You’d better believe it!

Better Super?

You'd better believe it!

Bumper year for Select Shares Pension Fund ?

29.12% return

Transition to Retirement takes off

Over $1 billion

under management

2007

Annual Report

Contact Us

Trustee

Administrators of the WA Local Government Superannuation Plan

Level 11, 105 St George's Terrace Perth WA 6000

PO Box Z5493 St George's Terrace Perth WA 6831

Tel: (08) 9480 3500 or 1800 630 524 (country WA) Fax: (08) 9480 3501 Email: info@.au Website: .au

WA Local Government Superannuation Plan Pty Ltd ABN 64 066 797 162 AFSL No 269006 RSE Licence No L0001137 RSE Registration No R1004380 SFN 146 651 943

SPIN WAL0001AU

Contents

Message from your Chairman................................................ 3 A snap shot of your super fund............................................. 4 The risk/return trade-off ....................................................... 6 How the Better Super changes might affect you.................... 7 Compare our fees .............................................................. 11 Transition to Retirement takes off ....................................... 12 A look at the markets.......................................................... 13 How did your super perform? ............................................. 14 Locating lost super.............................................................. 18 Don't pay for insurance you don't have............................... 19 Investment info................................................................... 20 Financial statements............................................................ 21 Your trustee board............................................................... 22

Message from your Chairman

Dear Member

It's been another busy and exciting year for the Fund. And, we've jam-packed this year's Annual Report with what's been going on behind the scenes. The team has worked really hard to get up to speed with the Better Super changes. Find out what the new rules mean for you on page 7, so you can take full advantage of these terrific changes.

We're through the $1 billion mark! We're delighted to report that the Fund now manages over $1 billion of your super money. This significant growth has been due to increases in membership (see page 4) and more members adding to their super.

Since starting over 20 years ago, we've always been highly committed to providing quality products and services. We're proud to be your chosen super fund provider and know you'll find our soon-to-be launched products and services right up your alley!

More than just a super fund One new thing you've probably noticed is the two logos on the front of this Annual Report. Western Financial (ABN 61 118 657 819) is our financial planning division and administration arm and is wholly owned by the WA Local Government Superannuation Plan. This means the Fund can now provide full financial planning services to you ? at no extra cost ? to help you achieve your retirement goals quicker.

Education programs hit the mark Since September 2005, we've been running regular education programs throughout WA. And, we're so glad we have!

One of our main aims with these sessions is to highlight the benefits of adding a little extra to your super. Saving more than just your employer's contributions helps you get closer to a more comfortable retirement. It seems like you've been taking action too, judging by the increases we've seen in additional contributions. So, well done to those of you who have been chipping in extra.

More members transitioning into retirement It's exciting to see how many people we've helped ease into retirement throughout the year. Our Transition to Retirement income stream product has seen huge membership increases. It's not hard to see why, when you consider the benefits. The rules give you a tax-effective strategy of being able to increase your super contributions, without reducing your take-home pay. What's more, you can continue working full time or reduce to part time. If you're 55 or over, contact one of our financial advisers to see how this strategy could work for you. Check out how our Retirement Solutions products have performed on page 12.

Changes to the Fund's Trust Deed The Trust Deed is the legal document that details how the Fund is structured and operates. Whenever super legislation is amended, we usually also amend the Trust Deed. We've recently amended the Trust Deed to incorporate all the Better Super changes that came into effect on 1 July 2007.

Until next year!

Nick Catania CHAIRMAN

WA Local Government Superannuation Plan 2007 Annual Report

3

A snap shot of your super fund

How has your super performed?

One Year Performance to 30 June 2007

Select Shares

Australian Shares

Property & Infrastructure

Growth Plus

Balanced

Capital Stable

International Shares

Cash Fixed Interest

0.43 0.03

0

4.82 5.22

7.77 8.69

11.33 12.70

19.23

22.31

17.85

20.00

16.09 18.10

26.36

29.12

25.17

28.05

Super Solutions Retirement Solutions

5

10

15

20

25

30

% pa

All returns shown are net of Investment Management Fees and applicable taxes. Investment markets can fall as well as rise, so you shouldn't rely on past performance as a guarantee of what future performance might be. You may also get back less than you originally invested because of fluctuations in investment returns, fees, tax and insurance premiums (if applicable).

How has your fund grown?

Number of Members

37,000

35,000

33,000

31,000

29,000

27,000

25,000

2004

2005

2006

2007

$ Millions

Net Assets

1,200

1,100

1,000

900 800

700

600

500

2004

2005

2006

2007

Since 2004 membership has grown by 30%.

Since 2004 the net funds under management for members has grown by 85%.

4

Check out how your super is performing at .au

Where have you been investing your money?

The following table shows the total number of members in each option and the total funds invested as at 30 June 2007 and 2006.

Investment Option

Growth Plus Balanced Capital Stable Australian Shares International Shares Select Shares Property & Infrastructure Fixed Interest Cash Total

30 June 2007

Number

$m

5,993

240.3

21,166

362.8

10,096

365.3

2,672

50.6

1,558

18.1

2,079

73.9

2,848

61.5

551

2.8

1,290

16.0

48,253*

1,191.3

30 June 2006

Number

$m

5,394

179.4

18,088

269.2

9,985

338.8

2,143

35.0

1,228

12.3

1,376

42.6

2,339

42.0

430

2.2

1,1195

21.0

42,178*

942.5

* The total number of members in each investment option is greater than the total number of members in the Plan, as some members have their super invested in more than one investment option.

How are earnings allocated to your account?

Earnings on your chosen investment option(s) are calculated daily and allocated monthly. As interest rates are declared, earnings are either added to or taken out of your account, after the deduction of fees and taxes including any Surcharge for previous years. Although the Surcharge was abolished from 1 July 2005, you may still see reference to it on your statement, as the Tax Office issues Surcharge liabilities in arrears. If applicable, any Surcharge amounts will be deducted from your employer's contribution accounts.

Should you switch investment options, partially withdraw your account balance or leave the Fund prior to the end of the Fund's reporting year (between 1 July and 30 June), any earnings from the date that declared earnings was last applied to the date of the transaction, will be calculated using an interim rate, applicable to your chosen investment option(s).

WA Local Government Superannuation Plan 2007 Annual Report

5

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