AON KIWISAVER SCHEME PRODUCT DISCLOSURE STATEMENT
←
→
Page content transcription
If your browser does not render page correctly, please read the page content below
Aon KiwiSaver Scheme Product Disclosure Statement Offer of membership of the Aon KiwiSaver Scheme This is a replacement product disclosure statement. This document replaces the product disclosure statement dated 13 October 2017. This document gives you important information about this investment to help you decide whether you want to invest. There is other useful information about this offer on disclose-register.companiesoffice.govt.nz. Aon Saver Limited has prepared this document in accordance with the Financial Markets Conduct Act 2013. You can also seek advice from a financial adviser to help you to make an investment decision. Issued by Aon Saver Limited Dated: 5 June 2018
1 Key information summary
What is this? How can you get your money out?
This is a managed investment scheme. Your money will be The main purpose of the Scheme is to assist you to save for
pooled with other investors’ money and invested in various your retirement. You will generally not be able to access
investments. Aon Saver Limited will invest your money and your KiwiSaver savings until you are 65 or older and you’ve
charge you a fee for its services. The returns you receive are been a member of KiwiSaver (or a complying superannuation
dependent on the investment decisions of Aon Saver Limited fund) for at least five years. You may be able to withdraw
and of its investment managers and the performance of the all or part of your account early if you’re buying your first
investments. The value of those investments may go up or home, emigrating, suffering significant financial hardship or
down. The types of investments and the fees you will be serious illness. Restrictions apply to these withdrawals. In
charged are described in this document. certain circumstances we may defer processing withdrawals,
transfers or switching requests. See section 2 (How does this
investment work?) for more information.
What will your money be
invested in? How will your investment be taxed?
The Aon KiwiSaver Scheme (Scheme) offers 13 investment The Scheme is a portfolio investment entity (PIE). The amount
funds for you to invest in. These funds are summarised in of tax you pay in respect of a PIE is based on your prescribed
the table in section 1 (Key information summary). More investor rate (PIR). This can be 10.5%, 17.5% or 28%. See
information about the investment target and strategy for section 6 of the PDS (What taxes will you pay?) on page 17
each fund is provided at section 3 (Description of your for more information.
investment options).
Who manages the Where can you find more key
Aon KiwiSaver Scheme? information?
We are required to publish quarterly updates for each fund.
The manager of the Scheme is Aon Saver Limited (Manager, we, The updates show the returns, and the total fees actually
our, us). See section 7 (Who is involved?) for more information. charged to investors, during the previous year. The latest fund
updates are available at aonkiwisaver.co.nz. We will also give
you copies of those documents on request.
2 Aon KiwiSaver Scheme | Product Disclosure StatementSee section 4 (What are the risks of investing?) for an explanation of the risk indicator and for information
about other risks that are not included in the risk indicator. To help you clarify your own attitude to risk, you can
seek financial advice or work out your risk profile at aonkiwisaver.co.nz.
Description of the fund and
Fund investment objective Risk indicator Fees*
ANZ Cash To produce returns higher than Lower risk Higher risk Fund charges (estimated)
bank deposits by investing 1 2 3 4 5 6 7
0.89% p.a. of fund value
in cash and short term fixed
interest investments. Potentially Potentially
lower return higher return
Nikko Cash To produce returns higher than Lower risk Higher risk Fund charges (estimated)
bank deposits by investing 1 2 3 4 5 6 7
0.90% p.a. of fund value
in cash and short term fixed
interest investments. Potentially Potentially
lower return higher return
Russell To produce returns in excess Lower risk Higher risk Fund charges (estimated)
LifePoints® of inflation by investing mostly 1 2 3 4 5 6 7
1.10% p.a. of fund value
Conservative in income assets with only a
Potentially Potentially Contribution fees
modest allocation to growth lower return higher return 0.18% of contributions
assets.
Withdrawal fees
0.18% of withdrawals
Russell To produce returns in excess Lower risk Higher risk Fund charges (estimated)
LifePoints® of inflation by investing with 1 2 3 4 5 6 7
1.17% p.a. of fund value
Moderate a higher allocation to income
Potentially Potentially Contribution fees
assets than growth assets. lower return higher return 0.20% of contributions
Withdrawal fees
0.19% of withdrawals
ANZ Balanced To produce returns in excess Lower risk Higher risk Fund charges (estimated)
of inflation by investing with 1 2 3 4 5 6 7
1.52% p.a. of fund value
a higher allocation to growth
assets than income assets. Potentially Potentially
lower return higher return
Nikko Balanced To produce returns in excess Lower risk Higher risk Fund charges (estimated)
of inflation by investing with 1 2 3 4 5 6 7
1.53% p.a. of fund value
a higher allocation to growth
Potentially Potentially Contribution fees
assets than income assets. lower return higher return 0.105% of contributions
Withdrawal fees
0.105% of withdrawals
Russell To produce returns in excess Lower risk Higher risk Fund charges (estimated)
LifePoints® of inflation by investing with 1 2 3 4 5 6 7
1.24% p.a. of fund value
Balanced a higher allocation to growth
Potentially Potentially Contribution fees
assets than income assets. lower return higher return 0.21% of contributions
Withdrawal fees
0.19% of withdrawals
Aon KiwiSaver Scheme | Product Disclosure Statement 3Description of the fund and
Fund investment objective Risk indicator Fees*
Milford Active To produce returns well in Lower risk Higher risk Fund charges (estimated)
Growth excess of inflation by investing 1 2 3 4 5 6 7
1.25% p.a. of fund value
Wholesale primarily in Australasian shares,
with a moderate allocation to Potentially Potentially
lower return higher return
international shares and fixed
interest securities.
Russell To produce returns well in Lower risk Higher risk Fund charges (estimated)
LifePoints® excess of inflation by investing 1 2 3 4 5 6 7
1.29% p.a. of fund value
Growth mostly in growth assets with
Potentially Potentially Contribution fees
only a modest allocation to lower return higher return 0.22% of contributions
income assets.
Withdrawal fees
0.20% of withdrawals
Russell To produce returns that provide Lower risk Higher risk Fund charges (estimated)
LifePoints® capital growth and income 1 2 3 4 5 6 7
1.16% p.a. of fund value
Target Date 2025 consistent with its current
Potentially Potentially Contribution fees
asset allocation. The allocation lower return higher return 0.19% of contributions
to income assets increases
progressively until it reaches Withdrawal fees
80% in 2025. 0.18% of withdrawals
Russell To produce returns that provide Lower risk Higher risk Fund charges (estimated)
LifePoints® capital growth and income 1 2 3 4 5 6 7
1.23% p.a. of fund value
Target Date 2035 consistent with its current
Potentially Potentially Contribution fees
asset allocation. The allocation lower return higher return 0.21% of contributions
to income assets increases
progressively until it reaches Withdrawal fees
80% in 2035. 0.19% of withdrawals
Russell To produce returns that provide Lower risk Higher risk Fund charges (estimated)
LifePoints® capital growth and income 1 2 3 4 5 6 7
1.28% p.a. of fund value
Target Date 2045 consistent with its current
Potentially Potentially Contribution fees
asset allocation. The allocation lower return higher return 0.22% of contributions
to income assets increases
progressively until it reaches Withdrawal fees
80% in 2045. 0.20% of withdrawals
Russell To produce returns that provide Lower risk Higher risk ** Fund charges (estimated)
LifePoints® capital growth and income 1 2 3 4 5 6 7
1.33% p.a. of fund value
Target Date 2055 consistent with its current
Potentially Potentially Contribution fees
asset allocation. The allocation lower return higher return 0.23% of contributions
to income assets increases
progressively until it reaches Withdrawal fees
80% in 2055. 0.20% of withdrawals
* In addition to the above fees, there is a member fee of $49.80 per annum, payable monthly. If you are under 18 this fee is
reduced to $40.
** We have used an alternative methodology that we believe would provide a more accurate risk indicator. See section 3
(Description of your investment options) for more information.
4 Aon KiwiSaver Scheme | Product Disclosure StatementTable of contents
Section 1 Key information summary pg 2
Section 2 How does this investment work? pg 6
Section 3 Description of your investment options pg 8
Section 4 What are the risks of investing? pg 13
Section 5 What are the fees? pg 14
Section 6 What taxes will you pay? pg 17
Section 7 Who is involved? pg 17
Section 8 How to complain pg 18
Section 9 Where you can find more information pg 18
Section 10 How to apply pg 18
Aon KiwiSaver Scheme | Product Disclosure Statement 52 How does this investment work?
The Scheme is a registered KiwiSaver scheme under the
Financial Markets Conduct Act 2013. It is a trust governed by a Joining the scheme
trust deed.
You can join the Scheme if you are a member of, and transfer
The Scheme is a defined contribution scheme. Each member
from, another KiwiSaver scheme or are new to KiwiSaver and
has their own account and their investment is based on the
are a New Zealand citizen or entitled to live in New Zealand
amount credited to their account plus any investment earnings
indefinitely and
on the account (less tax and fees). The Scheme is designed to
assist individuals to save for their retirement. • living or normally living in New Zealand (with some
exceptions); or
Aon New Zealand is the investment manager of the Scheme
and has partnered with four underlying investment managers: • an employee of the State Services who is serving outside of
ANZ New Zealand Investments Limited, Russell Investment New Zealand;
Group Limited, Nikko Asset Management New Zealand Limited
and below the qualifying age for New Zealand Superannuation
and Milford Funds Limited.
(currently 65).
Unlike many other KiwiSaver schemes, we have no direct ties
You can be an employee, self-employed, not employed, or a
to the underlying investment managers of the funds you may
child.
invest into. This means we can change any of the investment
managers if their performance doesn’t measure up to our If, when you join, you do not select a fund to invest in, your
expectations. As a member, you can change your investment account will be invested in the Russell LifePoints® Balanced
manager by switching funds without changing to a new Fund. This is the current default option, but may change in the
KiwiSaver scheme. future.
We have 13 funds available – you may choose to invest in up To join the Scheme, complete the application form at the back
to four funds. Contributions to the Scheme are invested evenly of this product disclosure statement (PDS).
across the funds you select.
For more information about joining the Scheme, refer to the
The 13 available funds include two funds investing only in cash document entitled ‘Aon KiwiSaver Scheme Joining and
assets and 11 funds (known as diversified funds) each investing contributing’ available at aonkiwisaver.co.nz or on
in various asset classes including shares, property, fixed interest disclose-register.companiesoffice.govt.nz.
and cash assets. The Russell LifePoints® Target Date funds are a
series of diversified funds where the asset allocation is reviewed
each year, becoming more conservative over time. The date
in each Target Date fund name represents the approximate
Making investments
retirement year.
Contributions are generally made by you, your employer (if
Contributions to the Scheme are used to buy units in the funds you have one) and the government.
you choose. Units do not give you legal ownership of the
If you are an employee, you and your employer must
fund’s assets but they do give you rights to the returns on the
contribute at least 3% of your gross salary or wages.
assets. The Scheme’s unit prices are calculated each business
Alternatively, you may contribute either 4% or 8%. Your
day and will change as the market value of that fund’s assets
contributions will be deducted each pay day by your employer
change. and forwarded to the Scheme via Inland Revenue. Tax is
No assets of a fund are available to be applied to meet the deducted from employer contributions before these are paid
liabilities of any other fund in the Scheme. to the Scheme.
The key benefits of investing in the Scheme are: You may increase your contribution rate to 4% or 8% or reduce
it to 3% if you are contributing 4% or 8%.
• Four experienced underlying investment managers.
You can make regular voluntary contributions other than
• Thirteen funds including Target Date funds. through your pay, or where you are self-employed or not
employed subject to a minimum contribution of $20 per
• A risk profile to match your attitude towards risk.
payment by direct debit. You can also make additional one-off
• Your money is pooled with other members’ money which contributions of at least $100 per payment.
gives you greater access to investments you may otherwise No minimum contribution is required for children under the
not have access to. age of 18, unless they are salary or wage earners where a
There is no government guarantee in respect of any minimum contribution of 3% will apply.
KiwiSaver scheme or investment product of a KiwiSaver It is possible for someone to make contributions to your
scheme. Your investment in the Scheme cannot be sold or account, either directly to the Scheme or through Inland
transferred to anyone else. Revenue.
6 Aon KiwiSaver Scheme | Product Disclosure StatementContribution amounts are set by the KiwiSaver Act 2006 and • First home withdrawal: You can make a ‘once only’
may change. withdrawal to buy your first home (or an estate in land to
build your first home) after you have been a KiwiSaver or
Contact your employer to make any change to contributions
deducted from salary or wages or contact us to make any complying superannuation fund member for at least three
change to other contributions. In certain circumstances, you years, subject to certain restrictions and leaving $1,000
may be able to take a contributions holiday for between three in your account. Funds transferred from an Australian
months and five years. complying superannuation scheme cannot be withdrawn
to buy a home. In limited circumstances, you may still
The government may contribute a member tax credit of 50c be able to make a withdrawal if you have owned a home
for each $1 you contribute, up to $521.43 per year. If you before. See hnzc.co.nz for details.
join KiwiSaver partway through the year the contribution will
be based on the number of days you have been a member. • Death benefit: If you die, we will pay your account
Members who are under age 18, have reached their KiwiSaver balance to your personal representative.
end payment date or are living outside New Zealand don’t
• Income tax and student loan obligations due to
qualify for member tax credits.
foreign superannuation transfers: You may make a
More information on contributions can be found in the withdrawal (excluding any kick-start and member tax
document entitled ‘Aon KiwiSaver Scheme Joining and credits) to pay any tax liabilities (not penalties and interest)
contributing’ available at aonkiwisaver.co.nz or on or increase in your student loan obligations arising from
disclose-register.companiesoffice.govt.nz. such a transfer.
• Australian sourced funds: You can generally withdraw
this amount once you turn 60 and have retired from being
Withdrawing your investments gainfully employed i.e. stopped working.
• Act of Parliament: If required, this includes a court order
Generally, you can’t make a withdrawal from your KiwiSaver
under the Property (Relationships) Act 1976.
account until you have reached the superannuation qualifying
age (currently 65) and have been a member of KiwiSaver (or At any time, you may apply to transfer your account to another
a complying superannuation fund) for at least five years. At KiwiSaver scheme.
that time, you can withdraw part or all of your account or
We may suspend withdrawals if we consider the redemption
make regular withdrawals (subject to conditions). You cannot
price for units cannot be calculated in a fair manner or if we are
withdraw any Australian superannuation savings until you have
unable to realise assets invested by an investment manager.
retired from gainful employment.
We may also defer withdrawals.
In limited circumstances, you can apply to us or the supervisor
For more information about withdrawals, refer to the document
(see section 7 (Who is involved?)) for a withdrawal before this
entitled ‘Aon KiwiSaver Scheme Withdrawing’ available at
date as follows:
aonkiwisaver.co.nz or on disclose-register.companiesoffice.
• Serious illness: If you are suffering a serious illness that govt.nz.
results in you being totally and permanently unable to
engage in work for which you are suited or poses a serious
and imminent risk of death, you can apply for a withdrawal.
If you qualify for the full amount, your account will be
How to switch between funds
closed.
Unless a deferral is in effect, you can change the fund or funds
• Significant financial hardship: You can apply for a you are invested in. You may switch your existing balance, or
withdrawal if you suffer significant financial hardship and just your future contributions or both.
have explored and exhausted other reasonable sources of
funding and can provide evidence of this. The supervisor Changes will be made as soon as practicable after we receive
has sole discretion on whether to approve your application. your completed Switch Investments Form. This form is available
You cannot withdraw member tax credits or any initial kick- at aonkiwisaver.co.nz.
start*.
• Permanent emigration to Australia: If you permanently
move to Australia, you can transfer your account to an
Australian complying superannuation scheme. You will not
be able to make a withdrawal from your account. * You will only have received an initial kick-start contribution
from the government if you first joined a KiwiSaver scheme
• Permanent emigration to other countries: After a year before 2pm on 21 May 2015.
has passed since you moved permanently overseas, you
may withdraw your account balance less the amount of
your accumulated member tax credits and any amounts
transferred from an Australian complying superannuation
scheme. Alternatively, you can transfer the amount to
another superannuation scheme at any time after you move
permanently overseas. Member tax credits will be returned
to the government.
Aon KiwiSaver Scheme | Product Disclosure Statement 73 Description of your investment options
Russell LifePoints®
Fund ANZ Cash Nikko Cash Conservative
Summary of Objective: Produce returns Objective: Produce returns Objective: Produce returns
investment that are higher than bank that are higher than bank over time in excess of inflation.
objectives deposits. deposits.
Strategy: A target asset mix of
and strategy
Strategy: Invest in cash, Strategy: Invest in cash, 80% income and 20% growth.
deposits and fixed interest deposits and fixed interest
securities with a maturity of securities with a maturity of
less than one year. less than one year.
Target
investment 100% 100% 14% 16%
mix
6%
64%
Cash and cash equivalents Cash and cash equivalents New Zealand fixed interest
International fixed interest
Australasian shares
International shares
Risk Lower risk Higher risk Lower risk Higher risk Lower risk Higher risk
indicator* 1 2 3 4 5 6 7 1 2 3 4 5 6 7 1 2 3 4 5 6 7
Potentially Potentially Potentially Potentially Potentially Potentially
lower return higher return lower return higher return lower return higher return
Minimum 1 year 1 year 3 years
suggested
timeframe for
holding the
investment
8 Aon KiwiSaver Scheme | Product Disclosure StatementRussell LifePoints®
Fund Moderate ANZ Balanced Nikko Balanced
Summary of Objective: Produce returns Objective: Produce returns Objective: Produce returns
investment over time in excess of inflation. over time in excess of inflation. over time in excess of inflation.
objectives
Strategy: A target asset mix of Strategy: A target asset mix of Strategy: Invests 100%
and strategy
60% income and 40% growth. 40% income, 50% traditional in a fund managed by the
growth and 10% alternatives. underlying investment
manager. A target asset mix of
28% income, 52% traditional
growth and 20% alternatives.
Cash an
Target Cash and cash equivalents New Ze
5% 5%
investment 12% 10%
10% New Zealand fixed interest Internat
20%
mix 18%
26% 10% International fixed interest Australa
Australasian shares Internat
5%
International shares Listed p
5%
25% Listed property Alterna
25% Alternatives
14%
26% 21%
48%
15%
New Zealand fixed interest Cash and cash equivalents Cash and cash equivalents
International fixed interest New Zealand fixed interest New Zealand fixed interest
Australasian shares International fixed interest International fixed interest
International shares Australasian shares Australasian shares
International shares International shares
Listed property Listed property
Alternatives Alternatives
Risk Lower risk Higher risk Lower risk Higher risk Lower risk Higher risk
indicator* 1 2 3 4 5 6 7 1 2 3 4 5 6 7 1 2 3 4 5 6 7
Potentially Potentially Potentially Potentially Potentially Potentially
lower return higher return lower return higher return lower return higher return
Minimum 5 years 7 years 7 years
suggested
timeframe for
holding the
investment
Aon KiwiSaver Scheme | Product Disclosure Statement 9Russell LifePoints® Milford Active Growth Russell LifePoints®
Fund Balanced Wholesale Growth
Summary of Objective: Produce returns Objective: Produce returns Objective: Produce returns
investment over time in excess of inflation. over the long term well in over the long term well in
objectives excess of inflation. Provide excess of inflation.
Strategy: A target asset mix of
and strategy a return of 10% per annum
40% income and 60% growth. Strategy: A target asset mix of
(after fees and before tax)
25% income and 75% growth.
calculated over rolling 5 year
periods.
Strategy: Invests 100%
in a fund managed by the
underlying investment
manager. A target mix of
20% income assets and 80%
growth assets that is actively
managed.
Target
8% 6% 5%
investment 4%
18%
mix 10% 20%
40%
32% 50%
25%
20% 62%
New Zealand fixed interest Cash and cash equivalents New Zealand fixed interest
International fixed interest New Zealand fixed interest International fixed interest
Australasian shares International fixed interest Australasian shares
International shares Australasian shares International shares
International shares
Risk Lower risk Higher risk Lower risk Higher risk Lower risk Higher risk
indicator* 1 2 3 4 5 6 7 1 2 3 4 5 6 7 1 2 3 4 5 6 7
Potentially Potentially Potentially Potentially Potentially Potentially
lower return higher return lower return higher return lower return higher return
Minimum 7 years 10 years 10 years
suggested
timeframe for
holding the
investment
10 Aon KiwiSaver Scheme | Product Disclosure StatementRussell LifePoints® Russell LifePoints® Russell LifePoints®
Fund Target Date 2025 Target Date 2035 Target Date 2045
Summary of Objective: To provide Objective: To provide Objective: To provide
investment capital growth and income capital growth and income capital growth and income
objectives consistent with its current consistent with its current consistent with its current
and strategy asset allocation. asset allocation. asset allocation.
Strategy: The allocation Strategy: The allocation Strategy: The allocation
to income assets increases to income assets increases to income assets increases
progressively until it reaches progressively until it reaches progressively until it reaches
80% in year 2025. (At the date 80% in year 2035. (At the date 80% in year 2045. (At the date
of this PDS 64% income / 36% of this PDS 44% income / 56% of this PDS 28% income / 72%
growth.) growth.) growth.)
Target
6%
investment 13% 9%
mix 24%
22%
38%
35% 48%
12%
51%
24%
18%
New Zealand fixed interest New Zealand fixed interest New Zealand fixed interest
International fixed interest International fixed interest International fixed interest
Australasian shares Australasian shares Australasian shares
International shares International shares International shares
Risk Lower risk Higher risk Lower risk Higher risk Lower risk Higher risk
indicator* 1 2 3 4 5 6 7 1 2 3 4 5 6 7 1 2 3 4 5 6 7
Potentially Potentially Potentially Potentially Potentially Potentially
lower return higher return lower return higher return lower return higher return
Minimum 5 years 7 years 10 years
suggested
timeframe for
holding the
investment
Aon KiwiSaver Scheme | Product Disclosure Statement 11* The risk indicators do shift from time to time. As noted in
Russell LifePoints® section 4 (What are the risks of investing?), you can see
Fund Target Date 2055 the most recent risk indicator in the latest fund update for
each fund. Note that, while for most funds the risk indicator
is expected to be relatively stable the risk indicators for the
Summary of Objective: To provide ANZ Balanced Fund and the Nikko Balanced Fund are shown
investment capital growth and income as a risk category of 4 in this PDS but for each fund the
objectives consistent with its current volatility of the fund’s returns is such that it is highly possible
and strategy asset allocation. this could shift to a risk category of 3.
Strategy: The allocation ** For the Russell LifePoints® Target Date 2055 Fund we have
to income assets increases used an alternative methodology that we believe would
progressively until it reaches provide a more accurate risk indicator. The risk indicator is
80% in year 2055. (At the date based on actual returns from 19 February 2016 and historical
of this PDS 13% income / 87% returns for the underlying funds prior to 19 February 2016
growth.) as the fund did not exist before 19 February 2016 but the
underlying funds did. As a result, the risk indicator may
provide a less reliable indicator of the potential future
volatility of the fund. For more information refer to the
document entitled ‘Aon KiwiSaver Scheme Risk indicator
Target 3% for the Russell LifePoints® Target Date 2055 Fund’
investment available on disclose-register.companiesoffice.govt.nz.
mix 10%
Responsible investment
58% Responsible investment, including environmental, social,
29%
and governance considerations, is not taken into account in
the investment policies and procedures of the Scheme as
at the date of this product disclosure statement. However,
the underlying investment managers are encouraged to
incorporate environmental, social, and governance principles
in selecting investments.
New Zealand fixed interest
International fixed interest
Australasian shares
Statement of investment policy and
International shares objectives
The Scheme’s statement of investment policy and objectives
(SIPO) is reviewed at least annually or earlier if we think it’s
necessary as a result of issues affecting investment strategy or
policies. We can make changes to the SIPO as a result of that
Risk Lower risk Higher risk ** review in consultation with the supervisor.
indicator* 1 2 3 4 5 6 7 Any changes to the SIPO that we make that have a significant
Potentially Potentially adverse effect on a member’s expected return, risk or fees
lower return higher return will be advised to the member. All material changes will be
detailed in the Scheme’s annual report.
Further information about the assets in the funds can be found
Minimum 10 years in the fund updates at aonkiwisaver.co.nz or on
suggested disclose-register.companiesoffice.govt.nz.
timeframe for
holding the
investment
12 Aon KiwiSaver Scheme | Product Disclosure Statement4 What are the risks of investing?
Understanding the risk indicator Currency risk
The risk of exchange rate fluctuations between the New
Managed funds in New Zealand must have a standard risk Zealand dollar (the currency in which the fund is valued) and
indicator. The risk indicator is designed to help investors foreign currencies.
understand the uncertainties both for loss and growth that
may affect their investment. You can compare funds using the This is of significance to any fund that has investments overseas
risk indicator. (all funds except the Nikko Cash Fund and ANZ Cash Fund).
Returns on these funds can be affected by changes in the value
Lower risk Higher risk of the New Zealand dollar and overseas currencies.
1 2 3 4 5 6 7 Currency hedging is used to reduce currency risk for some
Potentially Potentially
overseas investments. For more information on our hedging
lower return higher return policy, see the SIPO.
See section 3 (Description of your investment options) for
the risk indicator for each fund. Credit risk
The risk indicator is rated from 1 (low) to 7 (high). The rating The risk of a bond issuer not making an interest or principal
reflects how much the value of the fund’s assets goes up payment when due.
and down (volatility). A higher risk generally means higher
potential returns over time, but more ups and downs along the
way.
Interest rate risk
An increase in interest rates will result in a decrease in the value
To help you clarify your own attitude to risk, you can seek
of a fixed interest investment. Therefore, a fund with more
financial advice or work out your risk profile at
income assets will have more interest rate risk.
aonkiwisaver.co.nz.
Note that even the lowest category does not mean a risk-free
investment, and there are other risks (described under the
heading ‘Other specific risks’) that are not captured by this
Other specific risks
rating.
There are other risks that are not reflected in the risk indicators
This risk indicator is not a guarantee of a fund’s future that may affect your investment. For the Scheme:
performance. The risk indicator is based on the returns
data for the five years to 31 March 2018. While risk • There are risks relating to our strategy of partnering with
indicators are usually relatively stable, they do shift from time underlying investment managers. Although we have a
to time. You can see the most recent risk indicator in the latest thorough selection and monitoring process, there is the
fund update for each fund. risk an underlying investment manager underperforms
compared to other investment managers.
• For the Milford Active Growth Wholesale Fund, the
General investment risks underlying fund may borrow up to 25% of the net asset
value of the fund and may short-sell securities.
Some of the things that may cause the fund’s value to move up • For each of the Russell funds, the target investment mix
and down, are: does not include an allocation to cash and cash equivalents.
This may result in periods of short term underperformance
relative to other similar KiwiSaver funds.
Market risk This is only a summary and for more information refer to the
The risk that returns from the fund’s investments will be document entitled ‘Aon KiwiSaver Scheme Risks’ available
negative or lower than expected as a result of movements at aonkiwisaver.co.nz or on disclose-register.companiesoffice.
in investment markets generally, affecting the value of your govt.nz.
investment in the fund.
Asset allocation risk
In general, a fund with more growth assets will have more
volatility i.e. variability in returns.
Aon KiwiSaver Scheme | Product Disclosure Statement 135 What are the fees?
You will be charged fees for investing in the Scheme. Fees are deducted from your investment and will reduce your returns. If we
invest in other funds, those funds may also charge fees. The fees you pay will be charged in two ways:
• Regular charges (for example, annual fund charges). Small differences in these fees can have a big impact on your investment over
the long term.
• One-off fees (for example, a contribution or withdrawal fee).
Annual fund charges and other charges
Fund Annual fund charges Other
(estimated % of your charges
account balance)
ANZ Cash 0.89%
Nikko Cash 0.90%
Russell LifePoints® Conservative 1.10%
Russell LifePoints® Moderate 1.17% You will be
charged a
ANZ Balanced 1.52% member fee
of $49.80 per
annum, payable
Nikko Balanced 1.53% monthly. If
you are under
Russell LifePoints® Balanced 1.24% 18, this fee is
reduced to $40.
Milford Active Growth Wholesale 1.25%
Russell LifePoints® Growth 1.29%
Russell LifePoints® Target Date 2025 1.16%
Russell LifePoints® Target Date 2035 1.23%
Russell LifePoints® Target Date 2045 1.28%
Russell LifePoints® Target Date 2055 1.33%
14 Aon KiwiSaver Scheme | Product Disclosure StatementAnnual fund charges
The annual fund charges for the funds are reflected in the • Other costs (such as audit fees, legal fees and investment
unit prices. As well as covering fees for investment and consulting fees) are estimated to be 0.20% p.a., based
administration management services, the annual fund charges on actual expenses since inception and expected future
cover a fee payable to the supervisor and other costs (such as expenses.
audit fees, legal fees and investment consulting fees). The annual fund charges for the Russell LifePoints® Target Date
Some fees included in the annual fund charges are a fixed funds are expected to decrease by approximately 0.01% every
percentage of your account balance. However some charges 2 years (based on the current fees for underlying funds) as the
are not fixed, so we have estimated these: asset allocation changes to include more income assets.
• The ANZ Balanced Fund and the Russell funds invest in
a number of single sector funds each of which charge a Other charges
fixed investment management fee. As the overall fee for
each fund will vary depending on the allocation to each The member fee of $49.80 (or $40 if you are under 18) per
sector, the fee is estimated assuming that the fund’s asset annum is deducted monthly by withdrawing some of your
mix equals the target investment mix shown in section 3 units. It is paid to the administration manager for the general
(Description of your investment options). administration of your account.
• The charges for the ANZ Balanced Fund, Nikko Balanced For more information, refer to the document entitled ‘Aon
Fund and the Milford Active Growth Wholesale Fund KiwiSaver Scheme Fees and other charges’ available at
include estimates of performance fees charged by some aonkiwisaver.co.nz or on disclose-register.companiesoffice.
managers of underlying funds. The estimated performance govt.nz.
fees for each fund are less than 0.10% p.a.
Individual action fees
You may be charged other fees on an individual basis for investor-specific decisions or actions, as follows:
Action Fee
Transfer to another KiwiSaver scheme $35
Withdrawal to pay income tax on student loan obligations $35
Transfer to Australian complying superannuation scheme Up to $150
These fees are deducted by withdrawing some of your units.
For more information refer to the document entitled ‘Aon KiwiSaver Scheme Fees and other charges’ available at
aonkiwisaver.co.nz or on disclose-register.companiesoffice.govt.nz.
Aon KiwiSaver Scheme | Product Disclosure Statement 15A contribution and withdrawal fee will apply to all contributions and withdrawals in the following funds.
Fund Contribution fee Withdrawal fee
(% of contribution) (% of withdrawal)
Russell LifePoints® Conservative 0.18% 0.18%
Russell LifePoints® Moderate 0.20% 0.19%
Nikko Balanced 0.105% 0.105%
Russell LifePoints® Balanced 0.21% 0.19%
Russell LifePoints® Growth 0.22% 0.20%
Russell LifePoints® Target Date 2025 0.19% 0.18%
Russell LifePoints® Target Date 2035 0.21% 0.19%
Russell LifePoints® Target Date 2045 0.22% 0.20%
Russell LifePoints® Target Date 2055 0.23% 0.20%
The contribution fee is added to the unit price for any contributions or investments to the fund, and the withdrawal fee is deducted
from the unit price for any withdrawals from the fund. If you view your account online, the amount shown takes account of these
fees.
Example of how fees apply to an
investor
Richie invests $10,000 in the Nikko Balanced Fund. He is not This example applies only to the Nikko Balanced Fund. If you
charged any establishment fee. He is charged contribution fees are considering investing in other funds in the Scheme, this
of $10.50 (0.105% x $10,000). example may not be representative of the actual fees you may
be charged.
This brings the starting value of his investment to $9,989.50.
He is also charged management and administration fees, which
work out to about $153 (1.53% x $9,989.50). These fees
might be more or less if his account balance has increased or
The fees can be changed
decreased over the year.
Subject to the KiwiSaver Act, we can change the fees or
Over the next year, Richie pays other charges of $49.80. charges that you pay if we decide to do so in accordance with
the Scheme trust deed. There is no dollar limit on the amount
such fees may be increased.
Estimated total fees for the first year
We must publish a fund update for each fund showing the fees
actually charged during the most recent year. Fund updates,
Individual action fees $10.50 including past updates, are available at aonkiwisaver.co.nz.
For more information refer to the document entitled ‘Aon
Fund charges $153 KiwiSaver Scheme Fees and other charges’ available at
aonkiwisaver.co.nz or on disclose-register.companiesoffice.
Other charges $49.80 govt.nz.
See the latest fund update for an example of the actual returns
and fees investors were charged over the past year.
16 Aon KiwiSaver Scheme | Product Disclosure Statement6 What taxes will you pay?
The Scheme is a portfolio investment entity. The amount of correct PIR, you will need to complete a personal tax return
tax you pay is based on your prescribed investor rate (PIR). and pay any tax shortfall, interest, and penalties. If the default
To determine your PIR, go to ird.govt.nz/toii/pir/workout/ rate or the advised PIR is higher than the correct PIR, you will
toii-pir-workout-how.html. If you are unsure of your PIR, we not get a refund of any overpaid tax.
recommend you seek professional advice or contact the Inland
For more information, refer to the document entitled
Revenue Department. It is your responsibility to tell us your PIR
‘Aon KiwiSaver Scheme Tax’ available at aonkiwisaver.co.nz
when you invest or if your PIR changes. If you do not tell us, a
or on disclose-register.companiesoffice.govt.nz.
default rate may be applied. If the advised PIR is lower than the
7 Who is involved?
About us
Aon Saver Limited is the manager of the Scheme and a subsidiary of Aon Holdings New Zealand which is a member of the Aon
group of companies whose ultimate parent company is Aon plc of London. Aon plc is a leading global professional services firm
providing a broad range of risk, retirement and health solutions.
You can contact us by:
In writing: PO Box 332, Shortland Street, Auckland 1140
Telephone: 0800 AON INFO (0800 266 463)
In person: Level 11, Deloitte Centre, 80 Queen Street
Email: aonkiwisaver@linkmarketservices.com
Auckland 1010
Who else is involved?
Name Role
Supervisor Public Trust Oversees the Scheme’s management and administration.
Custodian Aon KiwiSaver Nominees Limited Holds the Scheme’s assets.
Investment Aon New Zealand Provides overall investment management services.
manager
Underlying ANZ New Zealand Investments Limited Managers that provide investment management and
investment related services with respect to the funds.
Russell Investment Group Limited
managers
Nikko Asset Management New Zealand
Limited
Milford Funds Limited
Administration Aon New Zealand Provides administration and consulting services to the
manager and Scheme.
consultant
Administrator Link Market Services Limited Maintains Scheme member registry and financial
records.
Auditor KPMG Undertakes the annual audit of the Scheme’s financial
statements.
Aon KiwiSaver Scheme | Product Disclosure Statement 178 How to complain
Any complaints about your investment in the Scheme should We, and the supervisor, are members of the independent
be made to us via the administrator at: dispute resolution scheme operated by Financial Services
Complaints Limited. If you have made a complaint to us or the
Aon KiwiSaver Scheme
supervisor and it has not been resolved within 40 business
Level 11, Deloitte Centre, 80 Queen Street
days or if you are dissatisfied with the proposed resolution, you
PO Box 332, Shortland Street, Auckland 1140
can refer it to:
Telephone: 0800 266 463
Financial Services Complaints Limited
Email: aonkiwisaver@linkmarketservices.com
4th Floor, 101 Lambton Quay
You may also make a complaint to the supervisor: PO Box 5967, Wellington 6145
Public Trust Telephone: 0800 347 257
Level 9, 34 Shortland Street Fax: 04 472 3728
PO Box 1598, Auckland 1140
Financial Services Complaints Limited will not charge you a fee
Telephone: 09 985 5300 for investigating or resolving a complaint.
Email: cts.enquiry@publictrust.co.nz
9 Where you can find more information
Further information relating to the Scheme (for example, These documents can also be inspected during work hours at
financial statements and the SIPO) is available on the our address, set out in section 7 (Who is involved?).
offer register and the scheme register at disclose-register.
Fund updates for each of the funds and other information is
companiesoffice.govt.nz as well as on our website
available at aonkiwisaver.co.nz or by written or telephone
aonkiwisaver.co.nz.
request. You can email aonkiwisaver@linkmarketservices.com
A copy of information on the offer register or scheme register or phone 0800 266 463.
is available on request to the Registrar of Financial Service
All information can be obtained without any charge.
Providers.
For an explanation of terms for the Scheme refer to the
The following information may also be requested from us free
document entitled ‘Aon KiwiSaver Scheme Glossary of
of charge, by contacting us in writing, using our contact details
terms’ available at aonkiwisaver.co.nz or on disclose-register.
in section 7 (Who is involved?):
companiesoffice.govt.nz.
• Further copies of this PDS.
• Copies of written investor communications sent to
you (including annual reports, financial statements, PIE
Personal information
statements and confirmation information). When you join the Scheme, you can view your account online
by going to aonkiwisaver.co.nz.
• Copies of the trust deed, SIPO or fund updates.
• A written statement of your unit holding as detailed in the
Scheme’s register of investors.
• Minutes of all investor meetings.
• Resolutions passed by investors.
10 How to apply
You can join or transfer to the Scheme by completing the application form at the end of this PDS and sending it to the address on
the application form. For more information, go to aonkiwisaver.co.nz.
18 Aon KiwiSaver Scheme | Product Disclosure StatementAon KiwiSaver Scheme
Guidance notes to be used for completing application forms
These guidance notes form part of the two application forms Please note that document verification may be done on a
below. face-to-face basis by an employee of Aon New Zealand,
or by persons authorised as agents to conduct customer
• Aon KiwiSaver Scheme application form – Applicants 18
due diligence on behalf of Aon New Zealand.
years of age and over
The employee or authorised agent conducting
• Aon KiwiSaver Scheme application form – Applicants 17
customer due diligence on behalf of Aon New Zealand
years of age and under
must write his or her name, signature and date on the
If you have any questions about completing these forms you copies of documents being verified.
can call us on 0800 266 463.
Alternatively, if you are providing copies of documents in
support of your application, they must be certified by a
Steps for completing these application forms “trusted referee”. (See Section F: Document certification by a
trusted referee overleaf for certification requirements).
1 Complete your personal details in Section A.
Identity verification for adults
2 Complete your tax details in Section B – for more Please complete the application form headed ‘Applicants 18
information refer to section 6 of the PDS (What years of age and over’. In order to verify your name, address
taxes will you pay?) and date of birth you must choose one of the following
identity and address verification options.
3 In Section C select the options you would like your
funds invested in. For more detail refer to section
3 of the PDS (Description of your investment v
options). Verification documents for adults – option 1
Please provide one of the following:
4 Complete your enrolment and contribution details
in Section D. The identity page of a current passport, or
New Zealand firearms licence, or
5 Choose one of the verification document options
from the guidance notes and make photocopies New Zealand certificate of identity, or
of your relevant identity documents. If you are An emergency travel document issued under the
applying on behalf of a child under 18 years of Passports Act 1992.
age also take photocopies of their identification
documents as in ‘Identity verification for children’ PLUS proof of residential address (see ‘Address
note overleaf. verification’ overleaf).
6 Take both photocopies and original identification
documents to a trusted referee to have them
certified (refer to Section F) or to an Aon employee, Verification documents for adults – option 2
or an authorised financial adviser or registered
financial adviser (who is authorised to act on Aon’s Please provide one of the following:
behalf) to have them verified (refer to Section G).
Current New Zealand driver licence, or
7 Complete the remainder of the form and post this 18+ card, or
completed form, as well as your certified copies
A valid and current international driving permit
of identification documents to us at: Freepost Aon
Retirement Saving, Aon KiwiSaver Scheme, PO Box
PLUS one of the following:
332, Shortland St, Auckland 1140.
New Zealand birth certificate, or
Certificate of New Zealand citizenship
Identity verification
PLUS proof of residential address (see ‘Address
verification’ overleaf).
We are required to verify the identity of anyone applying to join
the Scheme for the purposes of the Anti-Money Laundering
& Countering Financing of Terrorism Act 2009 (AML/CFT Act
2009).
AS2-1806-10Verification documents for adults – option 3
Section F: Document certification by a trusted referee
All copies of your identity documents must be certified by a
Please provide: trusted referee selected from the list below.
Current New Zealand driver licence
Member of the police Chartered accountant
PLUS one of the following:
Registered medical doctor Justice of the peace
Confirmation that the information presented on the
driver licence is consistent with records held in the New Registered teacher Kaumatua
Zealand Driver Licence Register, or Lawyer Minister of religion
Credit, debit or EFTPOS card with your name embossed New Zealand Honorary Notary public
and signature on card, or Consul
Member of Parliament
Bank account statement issued to you by a registered A person who has the legal
New Zealand bank in the last 12 months, or Commonwealth
authority to take statutory
representative (under the
A statement issued to you in the last 12 months by a declarations
Oath and Declaration Act)
government agency, (e.g. Inland Revenue) that contains
your name and signature
Please note that the trusted referee must be:
PLUS proof of residential address (see ‘Address verification’). • over 16 years of age;
• not related to you e.g. parent, child, brother, sister, aunt,
uncle or cousin; and
If you are unable to provide any of the above documents
please contact us for assistance. • someone who is not living at the same address as you.
The certification and verification needs to be carried out in
Identity verification for children the 3 months prior to the date of the presentation of the
(17 years of age and under) documents.
For all persons under the age of 18, please complete the
application form headed ‘Applicants 17 years of age and The trusted referee must:
under’. In order to verify the name, address and date of birth of
• view both copies and originals of the identity documents
the applicant you must provide:
and complete the trusted referee certification statement in
Section F of the application form; and
Verification documents for children
(17 years of age and under) • write on the copy of the identity documents his or her
full name, signature and date, and attach copies to the
Please provide one of the following: completed form.
Full New Zealand birth certificate of the applicant, or Section G: Verification of identity by an authorised AFA,
Certificate of New Zealand citizenship of the applicant RFA or Aon employee
PLUS You are able to have your identity verified by an Aon employee,
or an authorised financial adviser (AFA), or registered financial
Documents to verify the identity of the parent(s)/ adviser (RFA) who has been authorised to do so on Aon’s
guardian(s) signing on the applicant’s behalf (See behalf. Please refer to the guidance notes at the start of the
‘Identity verification for adults’, above). form for a list of suitable identity and address verification
documents.
PLUS proof of residential address (see ‘Address
verification’). The person verifying your identity and address
documents must:
Address verification • view both copies and originals of the identity documents,
In order to verify your address, you must provide one of the and complete the verification of identity statement in
following forms of proof of residential address. Section G of the application form; and
• write on the copy of the identity documents his or her
Utility bill (not older than 6 months), or full name, signature and date, and attach copies to the
completed form.
Bank statement (not older than 12 months), or
Please return the completed form and documentation to:
Inland Revenue statement (not older than 12 months) Freepost Aon Retirement Saving, Aon KiwiSaver Scheme,
PO Box 332, Shortland St, Auckland 1140.
If you are unable to provide us with one of the above, please If you have any questions about completing the form please
call us on 0800 266 463. call us on 0800 266 463.
AS2-1806-10Aon KiwiSaver Scheme application form
Applicants 18 years of age and over
Use this form to join or transfer to the Aon KiwiSaver Scheme and select the investment options you would like your funds to be invested
into. Complete and return all 3 pages of the form to: Freepost Aon Retirement Saving, Aon KiwiSaver Scheme, PO Box 332,
Shortland Street, Auckland 1140. If you have any questions about completing this form, please call 0800 AON INFO (0800 266 463).
Section A: Personal details (these must be the same as your identity verification documents)
Are you a NZ citizen or do you have NZ residency? Yes No
IRD number - - Date of birth / /
Title: Mr Mrs Miss Ms Other
Given name(s) Surname
Postal address Postcode
Residential address Postcode
Direct phone (daytime) Mobile
Email Employer’s name (if applicable)
Employer’s address
How did you hear about us? Aon Russell KiwiSaver/IRD Kepa Other
Broker/advisor name Codes
Section B: Tax details
My prescribed investor tax rate is (please tick one box) 10.5% 17.5% 28.0%
Please refer to section 6 of the product disclosure statement to determine the correct rate.
Section C: Fund selection
You may choose to invest in up to four (4) of the funds below. Your savings will be invested evenly across the funds you select. If you
do not make an election your contributions will be invested in the default fund selected by the Manager. For more information refer
to section 2 of the PDS (Joining the scheme).
ANZ Cash ANZ Balanced Russell LifePoints® Growth Russell LifePoints®
Target Date 2045
Nikko Cash Nikko Balanced Russell LifePoints®
Target Date 2025 Russell LifePoints®
Russell LifePoints® Russell LifePoints®
Target Date 2055
Conservative Moderate Russell LifePoints®
Target Date 2035
Milford Active Growth Russell LifePoints®
Wholesale Balanced
Details of the above funds are set out in the product disclosure statement under section 3.
1 of 3 AS2-1806-10Section D: Enrolment and contribution details
Please select one of the enrolment options below.
I am not currently a member of a KiwiSaver scheme I wish to transfer from a New Zealand superannuation scheme
I wish to transfer from a KiwiSaver scheme I wish to transfer from an approved Australian superannuation
scheme
Name of scheme
Please select one of the contribution options below:
I wish to contribute 3% 4% 8%; contributions will be deducted by your employer.
I wish to contribute a lump sum contribution of $ to my Aon KiwiSaver Scheme account.
(Please make cheques payable to Aon KiwiSaver Nominees Limited and attach.)
I wish to make regular contributions as per the completed Direct debit form attached (minimum direct debit of $20 per payment
is required).
Section E: Privacy
The information in this form, and in any documents relating to it, is being collected for the purposes set out in this form, including
effectively managing your Aon KiwiSaver Scheme account. The information may be used by, and disclosed to, the Manager and
the supervisor of the Scheme, authorised agents, and to any other entity that is involved in the administration and management of
the Scheme (including Inland Revenue and any regulatory body). You agree that the supervisor, the Manager and their authorised
agents may collect and use the information for these purposes. The information is being collected by Aon Saver Limited whose
address is Level 16, AMP Centre, 29 Customs St West, Auckland and will be held by Link Market Services Limited at Level 11, Deloitte
Centre, 80 Queen Street, Auckland. You can request access to your personal information and can ask to correct that information by
calling 0800 266 463.
Section F: Document certification by a trusted referee
For face-to-face identity verification by an Aon employee, approved AFA, or RFA skip to Section G overleaf. Otherwise the copies of
your identity documents must be certified by a trusted referee. Please refer to the guidance notes at the start of this form
for a list of suitable identity and address verification documents and a list of trusted referees.
Please note that the trusted referee must be over 16 years of age, not related to you e.g. parent, child, brother, sister, aunt, uncle or
cousin, and cannot be someone living at the same address as you. The certification needs to be carried out in the 3 months prior to
the date of the presentation of the documents.
The trusted referee must:
• view both copies and originals of the identity documents and complete the trusted referee certification statement below; and
• write on the copy of the identity documents his or her full name, signature and date, and attach copies to this completed form.
Trusted referee certification statement
I have sighted the original documents as detailed previously, each of which represents the identity of
Individual’s name
I confirm that the copies of those documents as attached are true copies of the original documents of the above named
individual that has been sighted by me today.
Full name of trusted referee
Designation of trusted referee
(refer to list in Section F of the guidance notes)
Signature of trusted referee Date / /
AS2-1806-10 2 of 3Section G: Verification of identity by an authorised AFA, RFA or Aon employee
You are able to have your identity verified by an Aon employee, or an authorised financial adviser, or registered financial adviser
who has been authorised to do so on Aon’s behalf. Please refer to the guidance notes at the start of this form for a list of
suitable identity and address verification documents.
The person verifying your identity and address documents must:
• view both copies and originals of the identity documents, and complete the verification of identity statement below; and
• write on the copy of the identity documents his or her full name, signature and date, and attach copies to this completed form.
Verification of identity statement
I. , have sighted documents provided (copies of which are attached to this
Name of adviser/Aon employee form), and have used those documents to verify client identity information
as is required by the AML/CFT Act 2009.
Signature of AFA/RFA or Aon employee (please circle)
Date / /
Section H: Confirmation of enrolment
By signing below I confirm that:
• I have a copy of the Aon KiwiSaver Scheme product disclosure statement dated 5 June 2018 and that I wish to enrol in the
Scheme; and
• the purpose of joining the Aon KiwiSaver Scheme is to make provision for retirement; and
• I have read and understood the privacy statement set out in section E.
Signature of applicant Date / /
Checklist
Please ensure you have completed the steps below:
Attached a cheque (if you wish to make a contribution on joining)
Attached a direct debit form (if you wish to set up regular direct contributions)
Had a trusted referee complete the certification statement in Section F, or had an Aon employee/AFA/RFA complete the verification
of identity statement in Section G
Ensured that for Section F or Section G the individual verifying the original identification documents has written their name,
signature and date on the photocopy
Included a certified or verified copy of my proof of residential address from the address verification section in the guidance notes
to this form – e.g. a bank statement or utility bill not older than stated in the notes
Tick this box if you do not consent to receiving an emailed link to access an electronic copy of the Aon KiwiSaver Scheme annual report
Tick this box if you do not consent to receiving electronic updates regarding the Aon KiwiSaver Scheme
Please return the completed form and documentation to:
Freepost Aon Retirement Saving
Aon KiwiSaver Scheme, P O Box 332, Shortland St, Auckland 1140.
3 of 3 AS2-1806-10You can also read
