The Lifestage investment options provide exposure to a mix of growth, defensive and alternative asset classes. The allocation to these classes will automatically adjust, becoming more conservative over time. Additionally, an active asset allocation process is used to increase or decrease your exposure to relevant asset classes within permitted ranges. This process is designed to optimise your investment performance by adjusting allocations to markets/asset classes we believe will perform strongly or poorly in the future.

The Lifestage investment options aim to generate retirement capital through returns (after fees, charges and taxes) that on average exceed inflation by at least the nominated percentage (below) and preserve capital. The emphasis changes from capital growth to capital preservation as you get older (except for the 1940s option).

Benefits of investing with ANZ Smart Choice Super and Pension

Never lose track of your super again

• Online anytime. Keep your super close with ANZ Internet Banking and the ANZ App . Check your balance and transactions, make additional contributions, change your investment mix - managing your super has never been so easy.

• One fund for life. You can take your ANZ Smart Choice Super account from job to job and avoid paying multiple fees. Then when ready, you can move into retirement with an ANZ Smart Choice Pension account.

• Bring all your money into the one fund. We'll help track down and bring together all your super accounts using the Australian Taxation Office (ATO) SuperMatch service - including any you've lost along the way.

Low fees, no hidden charges and no commissions

• Save money with low fees. ANZ Smart Choice Super and Pension's fees are low and simple to understand with no commissions payable to financial planners (also referred to as financial advisers). Rest easy knowing you now have more of your money working for you.

With Smart investments and insurance, the choice is yours

• Smart investments - designed to suit no matter where you are in life, the Lifestage investment option selects a mix of investments based on your decade of birth and adjusts them as you get older.

• Alternatively, you can take a more active role in your investment decisions by choosing from our range of carefully selected, low cost options - designed to provide different levels of risk and potential returns.

• Smart insurance - Enjoy peace of mind knowing that, should the unexpected happen, you can continue to look after the ones you love. With ANZ Smart Choice Super, you have a range of insurance options from which to choose:

1. Lifestage cover - when you open a super account, you receive automatic Death cover and have the option to add Total and Permanent Disability (TPD) cover. Your Lifestage cover is based on your age, with cover increasing for when you're likely to have greater commitments and lowering when you have less commitments. This cover is subject to eligibility and excludes pre-existing medical conditions.
2. Choose Your Own cover - subject to eligibility, you can apply for your own level of Death and TPD cover and/or apply for Income Protection cover. Any applications for Choose Your Own' cover will be assessed by the Insurer for approval. You may also be able to transfer cover you have with another super fund as Choose Your Own cover (subject to the Insurer's approval).

• What's more, because all your Insurance fees are deducted from your super account, they are generally tax effective and have no impact on your take home pay.

• For information on insurance in pension, refer to page 13 of the PDS.

Risk level

High

Investor suitability

This investment option is designed for investors who want to invest over the longer term with a medium to high level of risk.

About ANZ Smart Choice Super and Pension

ANZ Smart Choice Super and Pension is the easy and low cost way to make the most of your super. Take as much or as little control as you like with smart investments and insurance. And with online visibility, you'll never lose track of your super again.

ANZ Smart Choice Super and Pension consists of the following account types, designed to suit your stage in life:

• ANZ Smart Choice Super - for when you're working;

• ANZ Smart Choice Pension - a pension account for when you have retired or have met another condition of release, and want to draw an income from your super.

ANZ Smart Choice Super and Pension offers the choice of the Lifestage investment option, or you can choose your own investment mix from the multi-asset class or single-asset class options.

How we invest your money

Invests in a combination of defensive and growth asset classes. The allocation to growth assets will range between 50-90% with a neutral allocation of 70%. The allocation to defensive assets will range between 10-50% with a neutral allocation of 30%. Additionally, an active asset allocation process is utilised to increase or decrease your exposure to relevant asset classes within permitted ranges. This process is designed to optimise investment performance by adjusting allocations to markets/asset classes we believe will perform strongly or poorly in the future.

Asset allocation

(Asset: Benchmark / Range)

• Cash: 7.5% / 0-28%

• Australian fixed interest*: 13% / 0-33%

• Global fixed interest*: 9.5% / 0-30%

• Listed real assets**: 10% / 0-20%

• Australian shares: 26% / 6-46%

• International shares***: 34% / 14-54%

*Fixed interest exposure may include exposure to government, corporate, inflation protected and/or other securities.

**Listed Real Assets will include allocations to Global Listed Property and Infrastructure Securities.

***International shares may include exposure to emerging markets, low volatility and/or global small cap securities.