and environmental
criteria do not apply to pooled vehicles
or derivatives. branded options
We may use market benchmark index
derivatives to manage cashflows and to
Sustainability can mean different things to different people.
implement tactical asset allocation changes in
The below outlines what sustainable and environmental
specific markets or sectors from time to time.
investing means to us and what our sustainable and
When we do this, the returns from those
derivatives reflect the performance of every environmental branded options can invest in. For members
company in the benchmark index which might who want to limit exposure to certain sectors and/or
include some companies which we would not address global environmental challenges, we offer the
directly invest into because of our fund wide following investment options:
exclusions and/or screens which are applied to Sustainable Balanced
our sustainable and environmental branded Sustainable High Growth, and
options. This is not the same as directly owning
Global Environmental Opportunities.
those companies and is a consequence of
trading derivatives over market benchmarks. These three investment options invest across a range of
asset classes. In addition to the fund wide exclusions, we
apply certain negative screens and we may also consider
positive attributes in order to identify appropriate
investments for these three options. See further
details below.
It’s important to be aware that the extent to which ESG
issues and risks are taken into consideration—together
with the methodology used to take account of ESG issues
and risks—will vary between asset classes and investment
managers, and also between companies themselves
depending on the nature of their operations.
How we invest your money 25
How we manage your investments
NEGATIVE SCREENS
To identify investments for these three options, in addition to the fund wide exclusions, we apply certain negative screens
(as set out below). We apply the following negative screens to:
listed equities based on information from a third-party data provider and our internal analysis, and
for other asset classes such as infrastructure, property, and fixed interest, based on our internal analysis, at the time of
inclusion of the relevant asset in one of the three options and further internal analysis may be undertaken where there
have been corporate activities that may change the profile of the asset.
SECTORS SCREENS
Fossil fuels Greater than 10% reported revenue from fossil fuel (thermal coal, oil and/or gas)
exploration and production. Fossil fuel means the exploration or production of thermal
coal (which includes lignite, bituminous, anthracite and steam coal), oil and/or gas
(including arctic gas, arctic oil, conventional oil and gas, unconventional oil and gas, shale
oil, shale gas, oil sands).
Tobacco Any reported revenue from the production of tobacco, manufacture of nicotine alternatives
and tobacco-based products (excluding the supply of key products necessary for the
manufacture of tobacco or nicotine products); and/or,
Greater than 5% of reported revenue derived from other tobacco related business
activities, where tobacco includes, tobacco, nicotine alternatives and tobacco-based
products.
Alcohol Greater than 5% of reported revenue derived from the production, distribution and sale
of alcohol.
Gambling Greater than 5% of reported revenue derived from gambling operations, licensing gambling
products and the provision of gambling related services.
Weapons Greater than 1% of reported revenue derived from weapon systems, components, and
support systems;
Any reported revenue from the manufacture of whole weapon systems or components
developed for exclusive use of nuclear weapons. This includes but not limited to
components and delivery systems that are significantly developed for exclusive use in
nuclear weapons and other services materially significant to nuclear weapon production;
and/or,
Any reported revenue from the manufacture of whole systems or components developed
for exclusive use in controversial weapons such as cluster munitions, anti-personnel
mines, depleted uranium weapons, biological or chemical weapons.
In addition, for each asset that the negative screens are
HUMAN RIGHTS VIOLATIONS
applied to (as detailed above), we also screen for reported
revenues that are greater than 10% in aggregate from any We assess companies that breach the UN Global Compact
or all of the above, that is where the relevant asset or have otherwise been found to commit human rights
generates revenue from several of the listed sectors in the violations. We conduct these reviews periodically and on
table above. a case-by-case basis. As we become aware of specific
issues we may exclude companies based on our assessment
In determining exposure to the above sectors, a variety of
and findings.
information sources are considered, including but not
limited to:
the classification of stocks in these sectors, as
determined by third party providers,
the classification of stocks in these sectors, as recognised
by global industry classification standards,
assessments by specialist ESG research providers that
stocks have material exposure to these sectors, and
assessments by specialist investment managers that
stocks have material exposure to.
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UNISUPER.COM.AU
OTHER COMPANIES RIAA certification
We may exclude other companies if they’re inconsistent Our Sustainable Balanced and Sustainable High Growth
with the nature and intent of our investment philosophy options have been certified and classified as 'Sustainable
and/or screening process. Plus' by the Responsible Investment Association
Australasia (RIAA).
These three options are managed using a combination of
internal and external management. This may change at The Certification Symbol is issued by RIAA ACN (641 046
any time (to a combination of internal and external 666), AFSL (554110) and signifies that a product or service
management or internal or external management only) offers an investment style that takes into account
without prior notice. environmental, social, governance or ethical considerations
and that UniSuper’s sustainable branded investment
Visit unisuper.com.au/investments for more information
options adhere to the operational and disclosure practices
about our investment managers and how our investments
required under the Responsible Investment Certification
are managed.
Program for the category of Product. The classification
signifies the degree to which sustainability is a
consideration and binding investment criteria. The
Important note
sustainable branded options are assessed against RIAA’s
You should read the important information Responsible Investment Standard and Assessment
about how we screen companies in the ‘Our Note-Sustainability Classifications.
approach to responsible investing’ section.
SUSTAINABLE BALANCED AND SUSTAINABLE HIGH
GROWTH OPTIONS
The Sustainable Balanced and Sustainable High Growth
There may be material differences between the definition
options seek to apply a responsible investment strategy to
and methodology of RIAA's classification system and the
the options. These options allow members to limit their
way the terms 'Responsible'/'Sustainable'/'Sustainable
exposure to certain sectors and/or seeks to include
Plus' are used by the product in its own disclosures. For
investments with positive attributes.
detailed information about RIAA, the Symbol and
The Sustainable Balanced option invests in a mix of asset methodologies of the sustainable branded options,
classes, but actual allocations may deviate from this as performance, stock holdings, remuneration and details
explained in the ‘Your investment options’ section. about other responsible investment products certified by
RIAA, refer to responsiblereturns.com.au and our Financial
The Sustainable High Growth option is a higher risk and
Services Guide.1
less diversified option than the Sustainable Balanced option.
Negative screens
In applying the responsible investment strategy, we
consider a range of ESG issues, including: Negative screens seek to limit exposure to investments
environmental factors, e.g., biodiversity impacts, with exposure to certain sectors as listed above in the
pollution and waste control, natural resource use `Negative Screen' section. They are applied to investments
social factors, e.g., human rights, product stewardship, every six months or more frequently when we become
labour practices, workplace diversity, occupational health aware that an investment falls outside the negative screen.
and safety, supply chain risks, community consultation This is in addition to our fund-wide exclusions.
and engagement
governance factors, e.g., Board independence, diversity
and succession planning, codes of conduct, disclosure
and transparency, remuneration.
We will also use our holdings to advocate for improved
ESG practices and consideration of ESG risk and
opportunities.
1 The Responsible Investment Certification Program provides general advice only and does not take into account any person’s objectives, financial
situation, or needs. Neither the Symbol nor RIAA recommends to any person that any financial product is a suitable investment or that returns are
guaranteed. Because of this, you should consider your own objectives, financial situation and if the advice relates to the acquisition, or possible acquisition,
of a particular financial product. Certifications are current for 24 months and subject to change at any time.
How we invest your money 27
How we manage your investments
Positive attributes
These options may seek to include investments with one Important note
or more of the following positive attributes.
You should read the important information
Investments may only be considered as having these
about how we screen companies in the ‘Our
positive attributes after inclusion in an option and will be
approach to responsible investing’ section.
reviewed periodically.
Any listed company that is rated by the UniSuper internal
ESG team and/or the external manager as having quality
ESG practices1 and/or is aligned with one or more of the
Selecting lower risk assets
UN’s Sustainable Development Goals (SDGs).
Any unlisted investment in real estate, infrastructure or The Sustainable Balanced option has an allocation to cash
private equity which has been assessed by the UniSuper and fixed interest while the Sustainable High Growth option
internal ESG team or rated by a third party provider as does not. Each of the asset classes may include small or
having quality ESG practices, evidenced by one or more residual cash balances for portfolio management purposes.
of the following:
The Sustainable Balanced option invests in a variety of
Thematically aligned with one or more of the
fixed interest investments including but not limited to
UN’s SDGs;
investments that aim to contribute to positive
Contribute to decarbonisation through sustainable
environmental and social outcomes, for example, green
alternatives, commitments to net zero carbon
bonds issued by institutions such as the World Bank and
emissions by 2050;
loans to Australian renewable energy projects.
ESG, Sustainable and Environmental ratings and
The Sustainable Balanced option also invests in cash,
certifications (such as, but not limited to, Forest
Australian federal and state government bonds and some
Stewardship Council, Global Real Estate Sustainability
corporate loans which have no ESG rating.
Benchmark (GRESB), National Australian Built
Environmental Rating Systems (NABERs) etc. Risk and other factors
Fixed interest products (e.g. bonds or credit) which have
When considering investing in the Sustainable Balanced
been rated by the UniSuper internal ESG team as having
or Sustainable High Growth options, you should keep a
links to sustainability objectives2 or have a use of
number of factors in mind.
proceeds towards sustainability products.
These options are less diversified than traditional products
Instruments like cash or swaps are considered `neutral'.
due to the screening criteria applied to the options and
Visit our Responsible investment policies and reports page
they also use fewer investment managers than other
on our website for more information on our responsible
mainstream options.
investment policies and reports.
Companies included in the sustainable branded investment
An assessment of a company’s ESG performance is
products require an additional layer of monitoring to ensure
supplemented with investment fundamentals in
they continue to comply with sustainability guidelines. As
determining a stock’s suitability for inclusion in the
a result, higher investment management fees may be
Australian or international shares allocations for the
charged on these products, which would ultimately be
Sustainable Balanced and Sustainable High Growth options.
deducted from the investment returns for these
The allocation to Australian shares in the Sustainable investment options.
Balanced and Sustainable High Growth options may include
Limiting exposure to certain sectors from the Sustainable
listed property securities—REITs—to enhance
Balanced and Sustainable High Growth options means the
diversification. Stocks will be selected from the S&P/ASX
sector exposure of these options differs from that of the
200 Australian Real Estate Investment Trust (A-REIT)
mainstream Balanced and High Growth options. As a result,
Index, and will be assessed against the screening criteria
the performance of the Sustainable Balanced and
of the sustainable branded options. The listed entities we
Sustainable High Growth options may deviate from their
invest in are assessed in their own right (refer to page 6)
mainstream counterparts in the short to medium term.
having regard to factors, many unrelated to the real
properties they may own. It’s important to understand
those allocations are different from making an allocation
to land or buildings and the returns will be different,
reflecting share price movements on listed markets.
1 Having sound governance, quality management, strong business fundamentals with consideration to managing environmental and social risks/challenges.
Refer to our Responsible investment and proxy voting policy for more information.
2 Contributing to positive environmental and social outcomes. This includes (but is not limited to) contribution to energy savings and energy efficiency,
renewable energy projects, and affordable housing.
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UNISUPER.COM.AU
GLOBAL ENVIRONMENTAL OPPORTUNITIES OPTION Selecting assets
The Global Environmental Opportunities (GEO) option In addition to our fund-wide exclusions and negative
gives you the opportunity to direct your investment towards screens, to be eligible for inclusion in the GEO option, a
assets or securities selected on the basis of certain listed equity security must have at least 20% of its reported
environmental considerations that aim to address revenue derived from environmental themes (examples of
environmental challenges and/or contribute to a more which are listed above). In addition, the GEO option will
environmentally sustainable economy. aim to ensure, in aggregate, at least 50% of the weighted
average reported revenue from the listed equities
To be eligible for inclusion in the GEO option, in addition
component of its investments is derived from
to our fund-wide exclusions and negative screens:
environmental themes.
a listed equity security must have at least 20% of its
reported revenue derived from environmental themes; The listed equities portfolio weighted average
and environmental reported revenue is calculated by
infrastructure and private equity assets must have 1. identifying the percentage of environmental revenues
business activities that seek to address current and for each company;
emerging environmental issues and opportunities, noting 2. multiplying each environmental revenue percentages
that these may include development assets. by the security’s exposure weight in the portfolio;
3. this results in a series of individual security weighted
In addition, the GEO option will aim to ensure that, in
environmental revenue figures; then
aggregate, at least 50% of the weighted average reported
4. the individual security weighted environmental revenue
revenue from the listed equities component of its
figures are added together to get a portfolio weighted
investments is derived from environmental themes.
average environmental revenue total, expressed as a
Examples of these environmental themes include but are percentage.
not limited to businesses, products, services, infrastructure
For example, if Company A has 30% of its reported revenue
and technology (including emerging technologies) related
derived from environmental themes and the GEO option
to:
holds 5% of Company A, then the contribution from
alternative energy –supporting or providing components
Company A would be 5% x 30% = 1.5%. Contributions
for renewable energy, alternative fuels and electrification
from all the holdings are then aggregated to determine the
energy efficiency – supporting the maximisation of
weighted average environmental revenue for the listed
productivity with the aim to reduce energy consumption
equities component.
sustainable water – supporting or providing components
for addressing water scarcity and water quality issues Infrastructure and private equity assets (which may include
green building –contributing to sustainable buildings, development assets) are selected if they have business
design, construction, redevelopment, or retrofitting activities related to the environmental themes listed above
aimed at improving energy efficiency, climate change and/or seek to address current and emerging
mitigation or adaptation environmental issues and opportunities. These assets may
pollution prevention –aiming to reduce and/or prevent include renewable energy assets such as wind and solar
pollutants, waste and emissions assets. Companies that qualify for this option do not
sustainable agriculture –supporting or providing necessarily have low carbon emissions. The GEO option
components which aim to improve efficiency, address may invest in energy companies that generate revenue
biodiversity loss, pollution, land disturbance, and water from a mix of energy types (for example, fossil fuel or
overuse renewable energy) provided renewable energy accounts
other – seeking to deliver solutions to an environmentally for over 70% of reported revenue.
sustainable economy including emerging technologies
We aim to screen the listed equities held in the option every
supporting a transitioning economy.
six months based on the revenue they report and rely on
data provided by specialist ESG research providers
including MSCI and Bloomberg. There may be cases where
a company’s revenue mix changes (e.g. due to merger or
demerger activities) and then falls below the revenue
thresholds. Where this occurs, we seek to identify this in
the next review. This means that from time to time, there
may be securities held in the option that fall outside our
inclusion requirements due to the timing of our operational
controls.
How we invest your money 29
How we manage your investments
Risk and other factors
When considering investing in the Global Environmental
Opportunities option you should keep a number of factors
in mind. The GEO option is less diversified than traditional
products because of its limited exposure to:
Asset classes: GEO’s exposure includes equities,
infrastructure and private equity assets. Refer to Page
4 for details on diversification compared to traditional
products and other options with limited asset class and
sector exposures.
Sectors and securities: GEO’s exposure to sectors and
securities is constrained by its alignment with
environmental themes and the application of negative
screens. For instance, this option is less diversified across
industry sectors than traditional international shares
options. For example, it is unlikely to include companies
in industries such as consumer durables and apparel,
media, retailing, healthcare, or finance due to eligibility
criteria.
RIAA certification
The GEO option has been certified by the Responsible
Investment Association Australasia (RIAA).
The RI Certification Symbol is issued by RIAA ACN (641
046 666), AFSL (554110) and signifies that a product or
service offers an investment style that takes into account
environmental, social, governance or ethical considerations.
The Symbol also signifies that GEO adheres to the
operational and disclosure practices required under the
Responsible Investment Certification Program for the
category of Product. GEO is assessed against RIAA’s
Responsible Investment Standard.
The Certification Symbol is a Trademark of RIAA. For
detailed information about RIAA, the Symbol and GEO’s
methodology, performance, stock holdings, remuneration
and details about other responsible investment products
certified by RIAA, refer to responsiblereturns.com.au and
our Financial Services Guide.1
1 The Responsible Investment Certification Program provides general advice only and does not take into account any person’s objectives, financial
situation, or needs. Neither the Symbol nor RIAA recommends to any person that any financial product is a suitable investment or that returns are
guaranteed. Because of this, you should consider your own objectives, financial situation and if the advice relates to the acquisition, or possible acquisition,
of a particular financial product. Certifications are current for 24 months and subject to change at any time.
General investment risks
information
Investment risks that may affect MARKET RISK
your super There is a risk that a specific investment market (for
example the share market or the fixed interest market),
may not perform well and diminish the value of the
Investment risk is the potential for your super account, or
investments held in those markets. Factors such as interest
accumulation component for DBD members, to rise or fall
rates and inflation, as well as government policy and
as a result of how it’s invested. Therefore, if you have a
economics, can all influence market risk.
super account or accumulation component, the amount of
your final benefit when it comes time to withdraw it from
COUNTRY RISK
the Fund, may be less than the total contributions made
into your account. In other words, your final benefit may There is a risk that investment options that hold securities
be less than you need to achieve your desired lifestyle in from an individual country may not perform well as a result
retirement. Or, if you have a pension, your pension account of economic or political pressures specific to that country,
balance may reduce. and the investment options may underperform as a result.
We offer a range of investment options that give you the
CURRENCY RISK
flexibility to invest your super according to the level of
investment risk you’re comfortable with. While each There is a risk that your investment may lose value due to
investment option involves some level of risk, some involve the change in price of one currency relative to another. For
higher levels than others. As a general rule, investments example, if the investment option contains investments
that offer higher returns tend to be higher risk, while those denominated in US dollars and the Australian dollar rises
that offer lower returns tend to be lower risk. against the US dollar, the value of those US investments
may fall when calculated in Australian dollar terms.
The range of risks relating to particular types of
investments are set out in this section. The impact of these UniSuper may, from time to time, hedge some or all of the
risks may be short-term or long-term, depending on the Fund’s foreign currency exposures but will not necessarily
particular conditions and circumstances. do so at all times. Different currencies may be hedged to
different extents (or possibly not at all).
SPECIFIC INVESTMENT (OR SECURITY) RISK
ENVIRONMENTAL, SOCIAL AND GOVERNANCE RISK
There is a risk that a specific investment held in an
investment option may experience negative returns and There is a risk that a company is not appropriately
lose money, or may fail to perform in line with expectations. managing its environmental, social and governance (ESG)
risks, which may result in specific investments, markets or
INVESTMENT MANAGER RISK countries failing to perform in line with expectations.
There is a risk that we, or an external investment manager
we appoint to manage certain investments, may
underperform the general market, or may fail to perform
in line with expectations, for example due to our or their
investment management styles or management decisions.
How we invest your money 31
General investment risks information
CLIMATE RISK Managing investment risk
There is a risk that increasing global temperatures, or the
global response to mitigate and/or minimise temperature While risk is an inevitable part of investing, it’s possible to
rise, may cause specific investments, markets or countries manage investment risk and therefore moderate its impact
to fail to perform in line with expectations. on your investments. Two strategies for managing such
risks are:
CREDIT RISK Diversification—spreading your money across a number
of different investments, rather than a few or even a
There is a risk that an organisation we deal with fails to
single investment, and
meet its obligations and causes an investment option to
Investing according to your timeframe—choosing
incur a financial loss. This may be caused by a counterparty
investments that are expected to be best suited to the
to an investment transaction defaulting on a due interest
length of time you intend to hold those investments.
payment or return of capital.
When it comes to deciding how you want your super,
LIQUIDITY RISK accumulation component (for DBD members) to be
invested, we have a wide range of investment options to
There is a risk that a particular asset cannot be easily
choose from. All of these options offer a diversified
converted into cash at a particular time, leading to a delay
selection of investments, some within specific asset classes
and resulting loss when the asset is eventually sold or when
and some across a range of different asset classes.
you need your money.
In addition, for super, we generally encourage you to take
DERIVATIVES RISK
a long-term view. You should consider your individual
UniSuper and some of its external investment managers circumstances when deciding how to manage
use derivatives to gain exposure to certain types of investment risk.
investments or to hedge risks, as considered appropriate.
You may decide to seek professional financial advice to
Importantly, UniSuper doesn’t use derivatives to leverage help you assess your investment risk tolerance
the Fund’s assets. and approach.
With derivatives, there’s a risk that the value of the
derivative will fail to move in line with the value of the
underlying asset, or that the obligation under the derivative
contract held by another party won’t be honoured.
CONTACT US
1800 331 685
+61 3 8831 7901
unisuper.com.au/contact-us
WEBSITE
unisuper.com.au
UNISUPER ADVICE
1800 823 842
+61 3 8831 7916
ADDRESS
UniSuper
Level 1, 385 Bourke Street
Melbourne Vic 3000
Australia
Printed on environmentally responsible paper.
UNIS000006 0325
