IOOF Holdings

IOOF Holdings Ltd
ABN 49 100 103 722
30 June 2021
Annual Financial Report

IOOF Group Annual Report 2021
2
Table of Contents
Operating and Financial Review
3
Directors’ Report
18
Remuneration Report
23
Directors’ Declaration
42
Lead Auditor’s Independence Declaration
43
Independent Auditor’s Report to the Members
44
Consolidated Statement of Comprehensive Income
52
Consolidated Statement of Financial Position
53
Consolidated Statement of Changes in Equity
54
Consolidated Statement of Cash Flows
56
Notes to the Financial Statements
Section 1 - Financial instruments and risk management
57
Section 2 - Results for the year
71
Section 3 - Capital management and financing
88
Section 4 - Operating assets and liabilities
95
Section 5 - Statutory funds
106
Section 6 - Other disclosures
109
Section 7 - Basis of preparation
121

IOOF Group Annual Report 2021
Operating and financial review
3
About IOOF
IOOF Holdings Ltd (the Company or Parent) is listed in the top 200 on the Australian Securities Exchange 
(ASX: IFL). The IOOF Group consists of the Company and its subsidiaries and the consolidated Group's 
interest in its associates. The Group has offices in Melbourne, Sydney, Adelaide, Brisbane, Perth and Hobart.
At 30 June 2021, Funds Under Management, Administration and Advice (FUMA) (ex-MLC) were $213.3b 
compared with FUMA of $202.3b at 30 June 2020. This reflects strong uplift due to market performance 
($26.1b). Market movements were partly offset by net outflows of $8.6b, pension payments of $2.0b and 
combined one-off movements of $4.5b net outflow, including changes to external platform arrangements and 
early release of super. MLC Assets Under Management and Funds Under Administration (AUM/FUA) acquired 
were $301.2b.
In the opinion of the Directors, aside from matters as disclosed in this financial report, there were no significant 
changes in the state of affairs of the Group that occurred during the financial year.
Underlying net profit after tax for the year ended 30 June 2021 was up $19.0m or 14.8% to $147.8m relative 
to the prior corresponding period (pcp).
Principal Activities
The principal continuing activities of the IOOF Group during the financial year consisted of:
Financial Advice – IOOF believes in the value of quality financial advice and that it should be more 
accessible, more affordable and more engaging for Australians. The financial advisers that we partner with 
are experienced professionals who help their clients identify, prioritise and achieve their financial and 
personal goals by building long-term trusted relationships, implementing tailored financial plans that are 
reviewed regularly and updated as the client’s circumstances change. This is achieved through helping 
clients navigate their way through a range of financial products and services and educating clients to 
improve their financial literacy. Post MLC completion on 31 May 2021, the Financial Advice segment 
includes the advice operations acquired as part of the MLC Wealth transaction.
Portfolio & Estate Administration – At IOOF, we recognise individuals have different needs, goals and ways 
of engaging with their superannuation and investments. To enable this, we offer a wide range of solutions 
to support our clients including investors, members, employers and advisers. Employer solutions currently 
service more than 15,000 employers and 300,000 members through IOOF Employer Super and ANZ Smart 
Choice Super. Adviser solutions provide advisers a broad selection of platform solutions, both wrap and 
master trust structures, to cater for individuals with simple or complex needs. Direct solutions allow clients 
to take control of their financial future through products such as ANZ Smart Choice Super and Pension and 
IOOF WealthBuilder.
Investment Management – our highly-skilled investment team has a proven investment process that is 
focussed on delivering strong and consistent returns. The team accesses world-leading investment 
managers across a broad range of highly-rated single and multi-manager funds, combining them with other 
attractive investment opportunities, to offer an easy and effective way for our clients to achieve their 
investment goals. Principle products include: IOOF MultiMix, IOOF MultiSeries, OptiMix and OnePath 
Diversified.
MLC Wealth – the MLC Wealth businesses were acquired from National Australia Bank (NAB) on 31 May 
2021, including platform and asset management businesses across retail and corporate. These activities 
are similar to the activities described above in Portfolio & Estate Administration and Investment 
Management. MLC platform and asset management will be integrated into the existing IOOF business 
segments during the 2022 Financial Year.

IOOF Group Annual Report 2021
Operating and financial review
4
Key strategic initiatives
The IOOF Group remains focussed on the delivery of Advice 2.0, Evolve21 and Transformation as the key 
strategic initiatives and the progress against these priorities are set out below:
Advice 2.0
The key strategic priority to make advice more affordable, accessible and engaging for Australians while 
helping businesses become more sustainable and profitable. It consists of three pillars:
Client Engagement includes goals-based advice that is accessible, affordable and engaging to Australians 
supported by clear and relevant client value propositions.
Adviser efficiency includes market leading, next generation best practice advice models that streamlines 
advice generation, servicing and governance making advisers more efficient while uplifting advice quality.
AFSL (Australian Financial Services Licence) sustainability involves offering compelling discrete value 
propositions across each advice channel providing advisers with choice reflecting value and risk and that are 
profitable without the need for cross subsidisation.
FY21 progress:
AFSL model has been reshaped to optimise and streamline the management of the self-employed AFSLs 
and IOOF Alliances into two like-minded groups, based on alignment of value proposition and operating 
models. The new model reinforces our commitment to a multi-brand strategy, as we continue to recognise 
the value of our distinct advice brands and communities.
The transition of Bridges to a wholly employed network and the closure of the Financial Service Partners 
AFSL, which was operating at sub scale. This process included a number of FSP and Bridges self-employed 
advisers joining other IOOF AFSLs.   
The acquisition of Wealth Central will play a key role in helping improve both client engagement and adviser 
efficiency. Wealth Central is a digital engagement platform that will help advisers deliver advice in a more 
efficient and engaging way, making it a unique differentiator and advantage for our adviser network.
Evolve21
Evolve21 is a cross functional program of work delivering one integrated platform – known as Evolve – to 
consolidate all heritage IOOF proprietary platforms into a single contemporary platform by the end of calendar 
year 2021.  IOOF is on track to meet this target, having completed the phase one product migration in June 
2021, migrating over 38,000 member accounts.  Phase 2 is expected to be complete in December 2021.
Evolve21 will enable simplification of the business, support the ClientFirst methodology and deliver for our 
people by reducing waste and complexity, allowing greater focus on service excellence. Evolve21 is critical to 
IOOF’s ability to deliver improved client outcomes through efficiency, sustainability and our ability to innovate.
Further platform projects will commence at the completion of Evolve21 to continue the rationalisation process 
to include P&I and MLC platforms. 
Transformation
IOOF is bringing together the IOOF ex-ANZ P&I and MLC businesses to ensure client outcomes are paramount 
while synergy targets are reached via improved scale and efficiency.
In May 2021 and in line with stated timelines, IOOF completed the purchase of NAB’s MLC business. IOOF is 
continuing work on the separation of the P&I business acquired in January 2020 from ANZ. IOOF has moved 
into the next phase of finalising remaining separation work on both P&I and MLC and realising the expected 
benefits via meaningful operating cost synergies.  

IOOF Group Annual Report 2021
Operating and financial review
5
The separation from ANZ is primarily reliant on system separation, which is currently forecast to be delivered 
in late 2022. Until this time ANZ is supporting IOOF by providing transitional services under a Transitional 
Services Agreement (TSA). The MLC business was substantially more progressed in separation at the time of 
acquisition and as a result, IOOF’s reliance upon NAB for similar TSA services is shorter in duration.
Key areas of focus include rationalisation of products and services, optimisation of organisational structure, 
elimination of duplicate back office functions and leveraging the benefits of increased scale. Key functions and 
staff under the ANZ TSA will be progressively transitioned on an “as ready” basis. This will ensure functions 
are both bedded down as early as possible and IOOF’s reliance on the TSA services is reduced as soon as 
possible. In parallel, IOOF is working towards realising the benefits of joining the three businesses.  
Governance and executive oversight is maintained through key forums including the Executive Transformation 
and Integration Steering Committee and the Design Integration Group. Delivery teams have been mobilised 
to ensure execution of key milestones such as system separation, organisational re-design, product and 
platform integration and entity rationalisation strategy. Underlying this is ensuring that IOOF’s ClientFirst 
strategy is embedded in all aspects of integration.
The IOOF Group has a long-term strategy of pursuing growth through acquisitions and has completed several 
acquisitions in recent years. Acquisitions have been pursued where they present a logical strategic fit with 
existing operations and are priced reasonably for the expected value accretion to shareholders. 
Key performance indicators
Underlying net profit after tax
The following table, which has not been audited, provides a reconciliation between the reported results of the 
IOOF Group and underlying net profit after tax pre-amortisation (UNPAT), with the results of the benefit funds 
excluded. UNPAT is a non-GAAP metric that is used by management to monitor the performance of the Group. 
In calculating UNPAT, the IOOF Group reverses the impact on profit of certain, predominantly non-recurring, 
items to enable a better understanding of its underlying operational result. It is the UNPAT result which will be 
analysed in detail in this section of the Directors' Report. The year ended 30 June 2020 is denoted as the prior 
comparative period or pcp. 
Shareholders can review the more detailed results presentation by visiting the Company website at 
www.ioof.com.au 

IOOF Group Annual Report 2021
Operating and financial review
6
Note
2021
2020
$'m
$'m
(Loss)/Profit attributable to Owners of the Company
(143.5)
141.2
Profit from discontinued operations attributable to Owners of the Company
2-2
-
(88.2)
(Loss)/Profit from continuing operations attributable to Owners of the 
Company
(143.5)
53.0
Underlying net profit after tax pre-amortisation (UNPAT) adjustments:
Amortisation of intangible assets
2-4
58.9
44.8
Unwind of deferred tax liability recorded on intangible assets
(15.4)
(12.1)
Transformation and integration costs
2-4
50.2
19.7
Impairment of goodwill
2-4
199.9
4.3
Project Evolve costs
2-4
12.6
11.4
Advice 2.0 costs
2-4
1.3
-
BT settlement income
2-3
(58.8)
-
Governance uplift costs
2-4
1.2
4.5
Legal provision
2-4
24.3
-
Remediation costs
2-4
28.2
1.5
Non-recurring professional fees paid
2-4
10.0
6.4
Termination payments
2-4
1.1
2.9
Unrealised loss on revaluation of embedded derivative
2-4
5.0
-
Other
2-3, 2-4
(2.5)
(0.1)
Income tax attributable
2-4
(24.7)
(12.3)
UNPAT from continuing operations
147.8
124.0
UNPAT from discontinued operations
-
4.8
UNPAT
147.8
128.8
UNPAT adjustments:
Amortisation of intangible assets: Non-cash entry reflective of declining intangible asset values over their 
useful lives. Intangible assets are recognised upon acquisition. Intangible assets (other than goodwill) are 
amortised over the expected useful life of the asset. The amortisation of software development costs is not 
reversed in calculating UNPAT.
Unwind of deferred tax liability recorded on intangible assets: Acquired intangible asset valuations for 
accounting are higher than the tax cost base. A deferred tax liability (DTL) is required to be recognised as 
there is an embedded capital gain should the assets be divested which represents the difference between 
accounting values and tax bases at 30%. The recognition of DTL and subsequent reductions are not reflective 
of conventional recurring operations and are regarded as highly unlikely to be realised due to the IOOF Group's 
intention to hold these assets long term.
Transformation and integration costs: As IOOF implements its transformation agenda post completion of 
the MLC and ANZ Pensions and Investments (P&I) acquisitions, this category includes transaction costs 
associated with external advisers, upfront costs of securing finance and internal staff and specialist contractor 
costs relating to integration. Costs include project labour costs, redundancy and termination costs, IT and other 
consultancy fees, outsourced hosting services and Adviser recognition program costs which are not reflective 
of recurring operations.
Impairment of goodwill: Non-cash impairment related to goodwill associated with Shadforth Financial Group, 
DKN Financial Group and Bridges Financial Services Group.  Primarily reflecting the termination of the platform 
relationship with BT Portfolio Services Ltd and the cessation of grandfathered commission revenue in the 
advice business.

IOOF Group Annual Report 2021
Operating and financial review
7
Evolve: Project labour costs and IT consultancy fees associated with the Group's proprietary Evolve platform 
project. One-off cost to bring multiple heritage IOOF platforms together in preparation for integration and 
simplification of acquisitions.
Advice 2.0: One-off costs, including legal fees and consultancy fees in connection with the implementation of 
Advice 2.0.
BT settlement income: One-off settlement income in connection with the termination of the platform 
relationship with BT Portfolio Services Ltd.
Governance uplift costs: Costs incurred in undertaking projects that are outside the ordinary course of 
business.  Costs predominantly relate to project labour costs and consultancy fees.
Legal provision: Expenditure predominantly in connection with settlement of the judgement in the Kerr v 
Australia Executor Trustees (SA) Ltd proceedings in excess of amounts covered by the Group's insurance.
Remediation costs: Movements in remediation provisions relating to IOOF’s various structured remediation 
programs other than payments to clients or advisers which are recorded directly against the provision.
Non-recurring professional fees paid: Payment of specific legal costs that are not reflective of conventional 
recurring operations. Includes costs associated with assistance with APRA and ASIC related matters.
Termination payments: Represents termination payments to staff due to restructuring activities that deliver 
long term efficiency gains.
Unrealised loss on revaluation of embedded derivative: Movements in valuation of embedded derivative 
that forms part of the Subordinated Loan Notes. Gains and losses will be recognised as IOOF’s share price 
moves with reference to the initial reference price on valuation. Refer to note 3-2.
Other: Losses on divestment of non-current assets and impairment of customer related intangibles.
Income tax attributable: This represents the income tax applicable to certain adjustment items outlined 
above.
Analysis of financial results - IOOF Group ex-MLC
On a continuing operations basis ex-MLC, the IOOF Group's UNPAT of $132.3m represented an $8.3m (6.7%) 
increase on prior year. Inclusive of discontinued operations, UNPAT increased (2.7%) to $132.3m. The 
variances below compare the continuing operations of the IOOF Group and include P&I operations from 1 
February 2020.
IOOF Group - ex-MLC
2021
2020
Movement
$’m
$’m
$’m
%
Gross margin
695.3
577.2
118.1
20.5%
Net operating revenue
697.6
579.3
118.3
20.4%
Other revenue (incl share of profits of associates)
2.4
7.4
(5.0)
(67.6%)
Operating expenditure
(479.3)
(384.2)
(95.1)
24.8%
Net financing
(6.9)
(1.7)
(5.2)
305.9%
Net non-cash items
(31.3)
(26.9)
(4.4)
16.4%
Income tax expense and non-controlling interest
(50.2)
(49.9)
(0.3)
0.6%
Underlying Profit after Tax from continuing operations ex-MLC
132.3
124.0
8.3
6.7%
Underlying Profit after Tax from MLC
15.5
-
15.5
n/a
Underlying Profit after Tax from continuing operations
147.8
124.0
23.8
19.2%

IOOF Group Annual Report 2021
Operating and financial review
8
Net operating revenue increased by $118.3m
P&I contributed an additional $168.0m in net operating revenue for the full year of operations as compared to 
the 5 months in the pcp. This results in an approximately 10% increase in net operating revenue on a run-rate 
basis for the P&I segment driven by strong market performance in FY21 with FUMA market growth of $10.7b 
offsetting net outflows and one off adjustments of $4.4b.
The increase in net operating revenue is partly offset by decreases in revenue in the following segments:
$29.3m reduction in net operating revenue generated by the Financial Advice segment primarily driven by 
the cessation of grandfathered commissions and the cessation of the BT contract.
Margin contraction in the platform segment of $11.4m due to clients moving between products.
$7.3m reduction in net operating revenue generated by the ex-ANZ wealth management segment driven by 
regulatory changes with the cessation of grandfathered commissions and volume rebates from fund 
managers.
Investment management net operating revenue was $1.9m lower than prior year due to slight reduction in 
margin compounded by a reduction in Funds Under Management (FUM).
Other revenue decreased by $5.0m
The reduction in other revenue relates predominantly to lower adviser conference revenue received as a result 
of the cancellation of advice/ adviser conferences due to COVID-19 restrictions. 
Operating expenditure increased by $95.1m
P&I contributed an additional $86.6m in operating expenditure for the full year of operations as compared to 
the 5 months in the pcp. This results in an approximately 2% reduction in operating expenditure on a run-rate 
basis for the P&I segment. After adjusting for the annualisation of the P&I impact, there is an increase of 2% 
in operating expenditure (excludes the impact of expenditure items reversed when calculating UNPAT).
Labour costs are the IOOF Group's most material cost item at 79% of operating expenditure. These costs have 
increased by $7.0m (adjusted for annualised P&I impact) primarily due to increased bonus provisions in the 
current year after bonuses were significantly reduced in the pcp due to COVID-19 financial impacts. 
Other net movements in operating expenditure relate predominantly to an increase in computer license fees 
and consultancy costs, partially offset by a reduction in travel and entertainment costs as a result of reduced 
travel due to COVID-19. 
Net financing costs increased by $5.2m
Net Financing costs have increased predominantly due to lower interest income generated through lower 
interest rates on deposits. This is partially offset by lower interest expense driven by repayment of debt post 
MLC capital raise. Debt was redrawn to facilitate MLC completion on 31 May 2021.
Net non-cash items decreased UNPAT by $3.6m
Depreciation expense has increased $6.0m, predominantly reflecting the additional 7 months of P&I costs 
included in the current financial year, partially offset by $0.8m lower share-based payments expense due to 
non-vesting of previously expensed grants. 

IOOF Group Annual Report 2021
Operating and financial review
9
Financial Position
The IOOF Group held cash and cash equivalents of $670.7m at 30 June 2021 (30 June 2020: $374.7m). Cash 
is held to satisfy regulatory net asset requirements and also to ensure adequate liquidity given management 
fee receipts are less frequent than payroll and service fee cash outflows. With the acquisition of MLC, some 
reserves held to satisfy regulatory net asset requirements are designated as financial assets. ORFR reserve 
of $402.7m (comprising cash and financial assets) and $4.6m cash held by the Group's statutory benefit funds 
at 30 June 2021 (30 June 2020: $145.6m and $3.7m) are not available to shareholders.
Shareholder returns
The IOOF Group dividend is calibrated to provide shareholders with a benefit which reflects performance and 
offers an attractive yield when assessed against a range of other investment options. The Board also 
understands that dividend payments should not hinder future organisational plans. The Board has therefore 
determined that a pay-out ratio range of 60% - 90% of UNPAT is generally appropriate, but not binding. The 
Board has determined that a dividend of 11.5 cents per share comprising an ordinary dividend of 9.5 cents per 
share and a special dividend of 2.0 cents per share, resulting in a total ordinary dividend payout ratio of 75.8%, 
is appropriate. Current year profits support the payout.
Total Shareholder Return (TSR) measures the change in share value over a specified period and dividends 
received. The IOOF Group’s TSR for the year ended 30 June 2021 was negative 8.5% reflecting a share price 
decline of 13.2% and partially offset by a dividend yield of 4.7% (based on the financial year volume weighted 
average price). TSR in the 5-year period from 1 July 2016 was negative 19.7% and negative 6.9% on a 
compounding annualised basis. The IOOF Group is in a strong financial position with significant free cash, 
borrowings within covenants and a low interest rate environment which reduces borrowing costs. All TSR 
figures quoted above include the final 2021 dividend but no other dividends that have been declared to be 
paid.
2021
2020
2019
2018
2017
(Loss)/Profit attributable to owners of the Company ($'m) (1)
(143.5)
141.2
28.6
88.3
116.0
(Loss)/Profit for the year for continuing operations ($'m)
(143.5)
52.8
(30.0)
105.4
119.9
Basic EPS (cents per share)
(24.4)
40.3
8.1
26.4
38.7
Diluted EPS (cents per share)
(24.4)
40.2
8.1
26.4
38.6
Basic EPS (continuing operations) (cents per share)
(24.4)
15.1
(8.5)
31.6
38.7
UNPAT ($'m)
147.8
128.8
198.0
191.4
169.4
UNPAT EPS (cents per share)
25.1
36.8
56.5
57.3
56.5
UNPAT EPS (continuing operations) (cents per share)
25.1
35.4
56.3
52.6
56.5
Dividends declared ($'m) (2)
149.3
121.2
131.7
189.6
159.1
Dividends per share (cents per share) (2)
23.0
34.5
37.5
54.0
53.0
Opening share price
$4.92
$5.17
$8.99
$9.80
$7.83
Closing share price at 30 June
$4.27
$4.92
$5.17
$8.99
$9.80
Return on equity (non-statutory measure) (3)
5.92%
7.59%
10.90%
11.30%
12.10%
(1) Profit attributable to owners of the Company has been calculated in accordance with Australian Accounting Standards.
(2) Dividends declared and dividends per share are on an accruals basis.
(3) Return on equity is calculated by dividing UNPAT by average equity during the year.
Dividends for 2021 and prior years were fully franked.

IOOF Group Annual Report 2021
Operating and financial review
10
Capital and liquidity management
In September 2020, the IOOF Group completed a capital raising for the purpose of acquiring MLC Wealth. The 
capital raising consisted of a fully underwritten institutional placement and accelerated non-renounceable 
entitlement offer and a non-underwritten share purchase plan. Under these offers, the Group raised additional 
capital of $1,043.9m, representing 298,248,329 ordinary shares and incurred transaction costs of $20.4m.
On 27 November 2020, the IOOF group entered into an additional accommodation agreement to provide an 
additional $250m cash advance under the syndicated facility agreement (SFA) for the acquisition of MLC 
Wealth. This facility has a 5-year repayment term from the SFA effective date. The amended SFA consists of 
the following facilities:
$240m revolving cash advance facility with a 4-year repayment term from the SFA effective date.
$625m revolving cash advance facility with a 5-year repayment term from the SFA effective date.
Multi-option facility with a 3-year repayment term from the SFA effective date, comprising a contingent 
liability facility.
On 31 May 2021, the IOOF Group issued $200m SLNs to fund the acquisition of MLC Wealth. Key terms are: 
SLNs are unsecured subordinated debt obligations of IOOF.
1% per annum coupon payable semi-annually. Step up to 4% per annum if the noteholders request 
redemption more than 42 months after the issue date and IOOF does not redeem.
5-year term with an early redemption start period of 42 months from completion (31 May 2021).
Equity linked redemption linked to any uplift in notional securities over a reference price (being a 15% 
premium to the theoretical ex rights price for the equity offer) and subject to adjustment.
IOOF permitted to accelerate redemption after 3 years if the volume weighted average price is at least 150% 
of the reference price or in case of certain tax changes.  Holder permitted to accelerate redemption at any 
time commencing 42 months after the issue date, subject to issuer consent, or upon change in control 
(acquisition by a person of beneficial ownership of 50% or more of the ordinary voting power of outstanding 
voting shares or delisting or 15 trading day suspension).
The net debt to equity ratio stood at 18.9% at 30 June 2021 (30 June 2020: 24.8%) reflecting net borrowings 
of $469.7m (30 June 2020: $430.9m), principally $476.0m under the SFA (30 June 2020: $460.0m).
Cash flow forecasting is conducted monthly, principally to ensure sufficient liquidity for future needs and to 
monitor adherence to licence conditions, and stress testing of lending covenants is conducted when assessing 
funding options for acquisition opportunities.

IOOF Group Annual Report 2021
Operating and financial review
11
Segment analysis
Financial advice  - incl MLC
2021
2020
Movement
$’m
$’m
$’m
%
Net operating revenue
155.1
179.5
(24.4)
(13.6%)
Other revenue (incl share of profits of associates)
0.3
2.9
(2.6)
(89.7%)
Operating expenditure
(116.2)
(103.5)
(12.7)
12.3%
Net financing
(0.4)
(0.6)
0.2
(33.3%)
Net non-cash items
(8.8)
(9.7)
0.9
(9.3%)
Income tax expense and non-controlling interest
(9.9)
(20.2)
10.3
(51.0%)
Underlying Profit after Tax from continuing operations
20.1
48.4
(28.3)
(58.5%)
Reduction in net operating revenue due to the loss of the BT contract and cessation of grandfathered 
commissions.
MLC advisers transitioned into existing IOOF licensees on completion (31 May 2021). FY21 net operating 
revenue includes the results of one month ($5.2m) of revenue generated by MLC advisers incorporated into 
the advice segment result.
Reduction in other revenue is due to lower adviser conference revenue as a result of conferences not 
returning to the pre-COVID-19 series of events.
Increase in operating expenditure relates to one month of costs associated with MLC advisers ($12.7m). 
Excluding the MLC adviser costs, operating expenditure has remained consistent year on year.
Portfolio and estate administration
2021
2020
Movement
$’m
$’m
$’m
%
Net operating revenue
200.0
211.3
(11.3)
(5.3%)
Other revenue (incl share of profits of associates)
-
-
-
n/a
Operating expenditure
(123.8)
(115.0)
(8.8)
7.7%
Net financing
-
-
-
n/a
Net non-cash items
(11.0)
(11.4)
0.4
(3.5%)
Income tax expense and non-controlling interest
(20.1)
(26.9)
6.8
(25.3%)
Underlying Profit after Tax from continuing operations
45.1
58.0
(12.9)
(22.2%)
Net operating revenue decreased as a result of gross margin reduction as clients move between products. 
Increased operating expenditure resulted primarily from increased computer licenses, administration fees 
and employee bonuses in the current year after bonuses were significantly reduced in the pcp as a result of 
COVID-19 financial impacts.
Investment management 
2021
2020
Movement
$’m
$’m
$’m
%
Net operating revenue
64.5
66.4
(1.9)
(2.9%)
Other revenue (incl share of profits of associates)
-
-
-
n/a
Operating expenditure
(13.5)
(10.5)
(3.0)
28.6%
Net financing
-
-
-
n/a
Net non-cash items
(1.6)
(1.9)
0.3
(15.8%)
Income tax expense and non-controlling interest
(14.9)
(16.4)
1.5
(9.1%)
Underlying Profit after Tax from continuing operations
34.5
37.6
(3.1)
(8.2%)
Net operating revenue decreased from the prior year due to slight reduction in margin and a reduction in 
FUM. This was a direct result of the liquidation of the Platform cash management funds, which were then 
invested in a Retail look-through agreement with an external party, in the best interest of members.
Increase in operating expenditure is due to increased governance driven by the implementation of the Office 
of the Responsible Entity in mid FY20 and employee bonuses in the current year after bonuses were 
significantly reduced in the pcp as a result of COVID-19 financial impacts.

IOOF Group Annual Report 2021
Operating and financial review
12
Ex-ANZ ALs
2021
2020
Movement
$’m
$’m
$’m
%
Net operating revenue
13.2
20.4
(7.2)
(35.3%)
Other revenue (incl share of profits of associates)
1.9
2.9
(1.0)
(34.5%)
Operating expenditure
(41.0)
(49.9)
8.9
(17.8%)
Net financing
-
0.2
(0.2) (100.0%)
Net non-cash items
(1.5)
(1.1)
(0.4)
36.4%
Income tax benefit and non-controlling interest
8.2
8.4
(0.2)
(2.4%)
Underlying Profit after Tax from continuing operations
(19.2)
(19.1)
(0.1)
0.5%
Reduction in revenue driven by regulatory changes including the cessation of grandfathered commissions 
and volume rebates from fund managers.
Reduction in other revenue is due to lower conference revenue as a result of conferences not returning to 
the pre-COVID-19 series of events.
Reduction in operating expenditure is a result of a focus towards achieving break-even within this business. 
Cost reductions are seen across most areas of operating expenditure, especially salaries, consultants, 
conference expenses, travel and entertainment.
Ex-ANZ P&I
2021
2020
Movement
$’m
$’m
$’m
%
Net operating revenue
268.9
100.8
168.1
166.8%
Other revenue (incl share of profits of associates)
-
0.6
(0.6) (100.0%)
Operating expenditure
(150.6)
(64.0)
(86.6)
135.3%
Net financing
0.5
9.9
(9.4)
(94.9%)
Net non-cash items
(7.9)
(2.7)
(5.2)
192.6%
Income tax expense and non-controlling interest
(33.3)
(13.4)
(19.9)
148.5%
Underlying Profit after Tax from continuing operations
77.6
31.2
46.4
148.7%
P&I contributed an additional $168.0m in net operating revenue for the full year of operations as compared 
to the 5 months in the pcp. This results in approximately a 10% increase in net operating revenue on a run-
rate basis for the P&I segment driven by strong market performance in FY21.
Operating expenditure has increased by $86.6m representing a full year of operations. Operating 
expenditure is favourable to the pcp by 2% on a run-rate basis as a result of lower project spend and savings 
in property costs. 
MLC Wealth
2021
2020
Movement
$’m
$’m
$’m
%
Net operating revenue
62.3
-
62.3
n/a
Other revenue (incl share of profits of associates)
1.5
-
1.5
n/a
Operating expenditure
(34.5)
-
(34.5)
n/a
Net financing
0.6
-
0.6
n/a
Net non-cash items
(0.8)
-
(0.8)
n/a
Income tax expense and non-controlling interest
(8.6)
-
(8.6)
n/a
Underlying Profit after Tax from continuing operations
20.5
-
20.5
n/a
The table above shows the contribution of the MLC Asset Management and Retirement & Investment 
Solutions businesses for the one month post completion (June 2021).
The IOOF Group completed the acquisition of the MLC Wealth businesses on 31 May 2021. Note 6-4 shows 
a proforma view of MLC’s expected annualised contribution.

IOOF Group Annual Report 2021
Operating and financial review
13
Risk management
The Board is responsible for establishing and overseeing the IOOF Risk Management Framework (RMF) and 
has delegated authority for the oversight and monitoring of the Framework to the Group Risk and Compliance 
Committee (GRCC) and the Executive team. The key pillars of the IOOF RMF include:
the IOOF Risk Management Policy (RMP). The RMP provides direction to ensure material risks which are 
further defined in the Risk Management Strategies of the controlled entities are being consistently identified, 
assessed and managed. The RMP includes a description of each material risk including key roles and 
responsibilities for managing the risk, outlines the risk governance structure and promotes a proactive risk 
culture, with reference to the relevant policies, standards and procedures;
the Risk Appetite Statement (RAS), which sets out the Board’s expectations regarding the degree of risk 
that IOOF is prepared to accept in pursuing its business objectives. Each regulated entity Board within the 
Group has its own RAS; and
a Three Lines of Defence Governance Model to govern risk management and compliance activities across 
the Group. The Three Lines of Defence model is the foundation for effective risk management. The 
overarching principle is that risk management capability must be embedded into the business to be effective. 
During the 2021 financial year, IOOF has maintained its focus on the governance uplift across the Group which 
includes the integration of the newly acquired businesses. Effort continues post MLC acquisition to identify 
opportunities to improve efficiency and ensuring risk management resource adequacy across the organisation. 
Emerging Risks
The risk environment is continually changing and we are therefore assessing key emerging risks to consider 
their impact on the IOOF Group. Some emerging risks include:
Emerging risk
Our response to manage this risk
Integration of P&I and MLC businesses - 
Successful integration of the P&I and MLC 
businesses to realise the synergies and 
create an efficient business for the future. 
Failure to successfully integrate could give 
rise 
to 
unnecessary 
costs, 
increased 
complexity and regulatory burden and higher 
risks.
The Chief Transformation Officer role has been created as a 
direct report of the CEO, and the integrations will be managed 
as one joint program of work with appropriate governance 
structures. 
Detailed Integration plan with sufficient resourcing assigned to 
all business functions.
Volume and complexity of regulatory change 
- IOOF Group is required to implement large 
volumes of complex regulatory changes, at 
times within relative short time frames.
Appointment of a Chief Transformation Officer and dedicated 
team within ERC to oversee all regulatory change activities.
COVID-19
The COVID-19 pandemic has continued throughout the period. There is still uncertainty on the likely duration 
of the pandemic as well as the impact on the economy. For the IOOF Group, the impact is being able to 
maintain its service standards to clients, while also supporting our employees during the various lockdowns in 
each state. While there was a gradual return to the office during the second half of FY21, working from home 
for our people remains a key part of our new way of working at IOOF.

IOOF Group Annual Report 2021
Operating and financial review
14
The IOOF Group manages exposure to risks in the course of conducting our everyday operations and 
implementing our strategy. The Key Risk Categories below outline the material risks faced by the IOOF 
Group. These include, but may not be limited to:
Key risk categories
Our response to manage this risk
Strategic and tactical
(i)
Competition
The risk that IOOF does not keep pace with developments in 
the markets in which we operate may result in competitive 
conditions adversely impacting the level of assets managed 
and earnings available to us.
Continuously investing in client service, 
product 
design 
and 
stakeholder 
relationships, among other improvements. 
(ii)
Dependence on key personnel
The risk that IOOF’s continued ability to compete effectively is 
impacted by our capacity to attract, retain and motivate our 
people. The loss of key personnel without suitable 
replacement could disrupt our operations in the short term. 
Undertake succession planning and offer 
competitive employment conditions and 
benefits to manage this risk.
(iii)
Dependence on financial advisers
The success of IOOF's advice and platform business is 
dependent on the quality of our relationships with financial 
advisers and, in turn, the quality of their relationships with their 
clients.
Monitor and, where necessary, enhance our 
service levels, technological capability, 
product offerings and professional training.
(iv)
Acquisitions
The risk that any acquired business is not effectively managed 
which may negatively impact the potential benefits of the new 
business and adversely affect the IOOF Group's financial 
position.
We have a significant complement of people 
experienced in acquisitions and specialist 
advisers to support the assessment and 
management 
of 
the 
acquisition 
and 
implementation risks.
(v)
Environmental, social and governance (ESG)
ESG risks can have a material impact on our ability to deliver 
sustainable long-term outcomes for our clients, investors and 
the community. 
To ensure we fulfil our purpose, we consider 
a 
broad 
range 
of 
ESG 
risks 
and 
opportunities. 
Our 
ESG 
activities 
are 
discussed in the ESG section of the annual 
report.
Governance
(vi)
Governance
The risk that the governance framework is not adequate to 
manage conflicts of interest, member interests or our legal and 
regulatory obligations in line with regulatory and community 
expectations.
IOOF continues to strengthen the quality of 
its 
governance 
frameworks. 
This 
is 
supported by corporate structures with 
independent 
Boards 
and 
Committees 
aligned with their regulatory obligations. The 
Office of the Superannuation Trustee and 
Office of the Responsible Entity aligned with 
IOOF’s RMF’s three lines of defence model 
govern risk management and compliance 
activities across the Group.

IOOF Group Annual Report 2021
Operating and financial review
15
Key risk categories
Our response to manage this risk
Reputation
(vii) Brand and reputation
Actions which damage the IOOF Group's brand and reputation 
may impact our ability to attract and retain the support of 
clients, people, financial advisers, and employers, as well as 
our future profitability and financial position. 
We 
have 
controls, 
processes 
and 
procedures in place to mitigate this risk. In 
particular we have a Complaints policy and 
procedure in place for our clients, and a 
Whistleblower policy to protect our people. 
We also proactively promote the value of our 
services, products and community initiatives 
and focus on building a ClientFirst culture.
Conduct
(viii) Misconduct
The risk of our conduct intentionally or unintentionally 
delivering poor outcomes for stakeholders (including clients, 
people and shareholders). It is about how we treat our 
stakeholders (including fairness of outcomes) and whether our 
products and services meet our stakeholders’ needs and 
expectations. 
Our management of conduct risk is 
supported by the IOOF Group Code of 
Conduct, which sets out the values of 
professional and personal conduct which 
apply to all our people. These include acting 
within the law and in the best interests of our 
members, clients, shareholders and the 
IOOF Group at all times.
(ix)
Provision of investment advice
The IOOF Group’s financial advisers and authorised 
representatives provide advice to clients and may be exposed 
to regulatory action or litigation if the advice is judged to be 
incorrect, if the authorised representative otherwise becomes 
liable for client losses, and in certain other circumstances. 
This risk is managed by having high 
professional, 
educational, 
compliance, 
assurance and training standards for our 
advisers and authorised representatives. 
The potential financial impact is mitigated by 
appropriate levels of insurance cover. IOOF 
also undertakes a rolling program of 
compliance reviews of advisers.
Financial and liquidity 
(x)
Interest rate and cash flow
This is the risk to the IOOF Group’s earnings and capital 
arising from changes in market interest rates. Financial 
instruments that may be impacted by interest rate risk include 
cash and cash equivalents, certificates of deposit, loans and 
borrowings. Short and long-term investment mixes and loans 
to related entities are influenced by liquidity policy 
requirements. 
Interest rates (both charged and received) 
are based on market rates and are closely 
monitored by management. They are 
primarily at variable rates of interest and may 
expose the Group to cash flow interest rate 
risk.
(xi)
Liquidity 
Liquidity risk relates to the IOOF Group having insufficient 
liquid assets to cover cash flow requirements. 
We manage liquidity risk by maintaining 
sufficient liquid assets and an ability to 
access a committed line of credit. The 
liquidity requirements of our licensed entities 
are 
regularly 
reviewed 
and 
carefully 
monitored in accordance with their licence 
requirements.

IOOF Group Annual Report 2021
Operating and financial review
16
Key risk categories
Our response to manage this risk
Financial and liquidity (continued)
(xii) Financing
Financing risk refers to the IOOF Group’s inability to refinance 
debt facilities or to secure new financing on satisfactory terms 
which could adversely affect our financial performance and 
prospects. To the extent that this occurs, we may not be able 
to take advantage of acquisition and other growth 
opportunities, develop new ideas or respond to competitive 
pressures, which may have an adverse impact on our financial 
position and performance. 
This risk is minimised through oversight by a 
dedicated Treasury function with established 
policies and procedures which are subject to 
continuous monitoring and review. Banking 
covenants are regularly reviewed to ensure 
any potential issues are identified and 
mitigated to the extent necessary well in 
advance.
Investment governance
(xiii) Changes in investment markets
The IOOF Group derives a significant proportion of its earnings 
from fees and charges based on the level of funds under 
management, administration and advice (FUMA). Among 
other factors, the level of FUMA reflects the performance of 
investment markets. Changes in domestic or global 
investment market conditions could lead to a decline in FUMA, 
adversely impacting the amount we earn in fees and charges, 
as well as reduced client interest in our financial products and 
services. 
To manage this risk, we offer a range of 
products and services suitable for different 
investment 
markets 
and 
establish 
comprehensive 
investment 
governance 
committees, policies and procedures that 
are subject to continuous monitoring and 
oversight.
Operational
(xiv) Operational 
Operational risks may arise in the daily functioning of the IOOF 
Group’s 
businesses, 
in 
connection 
with 
investment 
management, tax and financial advice, legal and regulatory 
compliance, product commitments, process error, system 
failure, failure of security and unit pricing errors, among other 
functions. 
This is managed through IOOF’s Risk 
Management Framework which includes 
systems, structures, policies, procedures, 
and people to identify, measure, evaluate, 
monitor, report, control and mitigate internal 
and external risks. 
(xv) Remediation activities
Remediation activities across various areas of the business - 
references the timely, effective and accurate execution of 
these remediation activities to ensure client detriment is 
resolved, meet the requirements of regulators and mitigate the 
risk of reputational damage.
To manage this risk, remediation exercises 
are adequately resourced. Governance 
structures are in place to consider and 
manage the issues and risks of remediation 
delivery. Regular updates are provided to 
regulators.
(xvi) Information technology
The IOOF Group relies heavily on information technology (IT). 
A significant or sustained failure in the core technology 
systems could materially affect our operations, which could 
impact our future profitability and financial position.
We have implemented a next-generation 
firewall, 
and 
pursue 
continuous 
improvements to protect user devices and 
impose segregation of duties between 
technology environments. More broadly, we 
apply controls (including disaster recovery 
testing) and procedures which are subject to 
continuous monitoring and oversight, while 
ensuring there are experienced people and 
specialist IT advisers. 

IOOF Group Annual Report 2021
Operating and financial review
17
Key risk categories
Our response to manage this risk
Operational (continued)
(xvii) Cyber security
There is a risk of significant failure in the IOOF Group's 
operations or material financial loss as a result of cyber-
attacks.
We have implemented measures and 
controls 
that 
address 
identification, 
detection, monitoring and response in 
relation to cyber threats. Cyber security 
controls are aligned with those employed to 
minimise IT risks. 
Dividends
In respect of the financial year ended 30 June 2021, the Directors declared the payment of a final dividend of 
9.5 cents per share and a special dividend of 2.0 cents per share, both franked to 100% at 30% corporate 
income tax rate to the holders of fully paid ordinary shares to be paid on 22 September 2021. This dividend 
will be paid to all shareholders recorded on the Register of Members on 8 September 2021.
The Directors declared the payment of an interim dividend of 8.0 cents per ordinary share and a special 
dividend of 3.5 cents per ordinary share franked to 100% at 30% corporate income tax rate to the holders of 
fully paid ordinary shares which was paid on 18 March 2021.
In respect of the financial year ended 30 June 2020, the Directors declared the payment of a final dividend of 
11.5 cents per share franked to 100% at 30% corporate income tax rate to the holders of fully paid ordinary 
shares, which was paid on 22 September 2020.

IOOF Group Annual Report 2021
Directors’ Report
18
The Directors present their report together with the financial report of IOOF Holdings Ltd (the "Company" or 
"Parent") and of the IOOF Group, being the Company and its subsidiaries and the consolidated Group's 
interest in associates for the financial year ended 30 June 2021 and the auditor's report thereon.
Directors
The Directors of the Company during or since the end of the financial year were:
Name, qualifications 
and independence 
status
Experience, special responsibilities, listed and other significant 
directorships
Mr Allan Griffiths 
B.Bus, DipLI.
Independent Non-
Executive Director and 
Chairman
Director since 14 July 
2014
Chairman since 4 April 
2019
More than 30 years' experience with a deep understanding of the financial 
services industry. Mr Griffiths has held a number of executive positions within the 
industry most notably as Chief Executive Officer Aviva Australia and later, 
Managing Director South Asia, Aviva Asia Pte Ltd based in Singapore. Prior to 
joining Aviva Mr Griffiths held executive positions with Colonial Ltd and Norwich 
Union. Mr Griffiths is Chairman of the Westpac/BT Insurance Boards and the 
Chairman of Metrics Credit Partners. 
Mr Griffiths is also Chair of the Group Nominations Committee and a member of 
the Group Audit, Group Risk and Compliance and Group People & Remuneration 
Committees.
Mr Renato Mota
BComm(Hons), B.Bus
Chief Executive Officer 
and Managing Director
Director since 25 June 
2020
With more than 20 years’ experience in financial services, prior to being appointed 
CEO in June 2019, Mr Mota held a number of senior executive roles within IOOF. 
In December 2018, Mr Mota was appointed Acting CEO and prior to that was 
Group General Manager - Wealth Management since January 2016. During this 
time he was instrumental in leading IOOF through a series of forward-thinking, 
strategic initiatives including IOOF’s advice-led strategy, the group’s ClientFirst 
transformation and establishing the IOOF Advice Academy. Previously, he held 
numerous executive roles as General Manager of Distribution, Investor Solutions 
and Corporate Strategy and Communications. Before joining IOOF in 2003, Mr 
Mota worked for Rothschild and NAB in corporate finance roles with a focus on 
mergers and acquisitions where he was involved in wealth management 
transactions including the demerger of Henderson Group plc from AMP in 2003 
and NAB’s acquisition of MLC and Deutsche Financial Planning.
Mr Andrew Bloore
Independent Non-
Executive Director
Director since 2 
September 2019
Mr Bloore is an experienced Non-Executive Director, entrepreneur and farmer. He 
has designed, built and sold a number of businesses, focussed on the 
development of key disruptive technologies and distribution services in traditional 
markets, to create business efficiencies. Mr Bloore has been actively involved in, 
both as an Executive and/or as a Director and in the capacity of investment 
funding, development and leadership, include Smartsuper, SuperIQ, and Class 
Super. Mr Bloore has worked on a range of Senate and Treasury Committees, 
and with the Australian Taxation Office (ATO) Regulations Committee on 
regulation for the superannuation industry. In 2016, Mr Bloore sold his 
superannuation administration business to AMP, stepped down from the Senate 
and Treasury Committees and is now focussed on contributing to organisations 
as a Non-Executive Director. Mr Bloore was a non-executive director of FBR Ltd 
until November 2019.
Mr Bloore is a Board Member and a Member of the Group Audit, Group 
Nominations, Group People & Remuneration and Group Risk and Compliance 
Committees.

IOOF Group Annual Report 2021
Directors’ Report
19
Name, qualifications and 
independence status
Experience, special responsibilities, listed and other significant 
directorships
Ms Elizabeth Flynn
LLB, Grad Dip App Corp 
Gov, FAICD, FFin, FGIA, 
FCG.
Independent Non-Executive 
Director
Director since 15 September 
2015
Ms Flynn has more than 35 years' experience in the financial services 
industry, including roles within law and corporate governance as well as 
executive responsibilities. From 1998 to 2010, Ms Flynn was the Chief 
Legal Counsel, Group Compliance Manager and Group Company 
Secretary of financial services group Aviva Australia, and a director of 
Aviva Australia's superannuation trustee company. Prior to her time at 
Aviva, Ms Flynn spent 18 years as a commercial lawyer with Minter Ellison, 
including eight years as a Partner, specialising in managed funds, banking, 
securitisation and superannuation. Ms Flynn was a non-executive director 
of Bennelong Funds Management from 2010 to 2015 and The Colonial 
Mutual Life Assurance Society Limited from November 2019 until April 
2021 and is a non-executive director of AIA Australia Limited. 
Ms Flynn is Chair of the Group Risk and Compliance Committee, and a 
member of the Group Audit, Group People & Remuneration and Group 
Nominations Committees.
Mr John Selak
Dip Acc, FCA, FAICD
Independent Non-Executive 
Director
Director since 14 October 
2016
Mr Selak has over 40 years' experience in the financial and advisory services 
industry. From 2000 to 2016 Mr Selak was a Partner in the Corporate 
Finance Practice of Ernst & Young serving on their Global Corporate Finance 
Executive. From 2014 to 2017 Mr Selak was an advisory board member of 
Quest Apartment Hotels. From 2016 to 2020 Mr Selak was a non-executive 
director of National Tiles and was Chair of Corsair Capital until April 2021.  
Mr Selak is currently a non-executive director of Turosi Food Solutions and 
the IOOF Foundation.
Mr Selak is Chair of the Group People & Remuneration Committee and a 
member of the Group Audit, Group Nominations and Group Risk and 
Compliance Committees.
Ms Michelle Somerville
B Bus (Accounting), FCA, 
GAICD, Master Applied 
Finance
Independent Non-Executive 
Director
Director since 1 October 
2019
Ms Somerville is an experienced Non-Executive Director, bringing deep and 
relevant finance, risk and governance experience to the Board, having 
worked in the financial services industry in both her executive and non-
executive roles. Previously she was an audit partner with KPMG Australia for 
nearly 14 years, with a focus on the financial services industry in both 
Australia and overseas. Ms Somerville is currently a non-executive director 
of The GPT Group (since 2015). 
Ms Somerville is the Chair of the Group Audit Committee and a member of 
the Group Nominations, Group People & Remuneration and Group Risk and 
Compliance Committees.
All Directors held office during and since the end of the financial year, unless otherwise noted.
The Group People & Remuneration and the Nominations Committees review the balance of skills, experience, 
independence, knowledge and diversity of Directors. This involves the creation of a board skills matrix setting 
out the mix of skills and diversity that the Board currently has or is looking to achieve in its membership.
During the year each Board member completed a skills matrix. The Board was satisfied that the skills matrix 
results demonstrate that the Board has the appropriate skills and experience necessary to oversee the 
operations and governance of the IOOF Group. The Board Skills Matrix is available as part of our Corporate 
Governance Statement which is available on the IOOF website.
Company secretary
The Company Secretary is Ms Adrianna Bisogni LLB (Hons) BA GAICD. Ms Bisogni was appointed to the 
position in November 2019. She is a lawyer with over 25 years' experience in corporate law.

IOOF Group Annual Report 2021
Directors’ Report
20
Additionally, Mr Bill Linehan LLB, BCom, FGIA is a Chartered Accountant, lawyer, and a Fellow of the 
Governance Institute with over 20 years’ experience in corporate law was appointed to the role of Company 
Secretary in May 2021.
Directors' meetings
The number of Directors' meetings (including meetings of committees of Directors) and number of meetings 
attended by each of the Directors of the Company during the financial year are:
Director
Directors' Meetings
Status
Meetings
attended
Meetings
held
A Griffiths
Chair
24
24
R Mota
CEO & Managing 
Director
24
24
A Bloore
Director
24
24
E Flynn
Director
24
24
J Selak
Director
24
24
M Somerville
Director
24
24
Committee Meetings
Committee Meetings
Director
Group Audit Committee
Director
Risk and Compliance Committee
Status
Meetings
attended
Meetings
held
Status
Meetings
attended
Meetings
held
M Somerville
Chair
7
7
E Flynn
Chair
8
8
A Bloore
Member
7
7
A Bloore
Member
8
8
E Flynn
Member
7
7
A Griffiths
Member
8
8
A Griffiths
Member
7
7
J Selak
Member
8
8
J Selak
Member
7
7
M Somerville
Member
8
8
Committee Meetings
Committee Meetings
Director
Nominations Committee
Director
People & Remuneration Committee
Status
Meetings
attended
Meetings
held
Status
Meetings
attended
Meetings
held
A Griffiths
Chair
5
5
J Selak
Chair
6
6
E Flynn
Member
5
5
A Bloore
Member
6
6
J Selak
Member
5
5
E Flynn
Member
6
6
A Griffiths
Member
6
6
A Bloore
Member from 12 
May 2021
1
1
M Somerville
M Somerville
Member from 12 
May 2021
1
1
Member from 12 
May 2021
1
1
Meetings held represents the number of meetings held during the time the Director held office.
The Directors meetings are those held for IOOF Holdings Ltd. This does not include the meetings held and 
attended by Directors for the various subsidiary companies. Major subsidiaries averaged a further 8 meetings 
each during the year.
In addition to the meetings attended during the year, a number of matters were considered and addressed 
separately via circular resolution.
Shares issued on exercise of options
During the financial year, the IOOF Group did not issue any ordinary shares of the Company as a result of the 
exercise of options. All plans were satisfied from the purchase of shares.

IOOF Group Annual Report 2021
Directors’ Report
21
Unexercised options over shares, performance rights and 
deferred shares
At the date of this report, performance rights on issue are:
Performance rights
Performance period end date
Number of rights
30-Jun-21
343,271
30-Jun-22
349,800
30-Jun-23
340,560
30-Jun-24
886,512
1,920,143
Deferred shares
Vesting date
Number of shares
8-Apr-20
57,592
57,592
Shares allocated on vesting will rank equally with all other ordinary shares on issue.
These performance rights do not entitle the holder to participate in any share issue or receive dividends of the 
Company.
Indemnification and insurance
Rule 84 of the IOOF Holdings Ltd Constitution requires the Company to indemnify to the extent permitted by 
law, each Director and Secretary against liability incurred in, or arising out of the conduct of the business of 
the Company or the discharge of the duties of the Director or Secretary. The Directors and Secretary named 
in this Directors' Report have the benefit of this requirement, as do individuals who formerly held one of those 
positions.
In accordance with this requirement the Company has entered into Deeds of Access, Indemnity and Insurance 
(Deeds of Indemnity) with each Director and Secretary. During the financial year, the IOOF Group paid 
insurance premiums to insure against amounts that the IOOF Group may be liable to pay the Directors and 
Secretary pursuant to Rule 84. The insurance policy also insures the Directors and Secretary of the Company 
and its controlled entities, and the general officers of each of the companies in the IOOF Group. Details of the 
amount of the premium paid in respect of the insurance contract have not been disclosed as such disclosure 
is prohibited under the terms of the contract.
The liabilities insured are legal costs that may be incurred in defending civil or criminal proceedings that may 
be brought against the officers in their capacity as officers of entities in the IOOF Group and any other 
payments arising from liabilities incurred by the officers in connection with such proceedings, other than where 
such liabilities arise out of conduct involving a wilful breach of duty by the officers or the improper use by the 
officers of their position or of information to gain advantage to themselves or someone else or to cause 
detriment to the Company.
Environmental regulation
The IOOF Group is not subject to significant environmental regulation.

IOOF Group Annual Report 2021
Directors’ Report
22
Events occurring after balance date
The Directors have declared the payment of a final dividend of 9.5 cents per share and a special dividend of 
2.0 cents per share, both franked to 100% at 30% corporate income tax rate to the holders of fully paid ordinary 
shares to be paid on 22 September 2021.
The Directors are not aware of any other matter or circumstance not otherwise dealt with in this report, or the 
accompanying financial statements and notes thereto, that has arisen since 30 June 2021 that has significantly 
affected, or may significantly affect:
the IOOF Group’s operations in future financial years; or
the results of those operations in future financial years; or
the IOOF Group’s state of affairs in future financial years.
Lead auditor’s independence declaration
The lead auditor’s independence declaration is included on page 43 of the annual financial report and forms 
part of the Directors' Report for the year ended 30 June 2021.
Rounding off of amounts
The Company is a company of the kind referred to in ASIC Corporations (Rounding in Financial/Directors’ 
Reports) Instrument 2016/191, dated 24 March 2016, and in accordance with that instrument amounts in the 
financial report are rounded off to the nearest one hundred thousand dollars, unless otherwise stated.
Non-audit services
The Directors are satisfied that the provision of non-audit services during the year of $1,291,431 by the auditor 
is compliant with the general standard of independence for auditors imposed by the Corporations Act 2001. 
Non-audit services are managed as follows:
fees earned from non-audit work undertaken by KPMG are capped at 0.5 times the total audit fee;
services have been reviewed and approved to ensure that they do not impact the integrity and objectivity of 
the auditor; and
services do not undermine the general principles relating to auditor independence as set out in the Code of 
Conduct APES 110 Code of Ethics for Professional Accountants issued by the Accounting Professional & 
Ethical Standards Board, including reviewing or auditing the auditor's own work, acting in a management or 
decision-making capacity for the IOOF Group, acting as advocate for the IOOF Group or jointly sharing 
economic risks and rewards.
Further information regarding remuneration of auditors is included in section 6-5 of the financial report.
Proceedings on behalf of the Company
No person has applied to the Court under section 237 of the Corporations Act 2001 for leave to bring 
proceedings on behalf of the Company, or to intervene in any proceedings to which the Company is a party, 
for the purpose of taking responsibility on behalf of the Company for all or part of those proceedings.
No proceedings have been brought or intervened in on behalf of the Company with leave of the Court under 
section 237 of the Corporations Act 2001.

IOOF Group Annual Report 2021
Remuneration report
23
Letter from the People & Remuneration Committee Chair
Dear Shareholder
IOOF is pleased to present its Remuneration Report for 2021. The report is designed to provide shareholders 
with an understanding of the Group’s remuneration principles, policies and programs and their link with the 
Group’s strategy and financial performance.
The 2021 financial year has been truly transformational for IOOF with the successful completion on 31 May of 
the MLC acquisition. This acquisition provides a step-change in scale and reach across our organisation. The 
business also continued to implement significant changes across its advice and platforms businesses, and 
consolidation of the ANZ P&I acquisition. 
Through the integration with MLC, we have seen additions to the Executive Team:  Garry Mulcahy, Chief Asset 
Management Officer who joined with MLC at completion and Chris Weldon, Chief Transformation Officer who 
stepped into this newly created role from within IOOF. We also welcomed our Chief Corporate Affairs and 
Marketing Officer, Sawsan Howard who joined as an important member of the Executive Team in August. The 
additions to the Executive Team and changes in Board composition across the Group provides strong business 
and cultural foundations and the impetus for the organisation to move forward. 
The impacts of COVID-19 pandemic continued to permeate through the year, requiring periods of remote 
working and the continuing need to support our clients and people through challenging times. I am proud of 
how our teams have seamlessly adapted and responded to the challenging and disruptive environment, and 
in fact, found some new and better ways to work.
In response to COVID-19, the Chairman and CEO took a 20% reduction in base pay for 6 months from 1 
August 2020. All other IOOF Holdings Directors, along with the Chief Financial Officer, took a 10% reduction 
in base pay for the same period.
Evolving our Remuneration Framework
In 2021, we implemented our new executive incentive framework, the Executive Equity Plan (EEP). The plan, 
which delivers incentives wholly in equity vesting over four years, closely aligns executives with shareholders 
and encourages long-term sustainable decision making in the interests of shareholders. The incentive 
framework balances financial and non-financial priorities aligned with key strategic value drivers of the 
business, both short and long term, to enable enduring performance. 
The new executive framework has been successful in driving strong alignment between the Executive Team 
and supporting the cultural and remuneration principles it was designed to address: 
supporting IOOF’s strategic, cultural and talent agendas including the “advice-led” strategy and ClientFirst 
culture; 
aligning with best practice and stakeholder expectations; and
considering pending regulatory developments.
Remuneration Governance
Our remuneration governance structures also evolved and strengthened through 2021. The Board, 
Committees and Management all recognise the need for strong governance and linkages to risk in our 
remuneration structures. We have taken steps forward this financial year to ensure these factors are more 
meaningfully embedded in our practices and frameworks, which is outlined in detail in section 2 of this report. 
This will continue to be a significant area of focus for IOOF to ensure we are proactively adapting our 
remuneration approach to best practices and in preparation for the Financial Accountability Regime (FAR).

IOOF Group Annual Report 2021
Remuneration report
24
Executive Remuneration Outcomes
With the redesign of the executive framework having been undertaken, the new EEP took effect from 1 July 
2020 for the 2020-2021 financial year. Performance against the measures established as part of the plan 
reflect the significant year for the business in terms of its transformation. This is outlined in section 1 of this 
report. Executive performance against the EEP follows two years of STIs not being awarded for the current 
Executive Team, with the exception of the Chief Investment Officer who maintained a portion of his 
remuneration as STI and the Chief Asset Management Officer (as explained in section 3 of this Report). The 
EEP is a prospective plan, with equity applied at the commencement of the four-year performance period, 
meaning the current 20/21 plan will not vest until 2024.
In relation to Non-Executive Director (NED) remuneration, no increases were made to NED fees for the fifth 
year in a row. A review of the NED remuneration framework is underway for financial year 2022. 
A key strength of IOOF is our culture and our people are the centrepiece of this across all levels, including key 
management personnel. Their dedication, commitment and talent are reflected in the operational and financial 
achievements in FY2021, and the foundations that have been laid for future sustainable growth in shareholder 
value. On behalf of the Board, I thank you for your support and feedback, and commend this report to you.
 
Yours sincerely
John Selak
People & Remuneration Committee Chair
26 August 2021
In this report:
Section
Remuneration overview:
Executive remuneration outcomes for the 
2021 financial year
1
Remuneration governance
2
Key Management Personnel (KMP)
3
Non-Executive Director remuneration
4
Company performance and remuneration 
impacts
5
Key Management Personnel remuneration - 
Additional statutory disclosure
6
Other information
7

IOOF Group Annual Report 2021
Remuneration report
25
1. Executive Remuneration outcomes for the 2021 financial 
year
The new 2021 remuneration framework
As outlined in last year’s report, a full review of the remuneration framework by the Group People & 
Remuneration Committee was undertaken last financial year, with independent recommendations provided by 
KPMG 3dc (executive remuneration and performance advisory).  The People & Remuneration Committee 
approved a redesign of the executive remuneration framework, with the new incentive framework, called the 
Executive Equity Plan (EEP), fully implemented for first time for the 2021 financial year.  
The EEP framework has replaced the LTI and STI programs for the CEO, Key Management Personnel (KMP) 
and the remaining Executive Team. The STI is removed under the framework except for the Chief Investment 
Officer and Chief Asset Management Officer who retain short term incentives which will closely tie a portion of 
variable remuneration to the performance of IOOF’s investment and asset management portfolios.
The EEP is delivered wholly in equity to closely align Executives with shareholders and encourage long-term 
sustainable decision making in the interests of shareholders.
The EEP framework encompasses financial and non-financial measures. The EEP comprises:

A four-year performance measure (40%) This will be based on Relative Total Shareholder Return 
(TSR), assessed at the end of the four year performance period.

Annual performance measures amounts not released until the end of the four-year 
performance period (60%) Targets are set and assessed annually against five key areas, one of 
which is financial and four non-financial metrics. The areas assessed, which align with the key strategic 
drivers of the business, are:
o
Financial (10%)
o
Non-financial measures (50%) comprised of:

Environment, Social & Governance (ESG) (10%)

Client (10%)

People (10%)

Individual, role specific measures (20%)    
The first allocation of EEP rights relating to the 2021 financial year was granted post the release of IOOF’s full-
year results in 2020. The annual performance measures set for the 2021 financial year for the CEO and 
Executives were assessed at the end of the financial year (as outlined in the table on the following page) but 
will not be eligible for release until 30 June 2024.

IOOF Group Annual Report 2021
Remuneration report
26
FY21 Performance Outcomes
The table below highlights the performance outcomes for each of the measures set of the EEP.
Area
Measures
FY 21 performance 
achievement
Risk and 
compliance
Executives are required to meet all training and core 
risk requirements
All KMP achieved 
this gateway
Culture principles
Executives must demonstrate the IOOF principles 
consistently in the way they work
All KMP achieved 
this gateway
Delivering to shareholders
Long-term shareholder return as measured by TSR 
percentile ranking >50% 
Achieving the Annual Financial Plan
Measured by achievement of an annual financial 
plan (UNPAT) target 
Delivering what matters to Clients
Improving service delivery to members and advisers 
as measured through adviser and member NPS
Connecting with employees
Uplift in employee engagement and experience to 
achieve top quartile engagement score 
Transforming the Organisation
Measures to be set on an individual basis. Will 
predominantly link to the successful delivery of key 
transformation programs against FY21 milestones, 
namely: Evolve 21, P&I Integration, and Advice 2.0.  
EXECUTIVE EQUITY PLAN
Financial (40%)
Non-financial performance measures
Financial (10%)
Environment, Social 
& Governance 
(ESG) (10%)
Client (10%)
Gateway
Assessed in 2024
Annual Performance Measures
Set and assessed annually - released after 4 years
10%
Achieved
10%
Achieved
10%
Achieved
10%
Achieved
20%
Achieved
People (10%)
Individual (20%)
Strengthening sustainability
Delivery against board endorsed ESG scorecard

IOOF Group Annual Report 2021
Remuneration report
27
2. Remuneration governance
Reshaping the People & Remuneration Committee
From 4 May 2021, the Remuneration Committee was renamed the People & Remuneration Committee to 
reflect its role in broader People matters such as talent and succession and diversity and inclusion, in addition 
to remuneration. The Group People & Remuneration committee is the governing body for developing, 
monitoring and assessing the remuneration strategy, policies and practices across IOOF and ensuring overall 
pay equity. The role of the Group People & Remuneration Committee is to review, challenge, assess and as 
appropriate, endorse the recommendations made by management for Board approval.  It oversees the IOOF 
remuneration framework and assists the Board to ensure that IOOF’s remuneration strategy and policy are 
appropriate and effective.
The People & Remuneration Committee met formally six times during the 2021 financial year with the following 
members (as at 30 June 2021). John Selak (Chair), Allan Griffiths, Elizabeth Flynn, Andrew Bloore and 
Michelle Somerville. This included a joint meeting with the Risk & Compliance and Audit committees as outlined 
below.
Strengthening Risk in Performance & Remuneration Governance
To continue our uplifting governance around our performance and remuneration practices, this year we 
introduced a joint meeting of the People & Remuneration, Risk & Compliance and Audit committees in May 
2021. This meeting was initiated as part of the end of year performance and remuneration assessment process 
to ensure a heightened focus on risk in outcomes for the CEO, Senior Executives, Responsible Persons and 
Responsible Managers.  This meeting provided the opportunity for the Committees to review and discuss 
relevant risk and audit matters that may warrant consideration in the People & Remuneration Committee’s 
determination of remuneration outcomes, including any in-year malus adjustments. Feedback from across 
subsidiary boards and committees was sought as input into the assessment of these key people.    

IOOF Group Annual Report 2021
Remuneration report
28
IOOF’s remuneration governance framework
IOOF Holdings Ltd Board
Risk & Compliance and Audit Committees
Detailing regulatory and legal matters, significant 
compliance and operational incidence, internal 
audit issues and other financial and non-financial 
matters.
People & Remuneration Committee
Establishment and maintenance of the IOOF 
Group's Remuneration Framework, including 
determination of KMP remuneration 
arrangements, ongoing review of incentive 
schemes, and assessment of performance 
against key performance indicators.
Risk & Remuneration Governance 
Incidents, breaches of policy and misconduct issues are regularly reported to Senior Executives.  The Chief 
Risk Officer annually reports to the Joint People & Remuneration, Risk & Compliance and Audit Committees 
on the outcomes from the consequence management process and confirms that these matters have been 
considered in determining performance and remuneration outcomes where appropriate. 
Joint Group People & Remuneration, Risk & 
Compliance and Audit Committees
The Board forum that is advised by the Group Chief 
Risk Officer on material risk matters that may impact 
remuneration outcomes for Senior Executives and 
below. 
Independent Remuneration Consultants
The People & Remuneration Committee may engage 
external advisers to provide information to assist the 
Committee in making remuneration decisions.
Risk and Remuneration
Our Remuneration Framework has continued to evolve over the past year, enabling us to achieve better 
alignment between risk, performance and remuneration and ensure we are aligned to regulator and market 
expectations.  
The Board continues to oversee enhancements to IOOF’s management of risk and remuneration, reinforcing 
the expectations of risk outcomes and behaviours in support of a positive risk culture through IOOF’s practices 
and frameworks. This year, this included the introduction of the Exercise of Discretion in Remuneration 
Decision Making Policy, to guide the board in the application of discretion to variable remuneration and the 
Shareholding Policy (MSR), which outlines shareholding expectations of Executives.
Risk also plays a key role in performance and remuneration for our broader employee workforce in addition to 
executives, with financial year outcomes and reward being subject to meeting compliance expectations. Less 
than 1% of the total workforce failed to meet these risk and compliance gateways and as a result, no variable 
reward was awarded to these individuals.

IOOF Group Annual Report 2021
Remuneration report
29
Embedding Risk in our Performance and Reward framework
Risk Culture
The IOOF risk culture is a key business driver and 
seeks to create an environment where employees 
have a clear understanding of their responsibilities 
and accountabilities for managing risk. Employees 
are empowered to ask questions, report concerns, 
seek relevant information, challenge assumptions 
and take action when issues are identified as part of 
everyday work activities.
Risk culture is underpinned by the new cultural 
principles, which are embedded in our business 
processes, including the performance framework. 
Alignment of risk to remuneration outcomes
The IOOF Group People & Remuneration Policy is 
designed to encourage and incentivise employees 
to act responsibly and with integrity in a manner 
consistent with the Policy.
Reporting is provided to the Board to support 
oversight of remuneration and risk consequences to 
assist in informing performance and remuneration 
reviews.
Risk in the performance review process
Risk assessments are increasingly a key 
consideration for the annual performance 
assessment process of the CEO and Senior 
Executives. As well as the commencement of a joint 
committee made up of the People & Remuneration, 
Risk & Compliance and Audit committees to ensure 
a clear link between risk, performance and 
remuneration outcomes, it is also supported by 
reporting and governance structures to ensure a 
holistic view of risk.  
Malus/clawback
Malus is the ability to reduce (including to zero) a 
variable remuneration award/or lapse or postpone 
vesting of variable remuneration awards granted, 
but not vested.
Guidance and enhanced processes to support the 
application of malus have been implemented across 
IOOF during the 2021 financial year.
Clawback will also apply to all CEO and Senior 
Executives variable remuneration from 2021 
financial year.
People & Remuneration Committee
The Committee reviews and makes recommendations to the Board on the remuneration structure and policies 
applicable to the KMP and NEDs of the IOOF Group, as well as the wider IOOF employee population.
The Committee is comprised solely of NEDs, all of whom are independent. The members of the Committee 
for the year ended 30 June 2021 were J Selak – Chair (full year), A Griffiths (full year), E Flynn (full year), A 
Bloore (full year), and M Somerville (12 May 2021 - present).
The Board considers that the members of the Committee provide an appropriate mix of skills to undertake its 
terms of reference, having regard to their qualifications, knowledge of the financial services industry and 
experience in business management.
People & Remuneration Committee Charter 
The responsibilities of the People & Remuneration Committee are outlined in its Charter and reviewed 
annually. The Charter is available on the Corporate Governance page of the Company’s website at 
www.ioof.com.au

IOOF Group Annual Report 2021
Remuneration report
30
The table below shows IOOF’s remuneration objectives and principles:
IOOF Purpose
Understand me
Look after me
Secure my future
Remuneration Objectives
Objectives of IOOF’s remuneration framework:
Attraction and 
retention of the 
best talent
Strategy-led and 
supporting IOOF's 
purpose
Promote a sound 
risk management 
culture
Shareholder 
alignment
Meet regulatory 
and governance 
expectations and 
impacts on 
remuneration
Attract, motivate 
and retain key 
talent to drive the 
performance of 
the Company.
Support our advice-
led approach to 
delivering customer 
outcomes
Emphasis on 
delivering quality 
advice
Support IOOF's 
ClientFirst philosophy 
to deliver a sustainable 
competitive advantage.
Sound management of 
non-financial and 
financial risk and 
individual and 
collective 
accountability
Meet the expectations 
of stakeholders in a 
fast-paced regulatory 
environment and 
upholding the highest 
governance standards.
Align outcomes with 
the shareholder 
experience through 
allocation of equity 
and delivery of 
shareholder returns
Facilitate an 
'ownership mindset' 
and long-term focus 
among participants.
Consider the draft 
Financial 
Accountability 
Regime ("FAR") 
proposals and 
APRA's draft 
Prudential Standards 
CPS 511 
Remuneration and 
their potential impact 
on remuneration.
Remuneration Principles
These objectives are achieved by:
Being market 
competitive and 
reflect our broader 
employee value 
proposition.
Creating a culture that 
underpins our 
principles – 
recognising what is 
achieved and the way 
in which it is achieved.
Supporting Risk 
Management 
framework and culture, 
by encouraging 
appropriate risk 
behaviours, setting 
clean performance and 
risk accountabilities 
and enabling 
consequences through 
forfeiture of 
remuneration.
Delivering on 
shareholder value 
through short term 
performance that 
builds into long-term 
performance.
Determining an 
individual’s variable 
remuneration based 
on a range of financial 
and non-financial 
factors that includes 
risk factors.

IOOF Group Annual Report 2021
Remuneration report
31
The remuneration framework for the KMP are outlined below:
Executive Remuneration Framework
Total Fixed 
Remuneration 
Short Term Variable Reward
Executive Equity Plan 
(Long Term Variable Reward)
Participants
All Senior Executives
Chief Asset Management Office and 
Chief Investment Officer 
All Senior Executives except Chief 
Asset Management Officer
Rationale
Provides market competitive 
remuneration to attract and 
retain high quality talent while 
reflecting role size and 
accountabilities
Aligned to specific individual, role 
specific targets associated with the 
investment and Asset Management 
portfolios
Relative TFR against ASX 200 (40%) 
assessed over 4 years
Financial Measure (10% measured 
by achieved of annual UNPAT target 
(released after 4 years)
Non-financial component (50%) – set 
and assessed annually (released 
after 4 years) with one measure in 
each category being (1) ESG, (2) 
client (3) people (4) individual.
Structure
Base remuneration and 
superannuation
50%
Paid as cash
50% 
Deferred equity 
for one-two year
Performance Rights to shares with no 
dividend equivalent payments, with 
vesting subject to performance over a 
four-year period.
Approach
TFR is determined by taking 
into consideration expertise, 
responsibility, knowledge, 
experience and market 
competitiveness.
Reviewed annually against 
relevant comparator group 
remuneration benchmarks.
Primary comparator group is 
the other wealth management 
and superannuation
businesses.
Adjustments only made for 
changes in role or promotion, 
internal relativities and 
significant market changes.
Quantum (% of TFR):
Maximum of 100%-130%
Business Performance Measures:
STIs are discretionary and 
determined for each individual KMP 
based on a balanced scorecard 
across business measures and 
including assessment of risk goals 
and behaviours.
Risk and Governance assessment 
(gate/modifier):
Outcomes subject to Board 
consideration of conduct and risk and 
reputation matters.
Quantum (% of TFR):
Maximum face value allocation of 
133% (100% for Group CEO)
Business Performance Measures:
Relative TSR against ASX 200 
(40%) assessed over 4 years;
Financial Measure (10% measured 
by achieved of annual UNPAT target 
(released after 4 years); and
Non-financial component (50%) –
set and assessed annually (released 
after 4 years) with one measure in 
each category being (1) ESG, (2) 
client (3) people (4) individual.
Risk and Governance assessment 
(gate/modifier):
Outcomes subject to Board 
consideration of conduct and risk and 
reputation matters.

IOOF Group Annual Report 2021
Remuneration report
32
3. Key Management Personnel (KMP)
The Key Management Personnel (KMP) are defined as persons having authority and responsibility for planning 
directing and controlling the activities of an entity, directly or indirectly, including any Director (whether 
Executive or otherwise) of that entity.
The table below outlines the Group’s KMP for the financial year ended 30 June 2021. It also shows each 
individual’s shareholding and corresponding progress against their Minimum Shareholding Requirement 
(MSR) as at 30 June 2021.
Name
Role
Term as KMP
Current
shareholding
Progress 
against MSR(1)
Chairperson
A Griffiths
Independent Non-Executive Director 
& Chairman
Full year
100,000
n/a
Non-Executive Directors
E Flynn
Independent Non-Executive Director
Full year
49,021
n/a
J Selak
Independent Non-Executive Director
Full year
145,000
n/a
A Bloore
Independent Non-Executive Director
Full year
17,190
n/a
M Somerville
Independent Non-Executive Director
Full year
10,840
n/a
CEO & Managing Director
R Mota
Chief Executive Officer and Managing 
Director (CEO)
Full year
347,328
100.0%
Current KMP
D Chalmers
Chief Financial Officer
Full year
-
0.0%
F Lombardo
Chief Operating Officer
Full year
45,576
80.7%
D Whereat
Chief Advice Officer
Full year
10,000
15.5%
M Oliver
Chief Distribution Officer
Full year
-
0.0%
L Stewart
Chief Risk Officer
Full year
-
0.0%
G Mulcahy
Chief Asset Management Officer
1 June 2021
to present
-
n/a
Former KMP
D Farmer
Chief Investment Officer
1 July 2020 to
31 May 2021
21,022
56.0%
(1)The MSR is required to be in place by 2024 or 4 years after commencing in the Executive Equity Plan.  The share price is 
calculated based on the higher of the price at date of purchase/vesting and the current price. The MSR applies to executives only.    
Disclosures of remuneration and other transactions with KMP who were appointed or ceased during the year 
are limited to those transactions occurring in the period of appointment as KMP.

IOOF Group Annual Report 2021
Remuneration report
33
Executive KMP appointment arrangements
The Executive Team adjustments following the MLC acquisition that completed on 31 May 2021, has resulted 
in the following changes to KMP.
Chief Asset Management Officer
G Mulcahy
Appointed 1 June 2021
Executive KMP exit arrangements
The following ceased to be KMP during 2021:
Chief Investment Officer
D Farmer
Ceased as KMP 31 May 2021
Remuneration received by current Executive KMPs
The remuneration outcomes table below provides a summary of the remuneration that was received by the 
current executives in their KMP roles during the financial year ended 30 June 2021.  We believe that presenting 
this information provides shareholders with greater clarity and transparency of executive remuneration. This 
table differs from the statutory remuneration table included in Note 6-6, which presents remuneration in 
accordance with accounting standards (i.e. on an accrual basis). All remuneration presented in this report is 
in Australian dollars.
Total Fixed 
Remuneration(1)
STI(2)
LTI(3)
EEP(4)
Total value of 
remuneration received
Name
2021
2020
2021
2020
2021
2020
2021
2021
2020
$
$
$
$
$
$
$
$
$
CEO & Managing Director
R Mota
1,080,676
1,206,778
54,103
68,969
68,801
83,625
1,200,000
2,403,579
1,359,372
Current KMP
D Chalmers(5)
761,702
215,385
-
-
-
-
600,000
1,361,702
215,385
F Lombardo
551,620
550,000
47,608
60,690
68,801
41,813
412,000
1,080,029
652,502
D Whereat(5)
553,599
211,541
-
-
-
-
275,000
828,599
211,541
M Oliver(5)
503,594
219,286
-
-
-
-
250,000
753,594
219,286
L Stewart(5)
620,000
23,846
-
-
-
-
186,000
806,000
23,846
G Mulcahy(6)
47,659
-
92,158
-
-
-
-
139,817
-
Former KMP
D Farmer(7)
389,583
433,218
359,773
208,599
-
54,600
212,500
961,856
696,417
D Coulter(8)
-
320,773
-
102,011
-
83,625
-
-
506,409
G Riordan(8)
-
336,565
-
139,761
-
83,625
-
-
559,951
A Noble(9)
-
143,147
-
-
-
-
-
-
143,147
Total
4,508,433
3,517,392
553,642
580,030
137,601
347,288
3,135,500
8,335,176
4,587,856
(1)Includes base salary, non-monetary and superannuation.
(2)Deferred STI awarded in a prior year calculated using the closing share price at the date of transfer of shares. STI for G Mulcahy and D 
Farmer represent cash STI accrued during the year.
(3)Tenure-based LTI value calculated using closing share price at date of transfer of shares. 
(4)EEP value represents the total amount that the KMP was granted at the commencement of the plan, subject to a 4-year performance 
period as described in Section 1.
(5)Appointed as KMP during the prior financial year.
(6)Appointed as KMP from 1 June 2021.
(7)Ceased as KMP 31 May 2021.
(8)Ceased as KMP 28 February 2020.
(9)Appointed as KMP from 26 July 2019 to 12 November 2019.

IOOF Group Annual Report 2021
Remuneration report
34
Prior Year LTI 
For performance rights plans pre-dating the EEP, vesting of 50% of performance rights is subject to serving a 
three year employment period commencing on the date of grant. 50% of the grant is subject to a Total 
Shareholder Return (TSR) progressive vesting scale over three years. TSR was chosen as the most 
appropriate comparative measure as it focuses on the delivery of shareholder value. TSR represents the 
change in the value of a share plus the value of dividends paid.
Year
Performance 
period
Grant date
IOOF TSR for 
the period
%
Ranking 
relative to 
ASX200
Vesting 
status at 
30 June 
2021
Performance 
period
end date
2020 LTI
performance 
rights
2020-2022
17 Dec 19
Performance period not complete
30 Jun 22
2019 LTI
performance 
rights
2019-2021
17 Aug 18
-37.40%
154th
0% vested
30 Jun 21
The performance period for the 2019 LTI performance rights was completed in 2021. With a TSR ranking of 
154th relative to the ASX 200, no performance rights vested under the TSR performance hurdle for any 
KMP. R Mota, F Lombardo, and D Farmer remained employed during the three-year period. G Riordan is 
considered a “good leaver” and remained eligible for the 2019 LTI performance rights.
Accordingly, the following shares vested for KMP under the 2019 LTI performance rights:
Name
Type of instrument
Employment 
condition - 
50%
TSR 
Performance 
hurdle - 50%
% vested 
in year
% forfeited
in year
Number of shares vested
R Mota
2019 LTI performance rights
25,000
-
50.0%
50.0%
F Lombardo
2019 LTI performance rights
22,000
-
50.0%
50.0%
Former KMP
D Farmer
2019 LTI performance rights
12,500
-
50.0%
50.0%
G Riordan
2019 LTI performance rights
15,000
-
50.0%
50.0%

IOOF Group Annual Report 2021
Remuneration report
35
4.  Non-Executive Director remuneration
NEDs receive a fixed fee including superannuation for being a Director of the Board, with an additional fee for 
the Chairman of the Board. No additional fees are paid for service on Board Committees or subsidiary company 
Boards.
In setting fees, the Board considers general industry practice; best principles of corporate governance; the 
responsibilities and risks attached to the NED role; the time commitment expected of NEDs on Group and 
Company matters; and fees paid to NEDs of comparable companies.
In order to ensure NED independence and impartiality, fees are not linked to Company performance and NEDs 
are not eligible to participate in any of the Group's incentive arrangements.
The Board has reviewed NED fees for 2021 and, for the fifth year, has determined not to increase their fees. 
A review of NED’s fees is being undertaken in FY22.
NED fees
Elements
Details
NED fees
2020/21 Fees per annum were:
(no change to 2020)
IOOF Holdings Ltd Board Chair fee
$285,000 
IOOF Holdings Ltd Board NED fee
$170,000 
Post-employment benefits
Superannuation contributions are made at a rate of 9.5% (up to the 
Government's prescribed maximum contributions limit) and are included in the 
NED fee.
The current aggregate fee pool for NEDs of $1.25 million was approved by shareholders at the 2013 Annual 
General Meeting. The annual total of NEDs’ fees, including superannuation contributions, is within this agreed 
limit.
2021 Statutory remuneration – NEDs
NED
Short-term benefits Post-employment
Directors' fees(4)
Superannuation
Total
$
$
$
2021
256,500
-
256,500
A Griffiths(3)
2020
274,499
10,501
285,000
E Flynn(3)
2021
161,500
-
161,500
2020
162,626
7,374
170,000
J Selak
2021
147,489
14,011
161,500
2020
155,251
14,749
170,000
A Bloore
2021
147,489
14,011
161,500
2020
152,185
14,458
166,643
M Somerville
2021
147,542
13,958
161,500
2020
113,453
10,778
124,231
G Vernados(1)
2020
65,086
7,597
72,683
J Harvey(2)
2020
99,259
9,430
108,689
Total
2021
860,520
41,980
902,500
2020
1,022,359
74,887
1,097,246
(1)Resigned as a Non-Executive Director on 28 November 2019
(2)Resigned as a Non-Executive Director on 19 February 2020.
(3)Directors' fees include any fees sacrificed into superannuation funds.
(4)Directors took a reduction in fees for 6 months in acknowledgement of the impact of COVID-19.

IOOF Group Annual Report 2021
Remuneration report
36
Equity holdings of NEDs
Name
Balance 
as at
1 July 2020
Changes 
during 
the year
Balance 
as at
30 June 2021
Balance as at 
report sign-off 
date
A Griffiths
41,428
58,572
100,000
100,000
E Flynn
33,157
15,864
49,021
49,021
J Selak
55,000
90,000
145,000
145,000
A Bloore
5,830
11,360
17,190
17,190
M Somerville
-
10,840
10,840
10,840
Terms of appointment
All NEDs have letters of appointment detailing the terms under which they are engaged. The term of 
appointment for each is open-ended, subject to the provisions of the Corporations Act and the Company’s 
Constitution. Under the Constitution, one-third of Directors must retire from office each year and may seek re-
election by shareholders at the Annual General Meeting of the Company.

IOOF Group Annual Report 2021
Remuneration report
37
5.  Company performance and remuneration impacts
In considering the IOOF Group’s financial performance and impacts on shareholder wealth for the residual LTI 
(excluding for the 2020 financial year as no LTI was awarded in respect of the year ended 30 June 2020), and 
for the new EEP determination, the Committee has regard to the following financial metrics in respect of the 
current financial year and the previous four financial years.
5-year Group performance

IOOF Group Annual Report 2021
Remuneration report
38
6.  Key Management Personnel remuneration – Additional   
statutory disclosure
Additional statutory disclosure
The following table sets out the remuneration received by KMP for the year ended 30 June 2021. The share-
based payments shown below are not amounts actually received by KMP during the year, as in accordance 
with accounting standards, they include accounting values for unvested share awards. Actual share-based 
payment amounts received are shown as cash remuneration.
Short-term benefits
Post-
employ
-ment 
Share-based 
payments(2)
Element of 
Remuneration
Salary
Bonus - 
cash
Non-
mone-
tary(1)
Super-
annu-
ation
Perform-
ance
rights
Termin-
ation
benefits
Total
Component as a 
% of total 
remuneration
Fixed
Variable
Fixed
Fixed 
Variable
Fixed 
Fixed Variable(3)
Component of 
Remuneration
$
$
$
$
$
$
$
%
%
R Mota(6)
2021
1,058,306
-
676
21,694
417,433
-
1,498,109
72
28
2020
1,182,459
-
3,316
21,003
280,677
-
1,487,455
81
19
D Chalmers(4)(6)
2021
738,306
-
1,702
21,694
68,451
-
830,153
92
8
2020
209,730
-
-
5,655
-
-
215,385
100
-
F Lombardo
2021
528,306
-
1,620
21,694
237,769
-
789,389
70
30
2020
528,997
-
-
21,003
227,484
-
777,484
71
29
D Whereat(4)
2021
528,306
-
3,599
21,694
74,729
-
628,328
88
12
2020
203,461
-
2
8,078
17,936
-
229,477
92
8
M Oliver(4)
2021
478,306
-
3,594
21,694
71,877
-
575,471
88
12
2020
209,392
-
1,008
8,886
17,936
-
237,222
92
8
L Stewart(4)
2021
598,306
-
-
21,694
21,220
-
641,220
97
3
2020
23,038
-
-
808
-
-
23,846
100
-
KMP appointed during 2021
G Mulcahy(4)(5)
2021
47,659
92,158
-
-
-
-
139,817
34
66
Former KMP
D Farmer(4)
2021
369,697
331,876
-
19,886
121,726
-
843,185
46
54
2020
403,997
173,036
8,218
21,003
93,908
-
700,162
62
38
D Coulter(4)
2020
303,321
-
3,316
14,136
(8,783)
472,165
784,155
101
(1)
G Riordan(4)
2020
322,025
75,000
-
14,540
75,121
438,312
924,998
84
16
A Noble(4)
2020
132,076
-
-
11,071
-
57,212
200,359
100
-
Total
2021
4,347,192
424,034
11,191
150,050
1,013,205
-
5,945,672
2020
3,518,496
248,036
15,860
126,183
704,279
967,689
5,580,543
(1)Non-monetary benefits include company funded benefits and fringe benefits tax payable on those benefits, typically car parking.
(2)Share-based payments include accruals in relation to the Executive Performance Share Plan and accruals in relation to other grants of 
performance rights over shares in the Company. The value of the number of shares and options expected to vest has been apportioned 
over the term from grant date to vesting date.
(3)As payment of the variable component is at the discretion of the Board, the minimum value is nil and the maximum is the total amount 
paid.
(4)Amounts represent payments relating to the period during which the individuals were identified as KMP.
(5)Short-term incentive paid to G Mulcahy post 30 June 2021 of $503,180. Short-term incentive deferred for 3 years of $335,453. A liability 
of $746,477 for this incentive was assumed upon the acquisition of MLC Wealth on 31 May 2021, and the amount of $92,158 represents 
the expense relating to the period 1 June 2021 to 30 June 2021. No superannuation was paid in respect of G Mulcahy as he is a member 
of a defined benefit plan which is in a payment holiday. Disclosure of the defined benefit plan is made at note 6-8.
(6)Individual took a reduction in salary for 6 months in acknowledgement of the impact of COVID-19.

IOOF Group Annual Report 2021
Remuneration report
39
7.  Other information
Equity holdings
The table below sets out details of deferred shares and rights that were granted to KMP during the 2021 financial year or in prior years and that then vested, were 
exercised/sold or which lapsed/were forfeited during the 2021 financial year.
Name
Type of instrument
Grant 
date
Fair value per 
right at grant 
date
Number 
granted(1)
Balance at 
1 July 2020
Granted as 
compensation
Exercised/
Vested
Forfeited/
Lapsed
Balance at 
30 June 2021
Financial year of 
performance 
period end
CEO & Managing Director
R Mota
2018 deferred shares(2)
30-Jun-18
$8.58
13,112
13,112
-
(13,112)
-
-
2021
2021 Executive Equity Plan
18-Dec-20
$2.29
239,597
-
239,597
-
-
239,597
2024
2020 LTI performance rights
17-Dec-19
$5.90
75,000
75,000
-
75,000
2022
2019 LTI performance rights
26-Sep-18
$4.93
50,000
50,000
-
-
-
50,000
2021
Total R Mota
138,112
239,597
(13,112)
-
364,597
Current KMP
D Chalmers
2021 Executive Equity Plan
18-Dec-20
$2.29
119,799
-
119,799
-
-
119,799
2024
Total D Chalmers
-
119,799
-
-
119,799
F Lombardo
2018 deferred shares(2)
30-Jun-18
$8.58
11,538
11,538
-
(11,538)
-
-
2021
2021 Executive Equity Plan
18-Dec-20
$2.29
82,262
-
82,262
-
-
82,262
2024
2020 LTI performance rights
17-Dec-19
$5.90
44,000
44,000
-
-
-
44,000
2022
2019 LTI performance rights
26-Sep-18
$4.93
44,000
44,000
-
-
-
44,000
2021
Total F Lombardo
99,538
82,262
(11,538)
-
170,262
D Whereat
2021 Executive Equity Plan
18-Dec-20
$2.29
54,908
-
54,908
-
-
54,908
2024
2020 LTI performance rights
17-Dec-19
$5.90
10,000
10,000
-
-
-
10,000
2022
2019 LTI performance rights
26-Sep-18
$4.93
10,000
10,000
-
-
-
10,000
2021
Total D Whereat
20,000
54,908
-
-
74,908
M Oliver
2021 Executive Equity Plan
18-Dec-20
$2.29
49,916
-
49,916
-
-
49,916
2024
2020 LTI performance rights
17-Dec-19
$5.90
10,000
10,000
-
-
-
10,000
2022
2019 LTI performance rights
26-Sep-18
$4.93
10,000
10,000
-
-
-
10,000
2021
Total M Oliver
20,000
49,916
-
-
69,916
L Stewart
2021 Executive Equity Plan
18-Dec-20
$2.29
37,138
-
37,138
-
-
37,138
2024
Total L Stewart
-
37,138
-
-
37,138
Continued on next page.

IOOF Group Annual Report 2021
Remuneration report
40
Name
Type of instrument
Grant 
date
Fair value per 
right at grant 
date
Number 
granted(1)
Balance at 
1 July 2020
Granted as 
compensation
Exercised/
Vested
Forfeited/
Lapsed
Balance at 
30 June 2021
Financial year of 
performance 
period end
Former KMP
D Farmer
2018 deferred shares(2)
30-Jun-18
$8.58
6,761
6,761
-
(6,761)
-
-
2021
2021 Executive Equity Plan
18-Dec-20
$2.29
42,429
-
42,429
-
-
42,429
2024
2020 LTI performance rights
17-Dec-19
$5.90
25,000
25,000
-
-
-
25,000
2022
2019 LTI performance rights
26-Sep-18
$4.93
25,000
25,000
-
-
-
25,000
2021
Total D Farmer
56,761
42,429
(6,761)
-
92,429
Total KMP
334,411
626,049
(31,411)
-
929,049
(1)Exercise price at grant date is $nil.
(2)In August 2018, KMP were awarded STIs for the 2018 financial year, of which one half was settled in cash and the remaining half in the form of deferred shares. Half of the deferred shares 
vested in July 2019 with the remaining half in July 2020 subject to Board 'look back' provisions.
(3) G Mulcahy has not been awarded any performance rights since his appointment as KMP. Therefore, this individual is not included in the above table.

IOOF Group Annual Report 2021
Remuneration report
41
The relevant interest of KMP in the shares issued by the Company, is as follows:
Ordinary shares(1)
Balance at 
1 July 2020
Received on vesting of 
performance rights
Net other change
Balance at 
30 June 2021
No.
No.
No.
No.
CEO & Managing Director
R Mota
2021
204,227
28,112
114,989
347,328
2020
122,115
28,112
54,000
204,227
Current KMP
D Chalmers(2)
2021
-
-
-
-
2020
-
-
-
-
2021
19,038
26,538
-
45,576
F Lombardo
2020
-
19,038
-
19,038
D Whereat(2)
2021
-
-
10,000
10,000
2020
-
-
-
-
M Oliver(2)
2021
-
-
-
-
2020
-
-
-
-
L Stewart(2)
2021
-
-
-
-
2020
-
-
-
-
G Mulcahy(2)
2021
-
-
-
-
Former KMP
D Farmer(3)
2021
14,261
6,761
-
21,022
2020
-
14,261
-
14,261
D Coulter(3)
2020
300,971
28,112
-
329,083
G Riordan(3)
2020
72,500
23,324
-
95,824
A Noble(2)(3)
2020
-
-
-
-
(1)The equity holding for the above individuals is inclusive of both direct and indirect shareholdings.
(2)Opening balance is number of shares held at the time of appointment as KMP.
(3)Closing balance is number of shares held at the time of cessation as KMP.
Contract terms
The term of each KMP's contract is ongoing. Either IOOF or the individual KMP (excluding the CEO) can 
terminate their contract on 6 months’ notice. In the case of the CEO, either IOOF or the CEO can terminate 
his contract on 12 months’ notice.
In the case of termination of employment, the IOOF Group may elect to make a payment in lieu of part or all 
of the notice periods, incorporating unpaid leave entitlements and pro-rated entitlement to EEP (if applicable). 
The Board has discretion regarding treatment of unvested short and long-term incentives received under the 
previous remuneration framework.
Payments to persons before taking office
No Director or member of senior management appointed during the year received a payment as part of his or 
her consideration for agreeing to hold the position.
This report is signed in accordance with a resolution of the Directors made pursuant to s.298(2) of the 
Corporations Act 2001.
The Remuneration Report is prepared, and audited, in accordance with the requirements of the Corporations 
Act 2001. It forms part of the Directors’ Report.
John Selak
People & Remuneration Committee Chair
26 August 2021

IOOF Group Annual Report 2021
Directors’ Declaration
For the year ended 30 June 2021
42
1
In the opinion of the Directors of the Company:
a
the consolidated financial statements and notes set out on pages 52 to 128 and the Remuneration 
Report, set out on pages 23 to 41 in the Directors' Report, are in accordance with the Corporations Act 
2001 including:
i
giving a true and fair view of the IOOF Group's financial position as at 30 June 2021 and its 
performance for the financial year ended on that date; and
ii
complying with Australian Accounting Standards and the Corporations Regulations 2001; and
b
there are reasonable grounds to believe that the Company will be able to pay its debts as and when 
they become due and payable.
2
The Directors have been given the declarations required by Section 295A of the Corporations Act 2001 
from the Chief Executive Officer and Chief Financial Officer for the financial year ended 30 June 2021.
3
The Directors draw attention to section 7-2 to the consolidated financial statements, which includes a 
statement of compliance with International Financial Reporting Standards.
Signed in accordance with a resolution of the Directors:
Mr Allan Griffiths
Chairman
Melbourne
26 August 2021

 
 
 
 
 
 
 
43 
KPMG, an Australian partnership and a member firm of the KPMG global organisation of independent member firms affiliated with KPMG 
International Limited, a private English company limited by guarantee. All rights reserved. The KPMG name and logo are trademarks used 
under license by the independent member firms of the KPMG global organisation. Liability limited by a scheme approved under 
Professional Standards Legislation. 
Lead Auditor’s Independence 
Declaration under 
Section 307C of the Corporations Act 
2001 
 
To the Directors of IOOF Holdings Ltd 
 
I declare that, to the best of my knowledge and belief, in relation to the audit of IOOF Holdings Ltd for the financial 
year ended 30 June 2021 there have been: 
i. 
no contraventions of the auditor independence requirements as set out in the Corporations Act 
2001 in relation to the audit; and 
ii. 
no contraventions of any applicable code of professional conduct in relation to the audit. 
 
 
 
 
 
 
 
KPMG 
Chris Wooden  
 
Partner  
 
Melbourne 
 
26 August 2021 
 
 

 
 
 
 
 
 
44 
KPMG, an Australian partnership and a member firm of the KPMG global organisation of independent member firms affiliated with KPMG 
International Limited, a private English company limited by guarantee. All rights reserved. The KPMG name and logo are trademarks used 
under license by the independent member firms of the KPMG global organisation. Liability limited by a scheme approved under 
Professional Standards Legislation. 
 
Independent Auditor’s Report 
 
To the shareholders of IOOF Holdings Ltd 
Report on the audit of the Financial Report 
 
Opinion 
We have audited the Financial Report of IOOF 
Holdings Ltd (the Company). 
In our opinion, the accompanying Financial 
Report of the Company is in accordance with 
the Corporations Act 2001, including:  
• 
giving a true and fair view of the Group’s 
financial position as at 30 June 2021 and 
of its financial performance for the year 
ended on that date; and 
• 
complying with Australian Accounting 
Standards and the Corporations 
Regulations 2001. 
The Financial Report comprises: 
• Consolidated  Statement of financial position as at 30 
June 2021 
• Consolidated Statement of comprehensive income, 
Consolidated Statement of changes in equity, and 
Consolidated Statement of cash flows for the year then 
ended 
• Notes including a summary of significant accounting 
policies 
• Directors’ Declaration. 
The Group consists of the Company and the entities it 
controlled at the year-end or from time to time during the 
financial year. 
 
Basis for opinion 
We conducted our audit in accordance with Australian Auditing Standards. We believe that the audit evidence 
we have obtained is sufficient and appropriate to provide a basis for our opinion. 
Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of 
the Financial Report section of our report.  
We are independent of the Group in accordance with the Corporations Act 2001 and the ethical requirements 
of the Accounting Professional and Ethical Standards Board’s APES 110 Code of Ethics for Professional 
Accountants (including Independence Standards) (the Code) that are relevant to our audit of the Financial 
Report in Australia. We have fulfilled our other ethical responsibilities in accordance with the Code.  
 
 
 

 
 
 
 
 
 
45 
 
Key Audit Matters 
The Key Audit Matters we identified are: 
• Valuation of Goodwill and Indefinite life 
intangible assets  
• Provision for client remediation and 
related costs  
• Information technology related controls  
• Accounting for business combinations 
Key Audit Matters are those matters that, in our professional 
judgement, were of most significance in our audit of the 
Financial Report of the current period.  
These matters were addressed in the context of our audit of 
the Financial Report as a whole, and in forming our opinion 
thereon, and we do not provide a separate opinion on these 
matters. 
 
Valuation of Goodwill and Indefinite life Intangible Assets - $2,137.9 million and $51.5 million 
Refer to Note 4-3 Goodwill and 4-2 Intangible Assets to the Financial Report  
The key audit matter 
How the matter was addressed in our audit 
A key audit matter for us was the Group’s annual 
testing of goodwill and indefinite life intangible 
assets for impairment, given the size and judgement 
of the balance (being 37% and 0.9% of total assets 
respectively). We focused on the significant 
forward-looking assumptions the Group applied in 
their value in use models, including: 
• 
Forecast operating cash flows, growth rates and 
terminal growth rates – the Group has 
experienced reduced revenue in the current 
year, as a result of the termination of a third 
platform relationship and the cessation of 
grandfathered revenue.  These conditions 
increase the possibility of goodwill and 
indefinite life intangible assets being impaired, 
plus the risk of inaccurate forecasts or a wider 
range of possible outcomes for us to consider.  
• 
Discount rate – this is complicated in nature 
and varies according to the conditions and 
environment the specific Cash Generating Unit 
(CGU)/intangible is subject to from time to time 
as well as the approach to incorporating risks 
into the cash flows or discount rates. 
The Group uses complex models to perform their 
annual testing of goodwill and indefinite life 
intangibles for impairment.  The models are largely 
manually developed, adjusted for historical 
performance, and use a range of internal and 
external sources as inputs to the assumptions. 
Complex modelling, using forward-looking 
Working with our valuation specialists, our procedures 
included: 
• 
We considered the appropriateness of the value in 
use method applied by the Group to perform the 
test of goodwill and indefinite life intangibles 
impairment against the requirements of the 
accounting standards. 
• 
We assessed the integrity of the value in use 
models used, including the accuracy of the 
underlying calculation formulas.   
• 
We compared forecast cash flows contained in 
value in use models to approved forecasts.  
• 
We assessed the accuracy of previous Group 
forecasts to inform our evaluation of forecasts 
incorporated in the models. 
• 
We used our knowledge of the Group, its past 
performance, business and customers, and our 
industry experience to challenge the Group’s 
forecast cash flows. We compared key events to 
the approved plan and strategy. We compared 
forecast growth rates and terminal growth rates to 
published studies of industry trends and 
expectations and evaluated differences for the 
Group’s operations.  
• 
We assessed the Group’s determination of CGU 
assets for consistency with the assumptions used 
in the forecast cash flows and the requirements of 
the accounting standards. 

 
 
 
 
 
 
46 
 
assumptions, tends to be prone to greater risk for 
potential bias, error and inconsistent application. 
These conditions necessitate additional scrutiny by 
us, in particular to address the objectivity of sources 
used for assumptions, and their consistent 
application. 
We involved valuation specialists to supplement our 
senior audit team members in assessing this key 
audit matter. 
In addition to the above, the Group recorded an 
impairment charge of $199.9 million against 
goodwill. This further increased our audit effort in 
this key audit area. 
• 
We assessed the Group’s allocation of corporate 
assets and costs to CGUs for reasonableness and 
consistency based on the requirements of the 
accounting standards. 
• 
We independently developed a discount rate range 
using publicly available data for comparable 
entities, adjusted by risk factors specific to the 
Group’s CGUs and the industry they operate in. 
• 
We considered the sensitivity of the models by 
varying key assumptions, such as forecast growth 
rates and discount rates, within a reasonably 
possible range. We considered key assumptions 
when performing the sensitivity analysis and what 
the Group consider to be reasonably possible. We 
did this to identify those CGUs at higher risk of 
impairment and to focus our further procedures. 
• 
We recalculated the impairment charge against the 
recorded amount disclosed. 
• 
We assessed the disclosures in the financial report 
using our understanding obtained from our testing, 
discussions with management and the Board and 
against the requirements of the accounting 
standards. 
 
Provisions for client remediation and related costs - $658.9 million  
Refer to Note 4-4 Provisions to the Financial Report 
The key audit matter 
How the matter was addressed in our audit 
The provisions for client remediation and related 
costs is a Key Audit Matter due to the judgments 
required by us in assessing the Group’s 
determination of: 
• 
The existence of a present legal or constructive 
obligation as a basis for recognition of a 
provision against the criteria in the accounting 
standards. 
• 
Reliable estimates of amounts which may be 
paid arising from the present obligation, 
including estimates of the number of affected 
customers, expected average remediation 
payments and related costs.  
Working with our regulatory specialists, our procedures 
included: 
• 
We obtained an understanding of the Group’s 
process for identifying and assessing the potential 
impact of the ongoing reviews into client 
remediation activities. 
• 
We assessed the integrity of the model used, 
including the accuracy of the underlying 
calculation formulas. 
• 
We inquired with the Group regarding ongoing 
reviews into other remediation activities. 
• 
We read the minutes and other relevant 
documentation of the Company’s Board of 
Directors, Board Committees, various management 

 
 
 
 
 
 
47 
 
• 
The potential for legal proceedings and external 
reviews leading to a wider range of estimation 
outcomes for us to consider. 
The Group uses a complex model to estimate the 
amount which may be paid in future periods.  The 
model is manually developed and uses a range of 
internal and external sources as inputs to the 
assumptions. Complex modelling, using forward-
looking assumptions, tends to be prone to greater 
risk for potential bias, error and inconsistent 
application. These conditions necessitate additional 
scrutiny by us, to address the objectivity of sources 
used for assumptions, and their consistent 
application. 
We involved regulatory specialists to supplement 
our senior audit team members in assessing this key 
audit matter. 
 
committees, and attended the Company’s Audit 
Committee and Risk and Compliance Committee 
meetings. 
• 
We inspected correspondence with regulatory 
bodies and reports from management’s experts to 
the Group. 
• 
We assessed the scope, objectivity and 
competency of management’s experts engaged by 
the Group.   
• 
We challenged the Group’s basis for recognition of 
a provision and associated costs against the 
requirements of the accounting standards.  We did 
this by understanding the provisioning 
methodologies and challenging underlying 
assumptions including expected average 
remediation payments and related costs. 
• 
We tested a sample of customer files to assess the 
accuracy of the Group’s expected number of 
affected customers included in the provisions and 
where required detriment calculations.  
• 
We assessed the appropriateness of the Group’s 
conclusions against the requirements of the 
accounting standards where estimates were 
unable to be reliably made for a provision to be 
recognised. 
• 
We assessed the disclosures in the financial report 
using our understanding obtained from our testing, 
discussions with management and the Board and 
against the requirements of the accounting 
standards. 
 
Information Technology related controls 
The key audit matter 
How the matter was addressed in our audit 
The Information Technology (IT) related controls are 
a key audit matter as the Group’s key financial 
accounting and reporting processes are highly 
dependent on the automated controls over the 
Group’s IT systems.  There is a risk that gaps in the 
change management, segregation of duties or user 
access management controls (in relation to key 
financial accounting and reporting systems) may 
undermine our ability to place some reliance 
thereon in our audit.  Our audit approach could 
significantly differ depending on the effective 
operations of the Group’s IT controls. 
Working with our IT specialists we challenged the 
design of General IT controls and sample tested the 
operation of key controls (in relation to financial 
accounting and reporting systems) including:   
• 
Change management control operation:  Inspected 
the Group’s change management policies and for a 
sample of system changes during the year, checked 
the consistency of the system changes to the 
Group’s policy. 

 
 
 
 
 
 
48 
 
We involved IT specialists to supplement our senior 
audit team members in assessing this key audit 
matter. 
• 
Segregation of duties control operation: Sample 
tested key automated controls designed to enforce 
segregation of duties. 
• 
User access management controls operation: We 
assessed the Group’s evaluation of the user access 
rights, including privileged user access rights 
granted to application systems. We checked for 
evidence of resolution of exceptions. We also 
assessed the operating effectiveness of 
management approval controls over the granting 
and removal of access rights, including privileged 
access rights. 
 
Accounting for Business Combinations 
Refer to Note 6-4 Acquisition of subsidiary to the Financial Report  
The key audit matter 
How the matter was addressed in our audit 
The Group completed the acquisition of National 
Australia Bank’s wealth management business (MLC 
Wealth) for a total consideration of $1,440 million. 
The purchase price accounting for this acquisition 
was provisional at the date of authorisation of the 
financial report.  
In addition, the Group finalised the accounting for 
the previous year’s acquisition of ANZ’s Pension and 
Investments business (Ex-ANZ Wealth).  
We determined that the accounting for business 
combinations was a key audit matter due to the 
financial significance of the purchase price 
considerations, net assets acquired and resultant 
goodwill arising on the acquisitions, as well as the 
judgement involved in the preliminary Purchase 
price allocation (“PPA”) calculations.   
Our procedures in relation to the acquisition of MLC 
Wealth included: 
• 
We inspected the sale and purchase agreement 
(“SPA”) between the relevant parties to assess 
whether the basis and composition of the 
purchase consideration in the executed contracts 
were consistent with the Group’s accounting for 
the acquisition. 
• 
We tested the initial consideration paid for the 
acquisition to the bank statements and SPA and 
assessed the impact of funding the acquisition on 
the Group’s compliance with covenants.  
• 
We assessed the Group’s provisional estimate of 
the fair value of assets and liabilities acquired 
including the Group’s basis for determination of 
goodwill.  
• 
We assessed the business combination disclosures 
in the financial report using our understanding 
obtained from our testing, discussions with 
management and the Board and against the 
requirements of the accounting standards. 
Working with our valuation specialists, for the Ex- ANZ 
Wealth acquisition, which was finalised in the current 
year, we performed the following procedures:  

 
 
 
 
 
 
49 
 
• 
Agreed the fair value of assets and liabilities 
acquired to valuation reports prepared by the 
Group’s valuation expert.  
• 
Assessed the valuation of customer relationship 
intangible assets recognised as part of the PPA 
calculations.  
• 
Assessed the mathematical accuracy of the 
Group’s calculation of the resulting goodwill arising 
on the PPA calculations.  
• 
We assessed whether the PPA disclosures in the 
financial statements were complete and accurate, 
and in line with our understanding of the business.  
 
Other Information 
Other Information is financial and non-financial information in IOOF Holdings Ltd’s annual reporting which is 
provided in addition to the Financial Report and the Auditor’s Report. The Directors are responsible for the 
Other Information.  
The Other Information we obtained prior to the date of this Auditor’s Report was the Directors’ Report and the 
Remuneration Report. The remaining other information is expected to include: About IOOF, Our Diversified 
Business Model, Chairman’s Commentary, CEO and Managing Directors Commentary, 2021 Results At A 
Glance, 2021 Strategic Priorities,  Environmental, Social & Governance Report, IOOF Foundation and 
Shareholder Information and is expected to be made available to us after the date of the Auditor’s Report. 
 
Our opinion on the Financial Report does not cover the Other Information and, accordingly, we do not and will 
not express an audit opinion or any form of assurance conclusion thereon, with the exception of the 
Remuneration Report and our related assurance opinion. 
In connection with our audit of the Financial Report, our responsibility is to read the Other Information. In 
doing so, we consider whether the Other Information is materially inconsistent with the Financial Report or our 
knowledge obtained in the audit, or otherwise appears to be materially misstated. 
We are required to report if we conclude that there is a material misstatement of this Other Information, and 
based on the work we have performed on the Other Information that we obtained prior to the date of this 
Auditor’s Report we have nothing to report. 
 
 
 
 
 
 
 
 
 
 
 

 
 
 
 
 
 
50 
 
Responsibilities of the Directors for the Financial Report 
The Directors are responsible for: 
• preparing the Financial Report that gives a true and fair view in accordance with Australian Accounting 
Standards and the Corporations Act 2001 
• implementing necessary internal control to enable the preparation of a Financial Report that gives a 
true and fair view and is free from material misstatement, whether due to fraud or error 
• assessing the Group and Company’s ability to continue as a going concern and whether the use of the 
going concern basis of accounting is appropriate. This includes disclosing, as applicable, matters 
related to going concern and using the going concern basis of accounting unless they either intend to 
liquidate the Group and Company or to cease operations, or have no realistic alternative but to do so. 
 
 
Auditor’s responsibilities for the audit of the Financial Report 
Our objective is: 
• to obtain reasonable assurance about whether the Financial Report as a whole is free from material 
misstatement, whether due to fraud or error; and  
• to issue an Auditor’s Report that includes our opinion.  
Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in 
accordance with Australian Auditing Standards will always detect a material misstatement when it exists. 
Misstatements can arise from fraud or error. They are considered material if, individually or in the aggregate, 
they could reasonably be expected to influence the economic decisions of users taken on the basis of the 
Financial Report. 
A further description of our responsibilities for the audit of the Financial Report is located at the Auditing and 
Assurance Standards Board website at: https://www.auasb.gov.au/admin/file/content102/c3/ar1_2020.pdf. 
This description forms part of our Auditor’s Report. 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

 
 
 
 
 
 
51 
 
Report on the Remuneration Report 
Opinion 
In our opinion, the Remuneration Report of 
IOOF Holdings Ltd for the year ended 30 June 
2021, complies with Section 300A of the 
Corporations Act 2001. 
Directors’ responsibilities 
The Directors of the Company are responsible for the 
preparation and presentation of the Remuneration Report in 
accordance with Section 300A of the Corporations Act 2001. 
Our responsibilities 
We have audited the Remuneration Report included in the 
Directors’ report for the year ended 30 June 2021.  
Our responsibility is to express an opinion on the 
Remuneration Report, based on our audit conducted in 
accordance with Australian Auditing Standards. 
 
 
 
 
 
 
 
 
KPMG 
KPMG 
 
 
 
 
Chris Wooden 
Maria Trinci 
Partner 
Partner 
Melbourne 
Melbourne 
26 August 2021 
26 August 2021 

IOOF Group Annual Report 2021
Consolidated statement of comprehensive 
income
For the year ended 30 June 2021
52
2021
2020**
Note
$'m
$'m
Revenue
2-3
1,332.4
1,078.6
Expenses
2-4
(1,447.5)
(985.2)
Share of losses of associates accounted for using the equity method
4-1
(1.0)
(0.5)
Finance costs
(11.1)
(14.2)
(Loss)/Profit before tax
(127.2)
78.7
Income tax expense
2-6
(16.3)
(25.9)
Statutory fund
Statutory fund revenue*
5-1
73.8
21.7
Statutory fund expenses*
5-1
(28.2)
(31.7)
Income tax (expense)/benefit - statutory*
5-1
(45.6)
10.0
Statutory fund contribution to profit, net of tax
-
-
(Loss)/Profit after tax for the year from continuing operations 
(143.5)
52.8
Discontinued operations
Profit after tax for the year from discontinued operations
2-2
-
89.8
(Loss)/Profit after tax for the year
(143.5)
142.6
Other comprehensive (loss)/income - items that will not be reclassified to profit or loss
Net change in fair value of financial assets through other 
comprehensive income
(27.9)
95.7
Remeasurements of defined benefit asset
0.8
-
Income tax (expense)/benefit on other comprehensive income
8.3
(28.7)
(18.8)
67.0
Other comprehensive (loss)/income - items that may be reclassified to profit or loss
Exchange differences on translating foreign operations
0.2
(0.1)
Income tax (expense)/benefit on other comprehensive income
(0.1)
-
0.1
(0.1)
Other comprehensive (loss)/income for the year, net of income tax
(18.7)
66.9
Total comprehensive (loss)/income for the year
(162.2)
209.5
(Loss)/Profit attributable to:
Owners of the Company
(143.5)
141.2
Non-controlling interest
-
1.4
(Loss)/Profit for the year
(143.5)
142.6
Total comprehensive (loss)/income attributable to:
Owners of the Company
(162.2)
208.1
Non-controlling interest
-
1.4
Total comprehensive (loss)/income for the year
(162.2)
209.5
Earnings per share - continuing and discontinued operations: 
Basic earnings per share (cents per share)
2-8
(24.4)
40.3
Diluted earnings per share (cents per share)
2-8
(24.4)
40.2
Earnings per share - continuing operations: 
Basic earnings per share (cents per share)
2-8
(24.4)
15.1
Diluted earnings per share (cents per share)
2-8
(24.4)
15.1
Notes to the consolidated financial statements are included on pages 57 to 128.
*A subsidiary of the Company, IOOF Ltd, is a friendly society in accordance with the Life Insurance Act 1995. The funds 
operated by IOOF Ltd, and any trusts controlled by those funds, are treated as statutory funds in accordance with the Life 
Insurance Act 1995. These statutory funds are required to be consolidated in accordance with accounting standards.
**Restated – refer to note 7-3.

IOOF Group Annual Report 2021
Consolidated statement of financial position
As at 30 June 2021
53
2021
2020*
Note
$’m
$’m
Assets
Cash
1-1(d)
670.7
374.7
Receivables
1-1(d)
666.7
579.9
Other financial assets
1-1(d)
1,391.6
1,116.8
Current tax assets
1.8
23.6
Prepayments
20.0
16.1
Deferred acquisition costs
0.8
1.0
Net defined benefit asset
6-8
17.2
-
Associates
4-1
37.6
12.9
Property and equipment
4-5
145.8
134.4
Deferred tax assets
2-6
114.2
-
Intangible assets
4-2
505.5
525.1
Goodwill
4-3
2,137.9
1,465.5
Total assets
5,709.8
4,250.0
Liabilities
Payables
1-1(d)
238.7
120.5
Other financial liabilities
1-1(d)
1,303.1
1,065.4
Borrowings and lease liabilities
3-2
773.5
572.3
Provisions
4-4
901.5
733.1
Deferred tax liabilities
2-6
-
20.3
Deferred revenue liability
0.9
0.9
Total liabilities
3,217.7
2,512.5
Net assets
2,492.1
1,737.5
Equity
Share capital
3-3
2,996.0
1,965.8
Reserves
3-5
3.8
91.3
Accumulated losses
(507.5)
(319.4)
Total equity attributable to equity holders of the Company
2,492.3
1,737.7
Non-controlling interest
(0.2)
(0.2)
Total equity
2,492.1
1,737.5
Notes to the consolidated financial statements are included on pages 57 to 128.
*Restated – refer to note 7-3.

IOOF Group Annual Report 2021
Consolidated statement of changes in equity
For the year ended 30 June 2021
54
For the year ended 30 June 2021
Ordinary 
shares
Treasury 
shares
Reserves
Accumulated 
losses
Total
Non-
controlling
interest
Total 
equity
$’m
$’m
$’m
$’m
$’m
$’m
$’m
Balance at 1 July 2020
1,970.8
(5.0)
91.3
(319.4)
1,737.7
(0.2)
1,737.5
Total comprehensive loss for the year
Loss for the year attributable to owners of the Company
-
-
-
(143.5)
(143.5)
-
(143.5)
Other comprehensive (loss)/income for the year, net of income tax
-
-
(19.3)
0.6
(18.7)
-
(18.7)
Total comprehensive loss for the year
-
-
(19.3)
(142.9)
(162.2)
-
(162.2)
Transactions with owners, recorded directly in equity
Contributions by and (distributions to) owners
Issue of shares
1,043.9
-
-
-
1,043.9
-
1,043.9
Transaction costs of issuing new shares (net of tax)
(14.3)
-
-
-
(14.3)
-
(14.3)
Dividends paid
-
-
-
(115.0)
(115.0)
-
(115.0)
Share-based payments expense
-
-
2.2
-
2.2
-
2.2
Transfer from employee equity-settled benefits reserve on exercise 
of performance rights
0.6
-
(0.6)
-
-
-
-
Treasury shares transferred to recipients during the year
(0.4)
0.4
-
-
-
-
-
Transfer of lapsed performance rights to retained earnings
-
-
(0.4)
0.4
-
-
-
Transfer from revaluation of financial assets reserve to retained 
earnings, net of tax
-
-
(69.4)
69.4
-
-
-
Total transactions with owners
1,029.8
0.4
(68.2)
(45.2)
916.8
-
916.8
Balance at 30 June 2021
3,000.6
(4.6)
3.8
(507.5)
2,492.3
(0.2)
2,492.1
Notes to the consolidated financial statements are included on pages 57 to 128.

IOOF Group Annual Report 2021
Consolidated statement of changes in equity
For the year ended 30 June 2021
55
For the year ended 30 June 2020**
Ordinary 
shares
Treasury 
shares
Reserves
Accumulated 
losses
Total
Non-
controlling
interest
Total 
equity
$’m
$’m
$’m
$’m
$’m
$’m
$’m
Balance at 1 July 2019
1,971.0
(7.9)
25.2
(339.1)
1,649.2
7.7
1,656.9
Total comprehensive income for the year
Profit for the year attributable to owners of the Company
-
-
-
141.2
141.2
1.4
142.6
Other comprehensive income for the year, net of income tax
-
-
66.9
-
66.9
-
66.9
Total comprehensive income for the year
-
-
66.9
141.2
208.1
1.4
209.5
Transactions with owners, recorded directly in equity
Contributions by and (distributions to) owners
Dividends paid
-
-
-
(122.5)
(122.5)
-
(122.5)
Share-based payments expense
-
-
2.9
-
2.9
-
2.9
Transfer from employee equity-settled benefits reserve on exercise 
of performance rights
2.7
-
(2.7)
-
-
-
-
Treasury shares transferred to recipients during the year
(2.9)
2.9
-
-
-
-
-
Transfer of lapsed performance rights to retained earnings
-
-
(1.0)
1.0
-
-
-
Divestment of non-controlling interest
-
-
-
-
-
(9.3)
(9.3)
Total transactions with owners
(0.2)
2.9
(0.8)
(121.5)
(119.6)
(9.3)
(128.9)
Balance at 30 June 2020**
1,970.8
(5.0)
91.3
(319.4)
1,737.7
(0.2)
1,737.5
Notes to the consolidated financial statements are included on pages 57 to 128.
**Restated – refer to note 7-3.

IOOF Group Annual Report 2021
Consolidated statement of cash flows
For the year ended 30 June 2021
56
2021
2020
Note
$’m
$’m
Cash flows from operating activities
Receipts from customers
1,406.1
1,322.7
Non-recurring BT settlement fee
80.0
-
Payments to suppliers and employees
(1,139.9)
(1,124.1)
Transformation and integration costs
(45.9)
(26.6)
Dividends from associates
0.2
0.4
Legal settlements paid
(21.5)
(5.6)
Legal settlements recovered
-
3.3
Remediation costs
(103.1)
(15.8)
Coupon interest received on debt note
-
9.4
Income taxes paid - corporate
(39.0)
(42.7)
Receipts from customers - statutory
3.4
2.6
Payments to suppliers and employees - statutory
(8.6)
(10.3)
Contributions received - statutory
135.0
119.0
Withdrawal payments - statutory
(130.4)
(117.6)
Dividends and distributions received - statutory
1.7
1.8
Proceeds from divestment of financial instruments - statutory
148.9
150.4
Payments for financial instruments - statutory
(134.5)
(125.8)
Amounts advanced to other entities - statutory
(15.5)
(17.0)
Income taxes paid - statutory
0.9
(5.2)
Net cash provided by operating activities
2-5
137.8
118.9
Cash flows from investing activities
Dividends and distributions received
0.4
1.5
Interest received
3.5
4.4
Interest and other costs of finance paid
(7.4)
(10.1)
Redemption of debt note
-
800.0
Proceeds on divestment of subsidiaries
-
93.0
Acquisition of subsidiary, net of cash acquired
(857.2)
(678.8)
Net proceeds on purchase and divestment of financial and other assets
102.2
84.5
Net proceeds from/(payment for) financial instruments
28.7
(30.2)
Payments for property and equipment
(9.3)
(8.2)
Payments for intangible assets
(7.1)
(13.1)
Repayment of loan principal (related parties)
-
7.3
Net cash (used in)/provided by investing activities
(746.2)
250.3
Cash flows from financing activities
Borrowings repaid
(575.0)
(85.0)
Drawdown of borrowings
591.0
115.0
Proceeds from issue of shares
3-3
1,043.9
-
Transaction costs of issuing new shares
(20.4)
-
Repayment of lease liabilities
(21.7)
(14.3)
Dividends paid to owners of the Company
(115.0)
(122.5)
Net cash provided by/(used in) financing activities
902.8
(106.8)
Net increase/(decrease) in cash and cash equivalents
294.4
262.4
Cash and cash equivalents at the beginning of year
374.7
97.4
Cash divested classified in assets held for sale at the beginning of the year
-
15.0
Effects of exchange rate changes on cash and cash equivalents
1.6
(0.1)
Cash and cash equivalents at the end of year
670.7
374.7
Notes to the consolidated financial statements are included on pages 57 to 128.

IOOF Group Annual Report 2021
Notes to the financial statements
For the year ended 30 June 2021
57
IOOF Holdings Ltd (the "Company" or "Parent") is a listed public company incorporated in Australia. The IOOF 
Group comprises the Company and its subsidiaries, and the consolidated Group’s interest in associates. 
Section 1 - Financial instruments and risk management
The IOOF Group’s activities expose it to a variety of financial and non-financial risks. Financial risks include: 
market risks (including price risk, currency risk and cash flow and interest rate risk), credit risk, statutory fund 
risk and liquidity risk. The nature of the financial risk exposures arising from financial instruments, the 
objectives, policies and processes for managing these risks, and the methods used to measure them are 
detailed below. Key non-financial exposures, such as operational risk and a failure to meet regulatory 
compliance obligations, are discussed in detail in the Operating and Financial Review included within the 
Directors’ Report.
1-1 Risk Management
IOOF Risk Management Framework
Risk is defined as the chance of an event occurring that will have an impact on the strategic or business 
objectives of the IOOF Group, including a failure to realise opportunities. The IOOF Group's risk management 
process involves the identification of material risks, assessment of consequence and likelihood, 
implementation of controls to manage risks, and continuous monitoring and improvement of the procedures in 
place.
The IOOF Group's objective is to satisfactorily manage its risks in line with the IOOF Group's Risk Management 
Policy set by the Board, and this aligns to International Standard ISO 31000. The IOOF Group's Risk 
Management Framework manages the risks faced by the IOOF Group, with approaches varying depending 
on the nature of the risk, through the risk management policies, Risk Appetite Statement, and tolerances set, 
approved, and monitored by the Board. The IOOF Group maintains a framework to ensure regulatory 
compliance obligations are managed in accordance with Australian Standard 3806 Compliance Programs. The 
IOOF Group's exposure to all material risks is monitored by the Enterprise Risk and Compliance Team and 
this exposure, and emerging risks, are regularly reported to the Risk and Compliance Committee, and the 
Board.
The IOOF Group's income and operating cash flows are indirectly impacted by changing market conditions. 
Its exposure is through the impact of market changes on the level of funds under management and 
administration, and consequently management fee and service fee revenue. Information has been provided 
below only on the direct impact of changing market conditions to the IOOF Group’s income and operating cash 
flows. 
Liquidity risk relates to the IOOF Group having insufficient liquid assets to cover cash flow requirements. The 
Group manages liquidity risk by maintaining sufficient liquid assets and an ability to access a committed line 
of credit. The liquidity requirements for the Group’s licensed entities are regularly reviewed and carefully 
monitored in accordance with their licence requirements.
Management continues to monitor the impact of the COVID-19 pandemic to the business environment 
including ongoing assessment of market risk, credit risk and liquidity risk associated with the business. 

IOOF Group Annual Report 2021
Notes to the financial statements
For the year ended 30 June 2021
58
Impact of COVID-19 on financial reporting
In preparing the financial report the Group has considered the ongoing impact of COVID‐19 in its adoption of 
significant assumptions and market inputs used in:

valuing the Group’s financial instruments;

preparing disclosures for the fair value of financial assets and liabilities and financial risk management.
The Group’s financial instruments include fixed income securities measured at fair value through profit and 
loss and values may have been impacted by a variety of factors arising from changed business conditions. As 
a general principle, quoted prices in active markets provide the best available evidence of fair value. The 
Group’s financial instruments are valued using directly observable inputs as at the reporting date and these 
are considered to be the most reliable and appropriate evidence of fair value.
We have reviewed the appropriateness of inputs to the valuation of financial instruments and the disclosures 
for the fair value of financial instruments.
Non-financial risks emerging from global movement restrictions including remote working for staff, 
counterparties and service providers have been identified, assessed, managed and governed through timely 
application of the Company's risk management policies.
Management has determined that there is no material uncertainty that casts doubt on the Group's ability to 
continue as a going concern.
Financial risk
The financial risk management objectives, policies and processes and the quantitative data about the exposure 
to risk at the reporting date, as set out in the remainder of this note, includes the benefit funds and the controlled 
trusts. The risks associated with financial instruments held by the benefit funds and controlled trusts are borne 
by the policyholders and members of those funds and trusts, and not the shareholders of the IOOF Group. 
There is no direct impact on the net profit or the equity of the IOOF Group as a consequence of changes in 
markets as they apply to financial instruments held by those funds and trusts at the reporting date. Further 
information in relation to the benefit funds is included in Section 5 Statutory funds.
Similarly, the objectives, policies and processes for managing the risks of the IOOF Group are separate and 
distinct from those for the benefit funds and trusts. The funds and trusts are managed under extensive 
regulatory requirements, and in accordance with specific investment guidelines, risk management strategies, 
risk management plans, and product disclosure statements. 
Information in relation to financial risks associated with the benefit funds and controlled trusts is available in 
their Product Disclosure Statements and the individual annual financial reports of those trusts.
Further information in relation to the Australian Accounting Standards requirement to consolidate the benefit 
funds and controlled trusts in the consolidated financial statements of the IOOF Group is available in Note 7-
3(b) Basis of consolidation.

IOOF Group Annual Report 2021
Notes to the financial statements
For the year ended 30 June 2021
59
a
Market risk
i
Price risk
Price risk is the risk that the fair value or future earnings of a financial instrument will fluctuate 
because of changes in market prices (other than from interest rate risk or currency risk, as 
described later). The financial instruments managed by the IOOF Group that are impacted by price 
risk consist of investment units held in trusts, financial instruments measured at fair value through 
profit or loss (FVTPL) and financial assets measured at fair value through other comprehensive 
income (FVOCI).
Financial instruments measured at fair value are exposed to price risk as the market price 
fluctuates. The price risk associated with the units held in trusts is that the fair value of those units 
will fluctuate with movements in the redemption value of those units, which in turn is based on the 
fair value of the underlying assets held by the trusts. 
IOOF Group sensitivity
At 30 June 2021, had the price of the units or underlying equity exposure held by the IOOF Group 
in financial instruments measured at FVTPL increased/decreased by 5% (2020: 5%) with all other 
variables held constant, gains / losses recorded through profit or loss would increase / decrease 
by $37.9m (2020: $32.4m), and financial assets at FVOCI reserves would increase / decrease by 
$0.3m (2020: $4.9m).
ii
Currency risk
The IOOF Group's exposure to foreign exchange risk in relation to the financial instruments of its 
foreign activities is immaterial.
iii
Cash flow and interest rate risk
Interest rate risk is the risk to the IOOF Group’s earnings and capital arising from changes in market 
interest rates. The financial instruments held that are impacted by interest rate risk consist of 
interest-bearing financial assets measured at fair value through profit or loss and borrowings.
Short and long-term investments and loans to related entities are influenced by liquidity policy 
requirements. Interest rates (both charged and received) are based on market rates and are closely 
monitored by management. They are primarily at variable rates of interest and expose the IOOF 
Group to cash flow interest rate risk.
Management regularly assesses the appropriateness of the investment of surplus funds with the 
objective of maximising returns.
IOOF Group sensitivity
For interest-bearing financial assets measured at fair value through profit or loss, a +/- 50 basis 
points change in the interest rate at the reporting date would have decreased/increased post tax 
profit by $2.8m (2020: nil), with all other variables held constant. Equity would have been 
lower/higher by the same amount.
At 30 June 2021, if interest rates on borrowings had changed by +/- 50 basis points (2020: +/- 50 
basis points) from the year-end rates with all other variables held constant, post tax profit for the 
year would have increased/decreased by $1.9m (2020: $1.6m). Equity would have been 
higher/lower by the same amount.

IOOF Group Annual Report 2021
Notes to the financial statements
For the year ended 30 June 2021
60
b
Credit risk
Credit risk refers to the risk that a counterparty will fail to meet its contractual obligations resulting in 
financial loss to the IOOF Group. Credit risk arises for the IOOF Group from cash, debt note, financial 
assets at fair value through profit or loss, receivables and loans.
The IOOF Group mitigates its credit risk by ensuring cash deposits are held with high credit quality 
financial institutions and other highly liquid investments are held with trusts operated by the IOOF 
Group. Where investments are held in units in a trust operated by the IOOF Group, that trust is subject 
to the rules of the trust deed and the investment in underlying assets is subject to asset allocation 
guidelines.
Receivables consist of management fees receivable, service fees receivable and other amounts 
receivable from related parties. These counterparties generally do not have an independent credit 
rating, and the IOOF Group assesses the credit quality of the debtor taking into account its financial 
position, past experience with the debtor, and other available credit risk information. In relation to 
management fees receivable, the IOOF Group is contractually entitled to deduct such fees from 
investors’ account balances, in accordance with the Product Disclosure Statements, and pass the fees 
to the Responsible Entity or Trustee. Due to this pass-through process the embedded credit risk is 
considered minimal. Other receivables are regularly monitored by line management.
The maximum exposure to credit risk at the reporting date is the carrying value of the financial assets 
as summarised in the table included in this note below. The IOOF Group does not hold any significant 
collateral as security over its receivables and loans, apart from its recourse to certain shares in 
subsidiaries in relation to loans to executives of subsidiaries.
Expected credit loss assessment
As at 30 June 2021, $10.6m trade receivables of the IOOF Group were past due but not impaired 
(2020: $9.8m). The amount of the impairment provision was $0.4m (2020: $0.4m).
Collectability of trade receivables is reviewed on an ongoing basis. The IOOF Group recognises loss 
allowances for expected credit losses on financial assets measured at amortised cost. When 
determining whether the credit risk of a financial asset has increased significantly since initial 
recognition and when estimating expected credit losses, the IOOF Group considers reasonable and 
supportable information that is relevant and available without undue cost or effort. This includes both 
quantitative and qualitative information and analysis, based on the IOOF Group’s historical experience 
and informed credit assessment and including forward-looking information. 
The IOOF Group considers a financial asset to be in default when the borrower is unlikely to pay its 
credit obligations to the IOOF Group in full, without recourse by the IOOF Group to actions such as 
realising security, or the financial asset is more than 90 days past due. The maximum period 
considered when estimating expected credit losses is the maximum contractual period over which the 
IOOF Group is exposed to the credit risk.
Expected credit losses are a probability-weighted estimate of credit losses. Credit losses are measured 
as the present value of all cash shortfalls (i.e. the difference between the cash flows due to the entity 
in accordance with the contract and the cash flows that the IOOF Group expects to receive). Expected 
credit losses are discounted at the effective interest rate of the financial asset. Loss allowances for 
financial assets measured at amortised cost are deducted from the gross carrying amount of the 
assets.

IOOF Group Annual Report 2021
Notes to the financial statements
For the year ended 30 June 2021
61
Impaired receivables
The amount of the impairment loss is recognised in profit or loss within other expenses. When a trade 
receivable for which an impairment allowance has been recognised becomes uncollectible in a 
subsequent year, it is written off against the allowance account. Subsequent recoveries of amounts 
previously written off are credited against other expenses in profit or loss.
Movements in the provisions for impairment of trade 
receivables are as follows:
2021
2020
$'m
$'m
Carrying value at 1 July
0.4
0.6
Provision for impairment provided/(written back) during the year
0.0
(0.2)
Carrying value at 30 June
0.4
0.4
Ageing of trade receivables that were not impaired at 30 June
Neither past due nor impaired
139.6
69.4
Past due 31-60 days
5.8
4.5
Past due 61-90 days
3.7
3.5
Past due 91-120 days
1.2
1.8
150.3
79.2
c
Statutory Fund Risk
Financial risks are monitored and controlled by selecting appropriate assets to back policy liabilities. 
The assets are regularly monitored by the Investment Management Committee to ensure there are no 
material exposures and that liability mismatching issues and other risks such as liquidity risk and credit 
risk are maintained within acceptable limits. The Investment Management Committee is chaired by an 
independent expert and its membership is drawn from appropriately skilled senior management. There 
are two Non-Executive Directors on this Committee.
The IOOF Group's friendly society operations are subject to regulatory capital requirements which 
prescribe the amount of capital to be held depending on the type, quality and concentration of 
investments held. Procedures are in place to monitor compliance with these requirements. Refer to 
Section 5 - Statutory funds for further details.
These funds are not available to shareholders. Balances relating to statutory funds in the contractual 
maturity table below are disclosed inclusive of amounts collected/receivable from or paid/payable to 
IOOF Group entities.

IOOF Group Annual Report 2021
Notes to the financial statements
For the year ended 30 June 2021
62
d
Liquidity risk
Liquidity risk relates to the IOOF Group having insufficient liquid assets to cover current liabilities and 
unforeseen expenses. The IOOF Group maintains a prudent approach to managing liquidity risk 
exposure by maintaining sufficient liquid assets and an ability to access a committed line of credit. It is 
managed by continuously monitoring actual and forecast cash flows and by matching the maturity 
profiles of financial assets and liabilities. Temporary surplus funds are invested in highly liquid, low risk 
financial assets.
The IOOF Group had access to undrawn bank borrowing facilities at the balance date, on the terms 
described and disclosed in note 3-2 Borrowings and lease liabilities. The liquidity requirements for 
licensed entities in the IOOF Group are regularly reviewed and carefully monitored in accordance with 
those licence requirements. The IOOF Group continuously monitors actual and forecast financial 
results to determine compliance with banking covenants.
Maturities of financial liabilities
The tables below analyse the IOOF Group's financial liabilities into relevant maturity groupings based 
on the remaining years at the balance date to the contractual maturity date. The amounts disclosed 
therein are the contractual undiscounted cash flows.

IOOF Group Annual Report 2021
Notes to the financial statements
For the year ended 30 June 2021
63
Carrying Amount
Contractual cash flows
2021
Current
Non-
Current
Total
1 year or 
less
1-5
 years
5+ 
years
Total
$'m
$'m
$'m
$'m
$'m
$'m
$'m
Financial liabilities
Payables - corporate
231.7
1.2
232.9
231.7
1.2
-
232.9
Payables - statutory
5.8
-
5.8
5.8
-
-
5.8
Total payables
237.5
1.2
238.7
237.5
1.2
-
238.7
Provisions
Advice remediation provisions(1)
360.0
17.2
377.2
360.0
17.2
-
377.2
Product remediation provisions(1)
223.1
58.6
281.7
223.1
58.6
-
281.7
Other provisions
27.4
-
27.4
27.4
-
-
27.4
Total provisions
610.5
75.8
686.3
610.5
75.8
-
686.3
Other financial liabilities - corporate
Ex-ANZ AL remediation settlement
110.4
-
110.4
110.4
-
-
110.4
Deferred purchase consideration
15.2
7.9
23.1
15.2
7.9
-
23.1
Derivatives - corporate
0.1
40.7
40.8
0.1
36.5
4.2
40.8
Other financial liabilities - statutory
Insurance contract liabilities
171.8
-
171.8
171.8
-
-
171.8
Investment contract liabilities
957.0
-
957.0
957.0
-
-
957.0
Total other financial liabilities
1,254.5
48.6
1,303.1
1,254.5
44.4
4.2
1,303.1
Borrowings - corporate
-
648.6
648.6
-
648.6
-
648.6
2,102.6
774.2
2,876.7
2,102.6
770.0
4.2
2,876.7
Financial assets available to meet the above financial liabilities
Cash
Cash - corporate
501.2
-
501.2
501.2
-
-
501.2
Cash restricted ORFR(2)
164.9
-
164.9
164.9
-
-
164.9
Cash - statutory
4.6
-
4.6
4.6
-
-
4.6
Total cash
670.7
-
670.7
670.7
-
-
670.7
Receivables - corporate
Trade receivables (net of provisions)
149.9
-
149.9
149.9
-
-
149.9
Other receivables
186.1
3.1
189.3
186.1
3.1
-
189.3
Ex-ANZ AL remediation indemnity
285.5
-
285.5
285.5
-
-
285.5
Security bonds
-
0.3
0.3
-
-
0.3
0.3
Receivables - statutory
Trade receivables
0.5
-
0.5
0.5
-
-
0.5
Other receivables
1.5
-
1.5
1.5
-
-
1.5
Dividends and distributions
39.7
-
39.7
39.7
-
-
39.7
Total receivables
663.3
3.4
666.7
663.3
3.1
0.3
666.7
Other financial assets
Fixed income - corporate(2)
60.5
177.0
237.5
60.5
97.9
79.1
237.5
Derivatives - corporate(3)
0.4
9.9
10.3
0.4
2.4
7.5
10.2
Unlisted unit trusts - corporate
-
9.3
9.3
-
9.3
-
9.3
Unlisted unit trusts - statutory
1,058.4
-
1,058.4
1,058.4
-
-
1,058.4
Equity investments at FVOCI
-
9.4
9.4
-
-
9.4
9.4
Loans to policyholders - statutory
66.7
-
66.7
66.7
-
-
66.7
Total other financial assets
1,186.0
205.6
1,391.6
1,186.0
109.6
96.0
1,391.6
2,520.0
209.0
2,729.0
2,520.0
112.7
96.3
2,729.0
Net financial assets/(liabilities)
417.4
(565.2)
(147.7)
417.4
(657.3)
92.1
(147.7)
(1) Maturity of remediation provisions is not based on contractual maturity but rather expected payment dates.
(2) ORFR financial assets - not available to shareholders.
(3) Includes $0.3m current derivative assets held for ORFR purposes and not available to shareholders.

IOOF Group Annual Report 2021
Notes to the financial statements
For the year ended 30 June 2021
64
Carrying Amount
Contractual cash flows
2020
Current
Non-
Current
Total
1 year or 
less
1-5
 years
5+ 
years
Total
$'m
$'m
$'m
$'m
$'m
$'m
$'m
Financial liabilities
Payables - corporate
118.7
0.1
118.8
118.7
0.1
-
118.8
Payables - statutory
1.7
-
1.7
1.7
-
-
1.7
Total payables
120.4
0.1
120.5
120.4
0.1
-
120.5
Provisions
Advice remediation provisions(1)
220.9
211.8
432.7
220.9
211.8
-
432.7
Product remediation provisions(1)
107.5
67.2
174.7
107.5
67.2
-
174.7
Other provisions
56.2
-
56.2
56.2
-
-
56.2
Total provisions
384.6
279.0
663.6
384.6
279.0
-
663.6
Other financial liabilities - corporate
Ex-ANZ AL remediation settlement
31.0
17.0
48.0
31.0
17.0
-
48.0
Deferred purchase consideration
5.6
1.2
6.8
5.6
1.2
-
6.8
Other financial liabilities - statutory
Insurance contract liabilities
187.1
-
187.1
187.1
-
-
187.1
Investment contract liabilities
823.5
-
823.5
823.5
-
-
823.5
Total other financial liabilities
1,047.2
18.2
1,065.4
1,047.2
18.2
-
1,065.4
Borrowings - corporate
-
457.9
457.9
-
457.9
-
457.9
1,552.3
755.1
2,307.4
1,552.3
755.1
-
2,307.4
Financial assets available to meet the above financial liabilities
Cash
Cash - corporate
225.4
-
225.4
225.4
-
-
225.4
Cash restricted ORFR(2)
145.6
-
145.6
145.6
-
-
145.6
Cash - statutory
3.7
-
3.7
3.7
-
-
3.7
Total cash
374.7
-
374.7
374.7
-
-
374.7
Receivables - corporate
Trade receivables (net of provisions)
78.5
-
78.5
78.5
-
-
78.5
Other receivables
201.1
3.8
204.9
201.1
3.8
-
204.9
Ex-ANZ AL remediation indemnity
161.9
101.8
263.7
161.9
101.8
-
263.7
Security bonds
-
0.3
0.3
-
-
0.3
0.3
Receivables - statutory
Trade receivables
0.3
-
0.3
0.3
-
-
0.3
Other receivables
8.9
-
8.9
8.9
-
-
8.9
Dividends and distributions
23.3
-
23.3
23.3
-
-
23.3
Total receivables
474.0
105.9
579.9
474.0
105.6
0.3
579.9
Other financial assets
Fair value through profit or loss
Unlisted unit trusts - corporate
-
0.9
0.9
-
0.9
-
0.9
Unlisted unit trusts - statutory
925.3
-
925.3
925.3
-
-
925.3
Equity investments at FVOCI
-
139.4
139.4
-
-
139.4
139.4
Loans and other receivables
Loans to policyholders - statutory
51.2
-
51.2
51.2
-
-
51.2
Total other financial assets
976.5
140.3
1,116.8
976.5
0.9
139.4
1,116.8
1,825.2
246.2
2,071.4
1,825.2
106.5
139.7
2,071.4
Net financial assets/(liabilities)
273.0
(508.9)
(236.0)
273.0
(648.6)
139.7
(236.0)
(1) Maturity of remediation provisions is not based on contractual maturity but rather expected payment dates.
(2) ORFR financial assets - not available to shareholders.

IOOF Group Annual Report 2021
Notes to the financial statements
For the year ended 30 June 2021
65
e
Accounting policies and fair value estimation
The fair values of financial assets and liabilities are equal to the carrying amounts shown in the 
statement of financial position.
Offsetting assets and liabilities
Financial assets and liabilities are offset and the net amount presented in the statement of financial 
position when, and only when, the IOOF Group has a legal right to offset the amounts and intends 
either to settle on a net basis or to realise the asset and settle the liability simultaneously.
Financial assets
The IOOF Group initially recognises loans and receivables and deposits on the date that they are 
originated. All other financial assets (including assets designated at fair value through profit or loss) 
are recognised initially on the date at which the IOOF Group becomes a party to the contractual 
provisions of the instrument.
The IOOF Group derecognises a financial asset when the contractual rights to the cash flows from the 
asset expire, or it transfers the rights to receive the contractual cash flows on the financial asset in a 
transaction in which substantially all the risks and rewards of ownership of the financial asset are 
transferred. Any interest in transferred financial assets that is created or retained by the IOOF Group 
is recognised as a separate asset or liability.
The IOOF Group has the following financial assets:

cash;

financial assets at fair value through profit or loss;

financial assets at fair value through other comprehensive income; and

loans and receivables.
Cash
Cash includes cash on hand, deposits held at call with financial institutions, other short-term, highly 
liquid investments with original maturities of three months or less that are readily convertible to known 
amounts of cash.
Restricted ORFR cash relates to cash for the operating risk financial reserves acquired with the ex-
ANZ P&I and MLC Wealth acquisitions. This cash is not available to shareholders.
Financial assets at fair value through profit or loss
Financial assets at fair value through profit or loss (FVTPL) include derivative assets (futures, interest 
rate derivatives and foreign exchange rate derivatives), investments in fixed income and investments 
in unlisted unit trusts. A financial asset is classified as FVTPL if the associated cash flows are not solely 
payments of principal and interest. Financial assets at FVTPL also include financial assets acquired 
principally for the purpose of selling or repurchasing in the near term or managed as part of a portfolio 
where there is evidence of short-term profit taking. 
Upon initial recognition, attributable transaction costs are recognised in profit or loss when incurred. 
Financial assets at FVTPL are measured at fair value, and changes therein are recognised in profit or 
loss.

IOOF Group Annual Report 2021
Notes to the financial statements
For the year ended 30 June 2021
66
The fair value of financial instruments traded in active markets is based on quoted market prices at the 
reporting date. The quoted market price used for financial assets is the closing price.
For investments in fixed income and derivative assets where no quoted prices in an active market exist, 
valuation techniques using observable market inputs for financial assets with similar credit risk, maturity 
and yield characteristics are used. 
Units in unlisted trusts are measured at the redemption price. 
Equity investments at fair value through other comprehensive income
Equity investments at fair value through other comprehensive income (FVOCI) are non-derivative 
assets comprising principally marketable equity securities that are either designated in this category or 
are not classified in any of the other categories of financial instruments.
Equity investments at FVOCI are recognised initially at fair value plus any directly attributable 
transaction costs, and are revalued through other comprehensive income (OCI) each reporting period. 
Dividends are recognised in profit or loss unless it clearly represents a recovery of part of the cost of 
the investment. Other net gains and losses are recognised in OCI and are never reclassified to profit 
or loss.
Loans and receivables
Loans and receivables are non-derivative financial assets with fixed or determinable payments that are 
not quoted on an active market. They arise when the IOOF Group provides money, assets, or services 
directly to a debtor with no intention of selling the receivable. Subsequent to initial recognition, loans 
and receivables are measured at amortised cost using the effective interest method if it is held to collect 
contractual cash flows and its contractual terms give rise to cash flows that are solely payments of 
principal and interest on the principal amount outstanding.
Certificates of deposit
Certificates of deposit held during the year include deposits with original maturities of more than three 
months.
Financial liabilities
The IOOF Group initially recognises financial liabilities on the date at which the IOOF Group becomes 
a party to the contractual provisions of the instrument. The IOOF Group derecognises a financial 
liability when its contractual obligations are discharged, cancelled or expire.
The IOOF Group has the following financial liabilities:

payables;

borrowings and lease liabilities; 

financial liabilities at fair value through profit or loss (FVTPL); and

other financial liabilities.
Other than financial liabilities at FVTPL, financial liabilities are recognised initially at fair value plus any 
directly attributable transaction costs. Subsequent to initial recognition these financial liabilities are 
measured at amortised cost using the effective interest method.

IOOF Group Annual Report 2021
Notes to the financial statements
For the year ended 30 June 2021
67
Payables
The carrying value of payables are assumed to approximate their fair values due to their short-term 
nature.
Borrowings and lease liabilities
Borrowings and lease liabilities are further explained in note 3-2 Borrowings and lease liabilities. 
Financial liabilities at fair value through profit or loss (FVTPL)
Financial liabilities at FVTPL include interest rate and foreign exchange rate derivatives, issued 
investment protection derivatives and a compound embedded derivative. The IOOF Group uses 
valuation techniques to estimate the fair value of financial liabilities where no quoted prices in an active 
market exist. 
Issued investment protection derivatives are term-based investment protection products issued by an 
IOOF Group company. These products provide protection to investors over the investors’ capital or a 
minimum level of income each year for a term of 10 or 20 years. This is further discussed in note 1-2 
Financial instruments and note 3-1 Capital management.
The compound embedded derivative is associated with the Subordinated Loan Notes and is discussed 
in detail in note 3-2 Borrowings and lease liabilities. Its fair value is determined using a Monte-Carlo 
simulation to simulate different scenarios of the underlying equity prices. 
Contingent consideration
The contingent consideration amounts payable can rise and fall depending on performance hurdles 
achieved during the deferral period specific to each agreement which may include revenue targets, 
gross margin targets and/or Funds Under Management, Administration, Advice and Supervision 
(FUMAS) retention requirements.
Where contingent consideration is due for payment after 12 months, the estimated amounts payable 
are discounted. Assumptions used include pre-tax discount rates in the range of 3-4% which were 
based on market interest rates upon acquisition of related intangibles.
Assets and liabilities relating to statutory funds
Assets held in the Statutory Funds (including the Benefit Funds) are subject to the distribution and 
transfer restrictions and other requirements of the Life Insurance Act 1995. Monies held in the benefit 
funds and controlled trusts are held for the benefit of the members of those funds, and are subject to 
the constitution and rules of those funds.
Accordingly, with the exception of permitted profit distributions, the investments held in the statutory 
funds are not available for use by other parties of the IOOF Group.
Assets relating to statutory funds
The IOOF Group has determined that all financial assets held within its reported statutory funds 
(including the benefit funds which are treated as statutory funds) represent the assets backing policy 
liabilities and are measured at fair value through profit or loss. Other than loans and receivables held 
by the IOOF Group and its controlled entities, assets backing policy liabilities have been designated at 
fair value through profit or loss as the assets are managed on a fair value basis.

IOOF Group Annual Report 2021
Notes to the financial statements
For the year ended 30 June 2021
68
Liabilities relating to statutory funds
Policy liabilities have been determined in accordance with applicable accounting standards. Policy 
liabilities for life insurance contracts are valued in accordance with AASB 1038, whereas life investment 
contracts are valued in accordance with AASB 9 and AASB 15. There are differences between the 
valuation requirements of the accounting standards and those of the Life Insurance Act 1995.
Contract classification relating to statutory funds
The accounting treatment of certain transactions varies depending on the nature of the contract 
underlying the transaction. The major contract classifications are insurance contracts and investment 
contracts.
i
Insurance contracts
Insurance contracts with a discretionary participation feature ('DPF') are those containing 
significant insurance risk at the inception of the contract, or those where at the inception of the 
contract there is a scenario with commercial substance where the level of insurance risk may be 
significant. The significance of insurance risk is dependent on both the probability of an insured 
event and the magnitude of its potential effect. Life insurance contract liabilities are calculated in 
accordance with actuarial standards.
Once a contract has been classified as an insurance contract, it remains an insurance contract for 
the remainder of its lifetime, even if the insurance risk reduces significantly during the year.
ii
Investment contracts
Contracts not considered insurance contracts are classified as investment contracts. The 
accounting treatment of investment contracts depends on whether the investment has a 
discretionary participation feature ('DPF'). A DPF represents a contractual right to receive, as a 
supplement to guaranteed benefits, additional benefits that are:

likely to be a significant portion of the total benefits;

distributed at the discretion of the insurer; and

are based on the performance of a specified pool of assets.
Deposits collected and benefits paid under investment contracts with DPF are accounted for 
through profit or loss. The gross change in the liability to these policyholders for the year, which 
includes any participating benefits vested in policyholders and any undistributed surplus attributed 
to policyholders, is also recognised in profit or loss.
Deposits collected and withdrawals processed for investment contracts without DPF are accounted 
for directly through the statement of financial position as a movement in the investment contract 
liability. Distributions on these contracts are charged to profit or loss as an expense.
Where contracts contain both an investment component and an insurance component and the 
deposit component can be separately measured, the underlying amounts are unbundled. 
Premiums relating to the insurance component are accounted for through profit or loss and the 
investment component is accounted for as a deposit through the statement of financial position as 
described above.

IOOF Group Annual Report 2021
Notes to the financial statements
For the year ended 30 June 2021
69
1-2 Financial Instruments
Fair value hierarchy
The fair values of financial assets and liabilities are equal to the carrying amounts shown in the statement of 
financial position. The table below analyses financial instruments carried at fair value, by valuation method.
Level 1
Level 2
Level 3
Total
30 June 2021
$'m
$'m
$'m
$'m
Financial assets measured at fair value
FVOCI - corporate
9.4
-
-
9.4
Fixed income - corporate
-
237.5
-
237.5
Derivatives - corporate
0.4
9.9
-
10.3
Unlisted unit trusts - corporate
-
9.3
-
9.3
Unlisted unit trusts - statutory
-
1,058.4
-
1,058.4
9.8
1,315.1
-
1,324.9
Financial liabilities measured at fair value
Derivatives - corporate
-
31.8
9.0
40.8
Deferred purchase consideration - corporate
-
-
23.1
23.1
-
31.8
32.1
63.9
30 June 2020
Financial assets measured at fair value
FVOCI - corporate
139.4
-
-
139.4
Unlisted unit trusts - corporate
-
0.9
-
0.9
Unlisted unit trusts - statutory
-
925.3
-
925.3
139.4
926.2
-
1,065.6
Financial liabilities measured at fair value
Deferred purchase consideration - corporate
-
-
6.8
6.8
-
-
6.8
6.8
The definitions of each level and the valuation techniques used are as follows:
Level 1: quoted closing prices (unadjusted) in active markets for identical assets or liabilities.
Level 2: inputs other than quoted prices included with Level 1 that are observable for the asset or liability, 
either directly (ie. as prices) or indirectly (ie. derived from prices). Fair values are derived from published 
market indices and include adjustments to take account of the credit risk of the IOOF Group entity and 
counterparty.
Level 3: inputs for the asset or liability that are not based on observable market data (unobservable inputs).
The IOOF Group recognises transfers between levels of the fair value hierarchy as of the end of the reporting 
year during which the transfer has occurred. There were no transfers between Level 1 to Level 2 of the fair 
value hierarchy during the year ended 30 June 2021.

IOOF Group Annual Report 2021
Notes to the financial statements
For the year ended 30 June 2021
70
Reconciliation of movements in level 3
financial instruments
Issued investment 
protection 
derivatives
Debt note
Deferred purchase 
consideration
2021
2020
2021
2020
2021
2020
$'m
$'m
$'m
$'m
$'m
$'m
Opening balance as at 1 July
-
-
-
800.0
6.8
0.8
Acquisition through business combination
8.5
-
-
-
-
-
Redemption of debt note
-
-
-
(800.0)
-
-
Take up of deferred consideration liability
-
-
-
-
19.3
6.8
Fair value movement
0.5
-
-
-
(0.2)
-
Settlement of contingent consideration
-
-
-
-
(2.8)
(0.8)
Closing balance as at 30 June
9.0
-
-
-
23.1
6.8
There were no transfers into or out of Level 3 of the fair value hierarchy during the year ended 30 June 2021.
Level 3 financial assets consist of:
A debt note carried at fair value in prior year. The debt note was valued via a discounted cash flow, which 
incorporates unobservable inputs such as discount rates, counterparty credit, and probability-adjusted 
revenues expected to be received under the arrangement. An increase in the discount rate used in isolation 
would result in a decrease to the fair value of the debt note. An increase in the probability adjusted revenues 
in isolation would result in an increase in the fair value of the debt note. The debt note was redeemed on 31 
January 2020 to fund the acquisition of the Pensions and Investments businesses from ANZ.
Level 3 financial liabilities consist of:
Deferred purchase consideration in respect of client lists purchased by the IOOF Group, which is valued at 
best estimate of the amount payable under the relevant contracts. The amount of deferred consideration 
payable is linked to the retention of clients, which is an unobservable input and may decrease the value of 
the liability.
Issued investment protection derivatives. These derivatives are measured using market standard valuation 
models and assumptions. Significant unobservable inputs include the underlying investments’ growth rate 
and the risk-free interest rate assumptions.
A 1% (-1%) increase (decrease) in the underlying investments’ growth rate assumption would result in a 
decrease (increase) in fair value by $0.1m (2020: nil), holding all other variables constant. A 1% (-1%) 
increase (decrease) in the risk-free interest rate assumption would result in a decrease (increase) in fair 
value by $6.7m (2020: nil), holding all other variables constant.

IOOF Group Annual Report 2021
Notes to the financial statements
For the year ended 30 June 2021
71
Section 2 – Results for the year
This section focuses on the results and performance of the IOOF Group. On the following pages you will find 
disclosures explaining the IOOF Group’s results for the year, segment information, taxation and earnings per 
share.
Where an accounting policy is specific to a single note, the policy is described in the note to which it relates.
2-1 Operating Segments
The IOOF Group has the following seven divisions, which are its reportable segments. All segments' operating 
results are regularly reviewed by the IOOF Group's Chief Executive Officer to make decisions about resources 
to be allocated to the segment and assess its performance, and for which discrete financial information is 
available.
Financial advice 
The provision of financial planning advice and stockbroking services supported by services such as investment 
research, training, compliance support and access to financial products. Advice operations acquired with the 
MLC Wealth transaction are included in the Financial advice segment. MLC advisers transitioned to IOOF 
AFSLs upon acquisition, and results are included in this segment for the period 1 June 2021 to 30 June 2021.
Portfolio and estate administration
The provision of administration and management services through master trust platforms, which offer a single 
access point to a range of investment products.
Investment management
The management and investment of monies on behalf of corporate, superannuation, institutional clients and 
private individual investor clients.
Ex-ANZ wealth management advice licensees
Ex-ANZ Wealth Management Advice Licensees (ex-ANZ ALs) acquired from ANZ during 2019, which provide 
financial planning advice services.
Ex-ANZ pensions and investments
Ex-ANZ Pensions and Investments (P&I) businesses which have platform businesses across retail and 
corporate. These businesses were acquired from 1 February 2020. This is also inclusive of the debt note 
revenue up until its redemption on 31 January 2020.
MLC Wealth 
MLC Wealth (MLC) businesses which have platform and asset management businesses servicing retail 
corporate and institutional clients. The MLC Wealth business was acquired from 31 May 2021.
Corporate and other
Corporate and other costs include those of a strategic, shareholder or governance nature incurred in carrying 
on business as a listed entity managing multiple business units.
Information regarding the results of each reportable segment (excluding the benefit funds) is included below. 
Performance is measured based on segment underlying profit before income tax as management believes 
that such information is the most relevant in evaluating the results of certain segments relative to other entities 
that operate within these industries.

IOOF Group Annual Report 2021
Notes to the financial statements
For the year ended 30 June 2021
72
Segment disclosures have been prepared on an underlying (UNPAT) basis as discussed in the Operating and 
Financial Review section of the Directors' Report. Comparatives have been restated to be on a comparable 
basis.
The significant accounting policies which apply to the major revenue and expense items below follow each of 
the notes. More general information on how these are recognised/measured can be found in note 7-2 Basis of 
preparation.

IOOF Group Annual Report 2021
Notes to the financial statements
For the year ended 30 June 2021
73
Financial 
advice**
Portfolio and 
estate 
administration
Investment 
management
Ex-ANZ ALs
Ex-ANZ P&I
MLC Wealth*
Corporate and 
other
Total
2021
2021
2021
2021
2021
2021
2021
2021
$’m
$’m
$’m
$’m
$’m
$’m
$’m
$’m
Management and service fees revenue
306.7
216.4
96.5
190.7
319.9
77.7
-
1,207.9
External other fee revenue
17.4
8.7
5.0
9.3
7.7
1.2
0.2
49.5
Service fees and other direct costs
(172.6)
(24.3)
(35.0)
(188.0)
(57.8)
(16.6)
(0.1)
(494.4)
Deferred acquisition costs
-
(0.2)
-
-
-
-
-
(0.2)
Gross Margin
151.5
200.6
66.5
12.0
269.8
62.3
0.1
762.8
Stockbroking revenue
3.3
-
-
-
-
-
-
3.3
Stockbroking service fees expense
(1.0)
-
-
-
-
-
-
(1.0)
Stockbroking net contribution
2.3
-
-
-
-
-
-
2.3
Inter-segment revenue(i)
3.1
5.5
-
1.2
1.5
-
1.0
12.3
Inter-segment expenses(i)
(1.8)
(6.1)
(2.0)
-
(2.4)
-
-
(12.3)
Net Operating Revenue
155.1
200.0
64.5
13.2
268.9
62.3
1.1
765.1
Other revenue
1.7
-
-
1.9
-
1.1
0.2
4.9
Finance income 
0.1
-
-
-
1.0
0.7
3.0
4.8
Share of (loss)/profits of associates
(1.4)
-
-
-
-
0.4
-
(1.0)
Operating expenditure
(116.2)
(123.8)
(13.5)
(41.0)
(150.6)
(34.5)
(46.9)
(526.5)
Share-based payments expense
(0.4)
(0.9)
(0.3)
(0.1)
-
-
(0.5)
(2.2)
Finance costs
(0.5)
-
-
-
(0.5)
(0.1)
(10.0)
(11.1)
Depreciation of property & equipment
(8.4)
(9.3)
(1.3)
(1.4)
(7.9)
(0.8)
-
(29.1)
Amortisation of intangible assets - IT Development
-
(0.8)
-
-
-
-
-
(0.8)
Income tax benefit/(expense)
(9.9)
(20.1)
(14.9)
8.2
(33.3)
(8.6)
22.3
(56.3)
UNPAT from continuing operations
20.1
45.1
34.5
(19.2)
77.6
20.5
(30.8)
147.8
UNPAT from continuing operations
147.8
Impairment losses recognised in profit or loss
(199.9)
-
-
-
-
-
-
(199.9)
Other UNPAT adjustments from continuing operations
3.0
(42.3)
(2.1)
(10.6)
(25.9)
(0.2)
(13.3)
(91.4)
NPAT from continuing operations
(176.8)
2.8
32.4
(29.8)
51.7
20.3
(44.1)
(143.5)
NPAT from continuing operations
(143.5)
(i) Segment revenues, expenses and results include transfers between segments. Such transfers are priced on a commercial basis and are eliminated on consolidation.
*Represents results for the period 1 June 2021 to 30 June 2021.
**Advice operations acquired with the MLC Wealth transaction are included in the Financial advice and distribution segment. MLC advisers transitioned to IOOF AFSLs upon acquisition, and results 
are included in this segment for the period 1 June 2021 to 30 June 2021.
***UNPAT adjustments are described in the Key Performance Indicators section of the Directors Report.

IOOF Group Annual Report 2021
Notes to the financial statements
For the year ended 30 June 2021
74
Financial 
advice
Portfolio and 
estate 
administration
Investment 
management
Ex-ANZ ALs
Ex-ANZ P&I*
MLC Wealth
Corporate and 
other
Total
2020**
2020**
2020**
2020**
2020**
2020**
2020**
2020**
$’m
$’m
$’m
$’m
$’m
$’m
$’m
$’m
Management and service fees revenue
351.0
240.0
98.3
198.5
114.2
-
-
1,002.0
External other fee revenue
17.3
8.7
7.3
14.8
3.0
-
0.2
51.3
Service fees and other direct costs
(195.2)
(33.8)
(36.6)
(198.1)
(12.3)
-
-
(476.0)
Deferred acquisition costs
-
(0.1)
-
-
-
-
-
(0.1)
Gross Margin
173.1
214.8
69.0
15.2
104.9
-
0.2
577.2
Stockbroking revenue
3.3
-
-
-
-
-
-
3.3
Stockbroking service fees expense
(1.2)
-
-
-
-
-
-
(1.2)
Stockbroking net contribution
2.1
-
-
-
-
-
-
2.1
Inter-segment revenue(i)
5.0
7.2
-
5.2
0.1
-
0.7
18.2
Inter-segment expenses(i)
(0.7)
(10.7)
(2.6)
-
(4.2)
-
-
(18.2)
Net Operating Revenue
179.5
211.3
66.4
20.4
100.8
-
0.9
579.3
Other revenue
3.4
-
-
2.9
0.6
-
1.0
7.9
Finance income 
0.1
-
-
0.2
10.2
-
2.1
12.6
Share of (loss)/profits of associates
(0.5)
-
-
-
-
-
-
(0.5)
Operating expenditure
(103.5)
(115.0)
(10.5)
(49.9)
(64.0)
-
(41.3)
(384.2)
Share-based payments expense
(1.0)
(1.1)
(0.6)
(0.1)
-
-
(0.1)
(2.9)
Finance costs
(0.7)
-
-
-
(0.3)
-
(13.3)
(14.3)
Depreciation of property & equipment
(8.7)
(9.5)
(1.3)
(1.0)
(2.7)
-
-
(23.2)
Amortisation of intangible assets - IT Development
-
(0.8)
-
-
-
-
-
(0.8)
Non-controlling interest
-
-
-
0.2
-
-
-
0.2
Income tax benefit/(expense)
(20.2)
(26.9)
(16.4)
8.2
(13.4)
-
18.6
(50.1)
UNPAT from continuing operations
48.4
58.0
37.6
(19.1)
31.2
-
(32.1)
124.0
Discontinued operations
4.8
UNPAT
128.8
Impairment losses recognised in profit or loss
(4.3)
-
-
-
-
-
-
(4.3)
Other UNPAT adjustments from continuing operations
(19.5)
(15.0)
(2.1)
(10.6)
(24.0)
-
4.5
(66.7)
NPAT from continuing operations
24.6
43.0
35.5
(29.7)
7.2
-
(27.6)
53.0
UNPAT adjustments from discontinued operations
83.4
NPAT from discontinued operations
-
-
-
-
-
-
-
88.2
NPAT
141.2
(i) Segment revenues, expenses and results include transfers between segments. Such transfers are priced on a commercial basis and are eliminated on consolidation.
*Represents results for the period 1 February 2020 to 30 June 2020.
**Restated - refer to note 7-3.

IOOF Group Annual Report 2021
Notes to the financial statements
For the year ended 30 June 2021
75
2-2 Discontinued operations
The following operations of the IOOF Group were divested in the prior year.
a
Ord Minnett business
On 27 June 2019, the Directors announced the divestment of the Group's 70% holding in Ord Minnett 
Holdings Pty Ltd (Ord Minnett). The disposal is consistent with the Group's long-term strategy to focus 
on its core wealth management capabilities. The Group entered into a contract with a consortium of 
private investors led by current Ord Minnett management to dispose of its stake in Ord Minnett for sale 
consideration of $115m, $10m of which was received in the previous financial year as a non-refundable 
deposit. The Group recognised a post-tax profit on sale of $83.7m in respect of the Ord Minnett 
business upon completion of the transaction. Completion of the sale occurred on 24 September 2019.
b
Investment in Perennial Value Management (PVM)
On 10 October 2019, the IOOF Group divested its equity accounted investment in Perennial Value 
Management Limited. The book value of the Group’s investment in PVM was $7.8m at the time of 
divestment.
c
IOOF New Zealand business
On 16 April 2020, the IOOF Group announced that IOOF New Zealand Ltd had entered into an 
agreement to sell all client rights relating to the IOOF Integral Master Trust to Britannia Financial 
Services Limited. IOOF New Zealand Ltd closed effective 15 April 2020.

IOOF Group Annual Report 2021
Notes to the financial statements
For the year ended 30 June 2021
76
d
Analysis of profit for the year from discontinued operation
Revenue, expenses and associated income tax in the financial statements and notes have been restated to 
a continuing basis, where applicable, and therefore exclude the below results of the discontinued operations.
Year ended
Year ended
30 June 2021 30 June 2020
$'m
$'m
Results of discontinued operations
Revenue
-
49.7
Expenses
-
(42.0)
Results from operating activities
-
7.7
Income tax
-
(2.2)
Results from operating activities, net of tax
-
5.5
Gain on sale of discontinued operation
-
83.6
Income tax on gain on sale of discontinued operation
-
0.7
Gain on disposal of discontinued operation, net of tax
-
84.3
Profit for the period
-
89.8
Profit for the period attributable to:
Owners of the entity
-
88.2
Non-controlling interest
-
1.6
Profit for the period
-
89.8
Basic earnings per share (cents per share)
-
25.2
Diluted earnings per share (cents per share)
-
25.1
Cash flows from discontinued operations
Net cash provided by/(used in) operating activities
-
59.5
Net cash (used in)/provided by investing activities
-
(0.8)
Net cash flow for the period
-
58.7
Profit for the period from discontinued operations
-
88.2
Underlying net profit after tax pre-amortisation (UNPAT) adjustments:
Amortisation of intangible assets
-
0.4
Termination payments
-
0.5
Profit on divestment of assets
-
(83.6)
Impairment of non-current assets
-
0.1
Unwind of deferred tax liability recorded on intangible assets
-
(0.1)
Income tax attributable
-
(0.7)
UNPAT from discontinued operations
-
4.8

IOOF Group Annual Report 2021
Notes to the financial statements
For the year ended 30 June 2021
77
2-3 Revenue
Policy 
note
2021
2020*
$'m
$'m
Management and service fees revenue 
(i)
Financial planning revenue
469.9
477.8
Management fees
662.6
462.0
Other management and service fees revenue
75.4
62.2
1,207.9
1,002.0
Stockbroking revenue
(ii)
3.3
3.3
External other fee revenue
(ii)
49.5
51.3
Finance income
(iii)
Interest income on loans to related entities
-
0.1
Interest income on financial assets measured at fair value
0.3
-
Interest income from non-related entities
3.5
11.2
Dividends and distributions received
0.7
1.4
Net fair value gains/(losses) on other financial assets at fair 
value through profit or loss
0.3
(0.1)
4.8
12.6
Other revenue
BT settlement income
(iv)
58.8
-
Sundry income
4.9
7.9
Other
3.2
1.5
66.9
9.4
Total revenue
1,332.4
1,078.6
*Restated - refer to note 7-3.
Accounting policies
Revenue is measured based on the consideration specified in a contract with a customer. The IOOF Group 
recognises revenue when it transfers control over a good or service to a customer.
i
Management and service fees revenue
The IOOF Group provides management services to unit trusts and funds operated by the IOOF 
Group at normal commercial rates. Management and service fees earned from the unit trusts and 
funds are calculated based on an agreed percentage of the respective funds under management 
or administration as disclosed in the respective product disclosure statements and are recognised 
as performance obligations are satisfied over time.
Revenue from the provision of financial planning services together with revenue from the rendering 
of services are recognised as performance obligations are satisfied over time.
ii
Stockbroking revenue and external other fee revenue
Other fee revenue and stockbroking revenue from the rendering of services are recognised as 
performance obligations are satisfied over time.
iii
Finance income
Finance income comprises interest income on funds invested (including financial assets measured 
at fair value), dividend income, gains on the divestment of financial assets and changes in the fair 
value of financial assets and financial liabilities at fair value through profit or loss. Interest income 
is recognised as it accrues in profit or loss, using the effective interest method. Dividend income is 

IOOF Group Annual Report 2021
Notes to the financial statements
For the year ended 30 June 2021
78
recognised in profit or loss on the date that the IOOF Group's right to receive payment is 
established, which in the case of quoted securities is the ex-dividend date.
iv
BT settlement income
One-off settlement income in connection with the termination of the platform relationship with BT 
Portfolio Services Ltd, net of debtors previously recognised.
2-4 Expenses
Note
2021
2020
$'m
$'m
Service fees and other direct costs
(i)
Service and marketing fees expense 
444.7
439.7
Stockbroking service fees expense
1.0
1.2
Other direct costs
49.8
36.3
495.5
477.2
Operating expenditure
Salaries and related employee expenses (excluding superannuation)
(ii)
389.1
266.7
Employee defined contribution plan expense
(ii)
24.3
18.5
Information technology costs
44.5
39.8
Professional fees
24.4
17.3
Marketing
6.1
9.3
Office support and administration
28.0
21.3
Occupancy related expenses
9.4
6.8
Travel and entertainment
0.4
4.5
Other
0.3
-
526.5
384.2
Other expenses
Share-based payments expense
(iii)
2.2
2.9
Transformation and integration costs
50.2
19.7
Legal provision
24.3
-
Advice 2.0 costs
1.3
-
Evolve costs
12.6
11.4
Termination payments
(iv)
1.1
2.9
Depreciation of property and equipment
29.1
23.2
Amortisation of intangible assets
(v)
58.9
44.8
Amortisation of intangible assets - IT development
(v)
0.8
0.8
Deferred acquisition costs
(vi)
0.2
0.1
Non-recurring professional fees
10.0
6.4
Governance uplift
1.2
4.5
Remediation costs
28.2
1.5
Impairment of goodwill
(v), 4-3
199.9
4.3
Unrealised loss on revaluation of embedded derivative
5.0
-
Other
0.5
1.4
425.5
123.9
Total expenses
1,447.5
985.2

IOOF Group Annual Report 2021
Notes to the financial statements
For the year ended 30 June 2021
79
Accounting policies
Expenses are recognised at the fair value of the consideration paid or payable for services received, further 
specific expense policies are listed below:
i
Service fees and other direct costs
Service fees and other direct costs include amounts paid to advisers, dealer groups and other 
suppliers in the course of operating and marketing products and services of the IOOF Group. 
Examples of direct costs include custodian fees, audit services and the printing and mailing of client 
statements and other communications. The values are recognised at the fair value of the 
consideration paid or payable for the goods or services received.
ii
Salaries and related employee expenses
These entitlements include salaries, wages, superannuation, bonuses, overtime, allowances, 
annual and long service leave, but exclude share-based payments. The accounting policies for the 
four major expense categories under this definition are as follows.
Short-term employee benefits
Short-term employee benefit obligations are measured on an undiscounted basis and are 
expensed as the related service is provided.
A liability is recognised for the amount expected to be paid if the IOOF Group has a present legal 
or constructive obligation to pay this amount as a result of past service provided by the employee 
and the obligation can be estimated reliably.
Short-term incentive plans
A provision for employee benefits in the form of an incentive plan is recognised when there is no 
realistic alternative but to settle the liability and at least one of the following conditions is met:

there are formal terms in the plan for determining the amount of the benefit;

the amounts to be paid are determined before the time of completion of the financial report; or

past practice gives clear evidence of the amount of the obligation.
Annual and long service leave benefits
The IOOF Group's net obligation in respect of long-term employee benefits is the amount of future 
benefit that employees have earned in return for their service in the current and prior years plus 
related on-costs.
Liabilities for long-term benefits that are expected to be settled beyond 12 months are discounted 
using rates attaching to high quality corporate bonds which most closely match the terms of 
maturity of the related liabilities at balance date.
In determining the liability for employee entitlements, consideration is given to future increases in 
wage and salary rates, experience with employee departures and years of service.
Employee defined contribution plan expense
A defined contribution plan is a post-employment benefit plan under which an entity pays fixed 
contributions into a separate entity and will have no legal or constructive obligation to pay further 
amounts. Obligations for contributions to defined contribution plans are recognised in profit or loss 
in the years during which services are rendered by employees. Prepaid contributions are 

IOOF Group Annual Report 2021
Notes to the financial statements
For the year ended 30 June 2021
80
recognised as an asset to the extent that a cash refund or a reduction in future payments is 
available.
iii
Share-based payments expense
The grant date fair value of share-based payment awards granted to employees is recognised as 
a share-based payment expense, with a corresponding increase in the share-based payments 
reserve, over the year that the employees unconditionally become entitled to the awards. The 
amount recognised as an expense is adjusted to reflect the number of awards for which the related 
service and non-market vesting conditions are expected to be met, such that the amount ultimately 
recognised as an expense is based on the number of awards that meet the related service and 
non-market performance conditions at vesting date.
The fair value at grant date is independently determined where considered appropriate.
Shares held by the IOOF Equity Plans Trust will contribute to the employee allocation of shares on 
satisfaction of vesting performance hurdles. The IOOF Group has no right to recall placed shares. 
However, a subsidiary company acts as the Trustee of the Trust and can direct the voting rights of 
shares held and strategic direction.
Further information is included in Note 6-2.
iv
Termination payments
Termination benefits or redundancy costs are recognised as an expense when the IOOF Group is 
committed demonstrably to a formal detailed plan without possibility of withdrawal, or providing 
termination benefits as a result of an offer made to encourage voluntary redundancy.
v
Amortisation and impairment
The value of intangible assets, with the exception of goodwill and brand names with indefinite 
useful lives, reduces over the number of years the IOOF Group expects to use the asset, the useful 
economic life, via an annual amortisation charge to profit and loss. The values and useful lives 
ascribed are reflective of arms-length transactions and independent expert advice thereon.
Where there has been a technological change or decline in business performance, amongst other 
impairment indicators, management reviews the value of assets to ensure they have not fallen 
below their carrying value. Should an asset's value fall below its carrying value an additional one-
off impairment charge is made against profit.
vi
Deferred acquisition costs
Deferred acquisition costs relate to service fees paid and are deferred as an asset in recognition 
that they relate to a future economic benefit. Deferred acquisition costs are initially measured at 
historical cost and are written down immediately to their recoverable amount if the carrying amount 
is greater than its estimated recoverable amount.
Deferred acquisition costs are progressively amortised in profit or loss by a systematic allocation 
over the years the future economic benefits are expected to be received. The amortisation period 
is between 5 and 7 years.

IOOF Group Annual Report 2021
Notes to the financial statements
For the year ended 30 June 2021
81
2-5 Net cash provided by operating activities
Cash includes cash on hand, deposits held at call with financial institutions, other short-term, highly liquid 
investments with original maturities of three months or less that are readily convertible to known amounts of 
cash.
This note reconciles the operating profit to the cash provided by operating activities per the cash flow 
statement.
2021
2020
$'m
$'m
(Loss)/Profit after tax for the year
(143.5)
142.6
Depreciation of property and equipment
29.2
24.5
Amortisation of intangible assets
59.6
45.9
Impairment of goodwill
199.9
4.3
Impairment of other non-current assets
-
0.6
Profit on divestment of assets
(0.4)
(0.1)
Profit on divestment of subsidiary
-
(84.3)
Interest and other costs of finance
11.1
14.3
Interest received and receivable
(3.5)
(1.9)
Dividends and distributions received and receivable
(0.4)
(1.5)
Dividends received from associates
0.2
0.4
Share of profits of associates accounted for using the equity method
1.0
(0.5)
Share-based payments expense
2.2
2.9
Other
2.9
(0.7)
Changes in net operating assets and liabilities:
(Increase)/decrease in receivables
41.7
(84.6)
(Increase)/decrease in other assets
6.4
(0.9)
(Increase)/decrease in other financial assets
(160.0)
21.0
(Increase)/decrease in deferred acquisition costs
0.2
0.2
Increase/(decrease) in payables
(1.4)
13.3
Increase/(decrease) in deferred revenue liabilities
(0.1)
(0.2)
Increase/(decrease) in provisions
(49.3)
66.3
Increase/(decrease) in income tax payable
(0.4)
(10.6)
Increase/(decrease) in policyholder liabilities
118.3
(12.2)
Increase/(decrease) in deferred taxes
24.2
(19.9)
Net cash provided by operating activities
137.8
118.9
 

IOOF Group Annual Report 2021
Notes to the financial statements
For the year ended 30 June 2021
82
2-6 Income taxes
2021
2020
$'m
$'m
Current tax expense
Current year
25.2
42.9
Adjustment for prior years
(4.9)
(0.6)
Taxable losses not recognised
-
0.1
20.3
42.4
Deferred tax expense
Origination and reversal of temporary differences
(7.5)
(16.9)
Adjustments recognised in the current year in relation to the deferred tax of prior years
3.5
0.4
(4.0)
(16.5)
Total income tax expense
16.3
25.9
Income tax recognised directly in equity
2021
2020
$'m
$'m
Equity raising costs:
Before tax
(20.5)
-
Tax benefit
6.1
-
Net of tax
(14.4)
-
2021
2020
Income tax recognised in other
comprehensive income
$'m
$'m
Before 
tax
Tax 
expense
Net of 
tax
Before 
tax
Tax 
expense
Net of 
tax
Financial assets through OCI
(27.9)
8.5
(19.4)
95.7
(28.7)
67.0
Remeasurement of defined benefit asset
0.8
(0.2)
0.6
-
-
-
Exchange differences on translating foreign 
operations
0.2
(0.1)
0.1
(0.1)
-
(0.1)
(26.9)
8.2
(18.7)
95.6
(28.7)
66.9
2021
2020
%
$’m
%
$’m
Reconciliation of effective tax rate
(Loss)/Profit before tax from continuing operations
(127.2)
78.7
Tax (benefit)/expense using the IOOF Group's domestic tax rate
30.0%
(38.2)
30.0%
23.6
Tax effect of:
Share of tax credits with statutory funds
1.4
1.5
(Non-assessable income)/Non-deductible expenses
3.1
0.7
Capital loss not previously recognised
(6.7)
-
Impairment of goodwill
60.0
1.3
Share of net profits of associates
0.3
0.2
Assessable associate and subsidiary dividends
(0.6)
0.2
Revenue loss not recognised
-
0.1
Imputation and foreign tax credits
(0.3)
(0.6)
Other
(1.3)
(0.9)
Under/(over) provided in prior years
(1.4)
(0.2)
16.3
25.9

IOOF Group Annual Report 2021
Notes to the financial statements
For the year ended 30 June 2021
83
For statutory reporting purposes, IOOF Group had an effective tax rate of negative 12.8% on its continuing 
operations for the year ended 30 June 2021 (2020: 32.9%) compared to a statutory corporate tax rate of 30%. 
This rate difference is primarily due to impairment of goodwill, tax benefit on prior year capital losses not 
previously recognised, research and development (R&D) tax offsets, non-deductible subsidiary acquisition 
costs, prior period amendments, and the transfer of deductions to the statutory funds in accordance with the 
Taxation of Insurance Companies. For the year ended 30 June 2020, the rate difference was primarily due to 
similar factors, with the exception of subsidiary acquisition costs and prior year capital losses. Excluding these 
items the IOOF Group's effective tax rate would be 30.4% and 29.7% respectively. 
2021
2020
$'m
$'m
Deferred tax assets and liabilities
Deferred tax asset balance comprises temporary differences attributable to:
Salaries and related employee expenses
61.8
20.8
Provisions, accruals and creditors
211.6
200.0
Carry forward capital and revenue losses
0.2
9.9
Lease liability
35.9
32.7
Other
9.1
1.5
Deferred tax asset balance as at 30 June
318.6
264.9
Set-off of deferred tax liabilities pursuant to set-off provisions
(204.4)
(264.9)
Net deferred tax asset balance as at 30 June
114.2
-
Deferred tax liability balance comprises temporary differences attributable to:
Unrealised gains - corporate
41.5
23.3
Unrealised gains - statutory*
(6.7)
8.6
Customer relationships
117.8
133.5
Property and equipment
(5.5)
28.3
Customer remediation indemnity
55.3
64.7
Other
2.0
26.8
Deferred tax liability balance as at 30 June
204.4
285.2
Set-off of deferred tax assets pursuant to set-off provisions
(204.4)
(264.9)
Net deferred tax liability balance as at 30 June
-
20.3
Reconciliation of movements
Net carrying amounts at the beginning of the year
(20.3)
(5.9)
Acquisitions and divestments
122.2
(5.3)
Credited to profit or loss
4.0
16.5
(Charged)/Credited to profit or loss - statutory*
(35.2)
15.4
Temporary differences directly attributable to equity
43.5
(28.8)
Discontinued operations
-
(12.2)
Carrying amount at the end of the year
114.2
(20.3)
Unrecognised deferred tax assets
Tax losses
10.1
5.3
Potential tax benefit at the Australian tax rate of 30%
3.0
1.6
*A subsidiary of the Company, IOOF Ltd, is a friendly society in accordance with the Life Insurance Act 1995. 
The funds operated by IOOF Ltd, and any trusts controlled by those funds, are treated as statutory funds in 
accordance with the Life Insurance Act 1995. These statutory funds are required to be consolidated in 
accordance with accounting standards.

IOOF Group Annual Report 2021
Notes to the financial statements
For the year ended 30 June 2021
84
Accounting policies
Income tax
Income tax comprises current and deferred tax. Current and deferred tax are recognised in profit or loss except 
to the extent that it relates to a business combination, or items recognised directly in equity or in other 
comprehensive income.
Current tax
Current tax is the expected tax payable or receivable on the taxable income for the year, using tax rates 
enacted or substantively enacted at the reporting date, and any adjustment to tax payable in respect of 
previous years. Current tax also includes any tax arising from dividends.
Current tax assets and liabilities are offset only if certain criteria are met.
Deferred tax
Deferred tax is recognised in respect of temporary differences between the carrying amounts of assets and 
liabilities for financial reporting purposes and the amounts used for taxation purposes. Deferred tax is not 
recognised for:
temporary differences on the initial recognition of assets or liabilities in a transaction that is not a business 
combination and that affects neither accounting nor taxable profit or loss;
temporary differences related to investments in subsidiaries and associates to the extent that the IOOF 
Group is able to control the timing of the reversal of the temporary differences and it is probable that they 
will not reverse in the foreseeable future; and
taxable temporary differences arising on the initial recognition of goodwill.
Deferred tax is measured at the tax rates that are expected to be applied to temporary differences when they 
reverse, based on the laws that have been enacted or substantively enacted by the reporting date.
Deferred tax assets and liabilities are offset when there is a legally enforceable right to offset current tax assets 
and liabilities and when deferred tax balances relate to the same taxation authority.
Tax consolidation
IOOF Holdings Ltd and its wholly owned Australian resident entities (including IOOF Ltd benefit funds) are part 
of a tax-consolidated group under Australian taxation law. As a consequence, all members of the tax-
consolidated group are taxed as a single entity.
Tax transparency 
The IOOF Group is committed to tax transparency and integrity. It has been a signatory to the Board of 
Taxation's Voluntary Tax Transparency Code (the Code) since January 2017.
The Code is a set of principles and ‘minimum standards’ to guide disclosure of tax information by businesses, 
encourage those businesses to avoid aggressive tax planning, and to help educate the public about their 
compliance with Australia’s tax laws.
The IOOF Group provides a reconciliation of accounting profit to tax expense, and to income tax paid/payable 
including identification of material temporary and non-temporary differences and accounting effective company 
tax rates for the IOOF Group’s Australian and global operations.

IOOF Group Annual Report 2021
Notes to the financial statements
For the year ended 30 June 2021
85
Information about international related party dealings
The IOOF Group largely conducted all activities in Australia for the current financial year. Minor operations 
were acquired in foreign jurisdictions on 31 May 2021 and each of those entities is subject to the local tax 
regime.  The effective tax rates for these entities will be disclosed with the IOOF Group’s effective tax rate from 
next year. Related party dealings between the IOOF Group’s Australian and foreign jurisdictions are supported 
by transfer pricing documentation.
Approach to tax strategy and governance
Tax governance is part of the IOOF Group 's overall risk management framework, as well as being part of an 
overall tax strategy. The overall tax strategy drives the IOOF Group’s approach to tax risk management and is 
aimed at good corporate tax compliance and reporting, ability to meet and be prepared for regulatory changes, 
and in ensuring shareholder value. Tax governance is continuously monitored and in line with the IOOF Group 
's strategy. The IOOF Group regards its relationship with the ATO as effective and open thereby maintaining 
transparency and collaboration.
Tax contribution analysis
The IOOF Group contributed a total of $140.9m in taxes to the Australian governments (state and federal) in 
the 2021 tax year. The below table provides an analysis of the types of taxes the IOOF Group is liable for.
Further taxes paid by the IOOF Group on behalf of others, including employees and members, are not directly 
borne by the Group. These include income tax, GST, pay-as-you-earn withholding taxes, and local duties, 
which total a further $410.8m (2020: $94.9m).

IOOF Group Annual Report 2021
Notes to the financial statements
For the year ended 30 June 2021
86
2-7 Dividends
After 30 June 2021 the following fully franked dividends were declared by the directors. The dividends have 
not been provided for and there are no income tax consequences.
Cents per
share
Total
Date of payment
Franked/
unfranked
$'m
Final 2021 dividend
9.5
61.7
22 September 2021
 Franked 
Special 2021 dividend
2.0
13.0
22 September 2021
 Franked 
2021
2020
$'m
$'m
Dividend franking account
30 per cent franking credits available to shareholders of IOOF Holdings Ltd 
for subsequent financial years
74.3
73.3
The above available amounts are based on the balance of the dividend franking account at year-end adjusted 
for:
a
franking credits that will arise from the payment of the current tax liabilities; and
b
franking credits that the IOOF Group may be prevented from distributing in subsequent years.
The ability to utilise the franking credits is dependent upon there being sufficient available profits to declare 
dividends. The impact on the dividend franking account of dividends declared after the balance date but not 
recognised as a liability is to reduce it by $32.0m (2020: $17.3m).
The following dividends were declared and paid by the IOOF Group during the current and preceding financial 
year:
Cents per
share
Total
Date of payment
Franked/
unfranked
$'m
2021
Interim 2021 dividend
8.0
51.9
18-Mar-21
 Franked 
Special 2021 dividend
3.5
22.7
18-Mar-21
 Franked 
Final 2020 dividend
11.5
40.4
22-Sep-20
 Franked 
23.0
115.0
2020
Interim 2020 dividend
16.0
56.2
16-Mar-20
 Franked 
Special 2020 dividend
7.0
24.6
27-Sep-19
 Franked 
Final 2019 dividend
12.0
42.1
27-Sep-19
 Franked 
35.0
122.9
The total dividends declared relating to earnings for the year ended 30 June 2021 amounted to 23.0 cents per 
share (2020: 34.5 cents per share).
Franked dividends declared or paid during the year were franked at the tax rate of 30 per cent.
Dividend amounts shown are inclusive of any dividends paid on treasury shares.

IOOF Group Annual Report 2021
Notes to the financial statements
For the year ended 30 June 2021
87
2-8 Earnings per share
2021
2020
Cents 
per
share
Cents 
per
share
Basic earnings per share
From continuing operations
(24.4)
15.1
From discontinued operations
-
25.2
Total basic earnings per share
(24.4)
40.3
Diluted earnings per share
From continuing operations
(24.4)
15.1
From discontinued operations
-
25.1
Total diluted earnings per share
(24.4)
40.2
Basic and diluted earnings per share
The earnings and weighted average number of ordinary shares used in the calculation of basic and diluted 
earnings per share are as follows:
2021
2020
$'m
$'m
Profit/(Loss) for the year attributable to owners of the Company
(143.5)
141.2
Earnings used in the calculation of basic and diluted EPS
(143.5)
141.2
Profit for the year from discontinued operations used in the calculation of basic and 
diluted EPS from discontinued operations
-
88.2
Earnings used in the calculation of basic and diluted EPS from continuing operations
(143.5)
53.0
2021
2020
No. ’m
No. ’m
Weighted average number of ordinary shares
Weighted average number of ordinary shares (basic)
589.3
350.1
Effect of unvested performance rights
1.3
0.7
Weighted average number of ordinary shares (diluted)
590.6
350.8
Accounting policies
The IOOF Group presents basic and diluted earnings per share for its ordinary shares. Basic earnings per 
share is calculated by dividing the profit or loss attributable to ordinary shareholders of the Company by the 
weighted average number of ordinary shares outstanding during the year, adjusted for treasury shares held.
Diluted earnings per share is determined by adjusting the basic earnings per share for the effects of all dilutive 
potential ordinary shares, which comprise performance rights granted to employees.
At 30 June 2021, there were no options outstanding (2020: nil).
The average market value of the Company's shares for purposes of calculating the dilutive effect of 
performance rights was based on quoted market prices for the year.

IOOF Group Annual Report 2021
Notes to the financial statements
For the year ended 30 June 2021
88
Section 3 - Capital management and financing
This section outlines how the IOOF Group manages its capital structure and related financing costs, including 
its balance sheet liquidity and access to capital markets.
The IOOF Group’s objectives when managing capital are to safeguard its ability to continue as a going concern, 
so that it can continue to provide returns to shareholders and benefits to other stakeholders, and to maintain 
an optimal structure to reduce the cost of capital.
3-1 Capital management
In order to maintain or adjust the capital structure, the IOOF Group may adjust the amount of dividends paid 
to shareholders, return capital to shareholders, buy back its shares on market, issue new shares, sell assets, 
or otherwise adjust debt levels.
The IOOF Group monitors capital on the basis of investment capital, working capital and regulatory capital.
Investment capital is the IOOF Group’s capital that is not required for regulatory and working capital 
requirements of the business. The investment capital is invested in:
bank deposits and debt note;
subsidiaries;
financial assets at fair value through other comprehensive income;
unit trusts, as investments; and
IOOF Group operated unit trusts, as seed capital.
Investment capital
The investment capital is available to support the organic development of new businesses and products and 
to respond to investment and growth opportunities such as acquisitions, as they arise. Seed capital is primarily 
available to support the business in establishing new products and is also used to support capital adequacy 
requirements of the benefit funds.
Working capital
Working capital is the capital that is required to meet the day to day operations of the business.
Regulatory capital
Regulatory capital is the capital which the IOOF Group holds to meet minimum legislative and regulatory 
requirements in respect of its friendly society, issued term-based investment protection products and Australian 
financial services (AFS) licensed operations. During the year, the IOOF Group has complied with all externally 
imposed capital requirements.

IOOF Group Annual Report 2021
Notes to the financial statements
For the year ended 30 June 2021
89
The Board of each operational subsidiary manages its own capital required to support planned business growth 
and meet regulatory requirements. Australian Prudential Regulation Authority (APRA) regulated subsidiaries 
have their own capital management plan which specifically addresses the regulatory requirements of that entity 
and sets a target surplus over minimum regulatory requirements. 
As part of the MLC Wealth acquisition discussed in note 6-4, the IOOF Group acquired a number of MLC 
wealth subsidiaries with externally imposed regulatory capital requirements. These include the capital 
requirements for Registrable Superannuation Entities (RSE) licensees and AFS licensees. 
In addition, capital is held for risks relating to the term-based investment protection products issued by one of 
the MLC subsidiaries:
2021
2020
$'m
$'m
Capital requirements on issued investment protection products
Regulatory capital requirement
22.1
-
Cash available to meet the capital requirement
36.8
-
Cash surplus
14.7
-
Regular monitoring of regulatory requirements ensures sufficient capital is available and appropriate planning 
is made to retain target surpluses to reduce the risk of beaching regulatory capital requirements. IOOF 
Holdings Ltd is primarily the provider of equity capital to its subsidiaries. Such investment is funded by IOOF 
Holdings Ltd’s own investment capital, through capital issues, profit retention and, in some instances, by debt.
Subsidiary capital generated in excess of planned requirements is returned to IOOF Holdings Ltd, usually by 
way of dividends. 
A standby facility is in place as a safeguard against a temporary need for funds and to provide a short-term 
funding facility that allows the business to take advantage of acquisition opportunities as they arise. The 
weighted average cost of capital is regularly monitored. Funding decisions take into consideration the cost of 
debt versus the cost of equity with emphasis on the outcome that is best for shareholder interests.
The IOOF Group’s capital risk management strategy was not changed during the year. 
Further information in relation to capital adequacy requirements imposed by the Life Insurance Act 1995 is 
provided in note 5-4 Capital adequacy position.
3-2
Borrowings and lease liabilities
This note provides information about the contractual terms of the IOOF Group's interest-bearing liabilities, 
which are measured at amortised cost.
2021
2020
$'m
$'m
Cash advance & working capital facility
474.5
457.9
Subordinated loan notes (SLNs)
174.1
-
Total borrowings
648.6
457.9
Lease liabilities
124.9
114.4
Total borrowing and lease liabilities
773.5
572.3
For more information about the IOOF Group's exposure to interest rate and liquidity risk, see note 1-1 Risk 
management.

IOOF Group Annual Report 2021
Notes to the financial statements
For the year ended 30 June 2021
90
On 27 November 2020, the IOOF Group entered into an additional accommodation agreement to provide an 
additional $250m cash advance under the Syndicated Facility Agreement (SFA) for the acquisition of MLC 
Wealth. The amended SFA consists of the following facilities:
$240m revolving cash advance facility with a 4-year repayment term from 27 September 2018 (being the 
SFA effective date).
$625m revolving cash advance facility with a 5-year repayment term from the SFA effective date.
Multi-option facility with a 3-year repayment term from the SFA effective date, comprising a contingent 
liability facility.
The SFA facilities have a debt duration profile of approximately 2.0 years (calculated on a facility limit basis) 
(30 June 2020: 2.5 years). 
On 31 May 2021, the IOOF Group issued $200m SLNs to fund the acquisition of MLC Wealth. Key terms are: 
SLNs are unsecured subordinated debt obligations of IOOF.
1% per annum coupon payable semi-annually. Step up to 4% per annum if the noteholders request 
redemption more than 42 months after the issue date and IOOF does not redeem.
5-year term with an early redemption start period of 42 months from completion (31 May 2021).
Equity linked redemption linked to any uplift in notional securities over a reference price (being a 15% 
premium to the theoretical ex rights price for the equity offer) and subject to adjustment.
IOOF permitted to accelerate redemption after 3 years if the volume weighted average price is at least 150% 
of the reference price or in case of certain tax changes. Holder permitted to accelerate redemption at any 
time commencing 42 months after the issue date, subject to issuer consent, or upon change in control 
(acquisition by a person of beneficial ownership of 50% or more of the ordinary voting power of outstanding 
voting shares or delisting or 15 trading day suspension).
For financial reporting purposes, these SLNs contain a host contract and a compound embedded derivative 
that is required to be recognised separately. The host contract is initially recognised at fair value and 
subsequently measured at amortised cost, and it will accrete to the face value of the notes using the effective 
interest rate. The compound embedded derivative is measured at fair value and is included in other financial 
liabilities. 
The net debt to equity ratio stood at 18.9% at 30 June 2021 (30 June 2020: 24.8%) reflecting net borrowings 
of $469.7m (30 June 2020: $430.9m), principally $476.0m under the SFA (30 June 2020: $460.0m). All banking 
covenants have been met at 30 June 2021.
(a) Cash advance & working capital facility
The unsecured cash advance facilities and working capital facility is provided under an Australian dollar line 
of credit facility, to which unrestricted access was available at balance date as follows:
2021
2020
$'m
$'m
Total facilities
865.0
615.0
Used at 30 June
476.0
460.0
Unused at 30 June
389.0
155.0
The financial liability under the facility has a fair value equal to its carrying amount.

IOOF Group Annual Report 2021
Notes to the financial statements
For the year ended 30 June 2021
91
2021
2020
$'m
$'m
Revolving Cash Advance Facility
Opening balance 1 July
457.9
426.5
Net drawdowns
16.0
30.0
Amortised capitalised establishment fees
0.6
1.4
Closing balance 30 June*
474.5
457.9
*Facilities were repaid in full during the year and redrawn for the purposes of the MLC Wealth acquisition. 
(b) Lease liabilities
The Group initially adopted AASB 16 Leases from 1 July 2019. AASB 16 introduced significant changes to the 
lessee accounting by requiring the recognition of a right-of-use asset and a lease liability at commencement 
for all leases, except for short-term leases and leases of low value assets.
2021
2020
$'m
$'m
Lease liabilities
Opening balance 1 July
114.4
-
Lease liabilities recognised on adoption of AASB 16
-
81.8
Net lease liabilities acquired
13.5
35.4
Interest charge
(3.0)
(2.8)
Closing balance 30 June
124.9
114.4
(c) Other facilities
In addition to the revolving cash advance and working capital facilities, the IOOF Group has additional 
contingent liability facilities. The aggregate of the contingent liability facilities is $55.0m (2020: $55.0m) of 
which $30.6m was used at 30 June 2021 (30 June 2020: $51.9m).
(d) Reconciliation of movements of liabilities to cash flows from financing activities
Borrowings
Lease liabilities
2021
2020
2021
2020
$'m
$'m
$'m
$'m
Opening balance 1 July
457.9
426.5
114.4
-
Changes from financing cash flows
Repayment of borrowings
(575.0)
(85.0)
-
-
Drawdowns and issuance
591.0
115.0
-
-
Repayment of lease liabilities
-
-
(21.7)
(14.3)
Total changes from financing cash flows
16.0
30.0
(21.7)
(14.3)
Other changes
SLNs issuance (net settled)
174.1
-
-
-
Interest expenses and borrowing costs
0.6
1.4
3.0
2.8
Lease liabilities recognised on adoption of AASB 16
-
-
-
81.8
Net leases acquired
-
-
29.2
44.2
Closing balance 30 June
648.6
457.9
124.9
114.4
Accounting policies
Finance costs comprise interest expense on borrowings, unwinding of the discount on provisions, changes in 
the fair value of financial assets at fair value through profit or loss and impairment losses recognised on 
financial assets.
Borrowing costs that are not directly attributable to the acquisition, construction or production of a qualifying 
asset are recognised in profit or loss using the effective interest method.

IOOF Group Annual Report 2021
Notes to the financial statements
For the year ended 30 June 2021
92
3-3
Share capital
The Company does not have authorised capital or par value in respect of its issued shares. All issued shares 
are fully paid. The holders of ordinary shares are entitled to receive dividends as declared from time to time 
and are entitled to one vote per share at meetings of the Company. All shares rank equally with regard to the 
Company's residual assets.
2021
2020
$'m
$'m
649,324,356 fully paid ordinary shares (2020: 351,076,027)
3,000.6
1,970.8
792,719 treasury shares (2020: 861,715)
(4.6)
(5.0)
2,996.0
1,965.8
2021
2020
No. ’m
$’m
No. ’m
$’m
Ordinary shares
On issue at 1 July
351.1
1,970.8
351.1
1,971.0
Issue of shares
298.2
1,043.9
-
-
Transaction costs of issuing new shares (net of tax)
-
(14.3)
-
-
Transfer from employee equity-settled benefits reserve on 
exercise of performance rights
-
0.6
-
2.7
Treasury shares transferred to recipients during the year
-
(0.4)
-
(2.9)
On issue at 30 June
649.3
3,000.6
351.1
1,970.8
Treasury shares
On issue at 1 July
(0.9)
(5.0)
(1.2)
(7.9)
Treasury shares transferred to recipients during the year
0.1
0.4
0.4
3.6
Treasury shares returned from recipients during the year
-
-
(0.1)
(0.7)
On issue at 30 June
(0.8)
(4.6)
(0.9)
(5.0)
648.5
2,996.0
350.2
1,965.8
Capital raise
In September 2020, the IOOF Group completed a capital raising for the purposes of the acquisition of the MLC 
Wealth businesses. The capital raising consisted of a fully underwritten institutional placement and accelerated 
non-renounceable entitlement offer, a retail entitlement offer, and a non-underwritten share purchase plan. 
Under these offers, the Group raised total additional capital of $1,043.9m, representing 298,248,329 ordinary 
shares, and incurred transaction costs of $20.4m ($14.3m net of tax).
Accounting policies
Ordinary shares
Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new shares and 
share options are shown in equity as a deduction, net of any tax effects.
Treasury shares
Shares in the Company which are purchased on-market by the IOOF Equity Plans Trust are classified as 
treasury shares and are deducted from share capital. Treasury shares are excluded from the weighted average 
number of ordinary shares used in the earnings per share calculations. The IOOF Equity Plans Trust is 
controlled by the IOOF Group and is therefore consolidated. Dividends received on treasury shares are 
eliminated on consolidation.

IOOF Group Annual Report 2021
Notes to the financial statements
For the year ended 30 June 2021
93
3-4
Capital commitments and contingencies
The only capital commitments entered into by the IOOF Group are operating lease commitments disclosed in 
section 4-6 Leases.
Other commitments
2021
2020
$'m
$'m
Guarantees and underwriting commitments
Rental bond guarantees
22.0
18.3
Other guarantees
0.4
0.4
22.4
18.7
Contingent liabilities
Contingent liabilities of the IOOF Group exist in relation to claims and/or possible claims which, at the date of 
signing these accounts, have not been resolved. An assessment of the likely loss to the Company and its 
controlled entities has been made in respect of the identified claims, on a claim by claim basis, and specific 
provision has been made where appropriate. The IOOF Group does not consider that the outcome of any other 
current proceedings, either individually or in aggregate, is likely to materially affect its operations or financial 
position.
Buyer of Last Resort Facility
Two subsidiaries of the IOOF Group have contractual agreements with its planners to provide a put option 
“Buyer of Last Resort Facility” should a planner wish to sell their business and on the satisfaction of certain 
specific requirements. The terms and conditions provide that where the specific requirements have been met, 
a predetermined purchase price will be payable for the business as agreed by all parties over a predetermined 
period. Where certain terms and conditions have not been met, the predetermined purchase price will be 
discounted accordingly. As at 30 June 2021, the IOOF Group had received requests from planners which 
satisfied requirements to exercise its obligation. The resale value of such businesses purchased may differ 
from the cost to the IOOF Group. Where confirmation notices have been received, the IOOF Group has a fixed 
obligation to purchase the businesses at market value, the aggregate value of this fixed obligation is $4.78m 
(2020: $5.32m).
Class Actions and Potential Regulatory Investigations
Contingent liabilities of the IOOF Group exist in relation to claims and/or possible claims which, at the date of 
signing these accounts, have not been resolved. For example, the IOOF Group is currently defending a number 
of class actions in the Federal and Supreme Courts of Australia. An assessment of the likely loss to the 
Company and its controlled entities has been made in respect of the identified claims, on a claim by claim 
basis, and specific provision is made where appropriate. 
Based on the current information available the IOOF Group does not consider that the outcome of any other 
current proceedings, either individually or in aggregate, is likely to materially affect its operations or financial 
position.
Other remediation matters
There are a number of remediation matters under investigation. The potential outcomes and total costs 
associated with these matters remain uncertain.

IOOF Group Annual Report 2021
Notes to the financial statements
For the year ended 30 June 2021
94
3-5
Reserves
2021
2020
$'m
$'m
Equity investment revaluation reserve (i)
2.4
91.3
Business combinations reserve (ii)
(0.3)
(0.3)
Foreign currency translation reserve (iii)
0.2
-
Operating risk financial reserve (iv)
2.7
2.6
Share-based payments reserve (v)
(1.2)
(2.3)
3.8
91.3
Nature and purpose of reserves
(i)
Equity investment revaluation reserve comprises the cumulative net change in fair value of equity 
securities designated at FVOCI, net of tax.
(ii)
Business combinations reserve reflects historic acquisitions of non-controlling interests, net of tax.
(iii)
Foreign currency translation reserve comprises foreign currency differences arising from the 
translation of the financial statements of the IOOF Group's foreign operations, net of tax.
(iv)
The operating risk financial reserve is held for certain superannuation products that were previously 
held under Australian Executor Trustees Limited and have been transferred to I.O.O.F. Investment 
Management Limited as Superannuation Trustee in the prior year. Other similar reserves exist within 
the IOOF Group, however these are generally held by the relevant funds.
(v)
The share-based payments reserve arises on the grant of performance rights and share options to 
executives and senior employees under the employee share plan. Amounts are transferred out of the 
reserve and into issued capital when the shares are transferred to employees. 

IOOF Group Annual Report 2021
Notes to the financial statements
For the year ended 30 June 2021
95
Section 4 - Operating assets and liabilities
This section shows the assets used to generate the IOOF Group's trading performance and the liabilities 
incurred as a result. Liabilities relating to the IOOF Group's financing activities are addressed in Section 3.
4-1
Associates
Associates are those entities over which the IOOF Group has significant influence, but not control, over the 
financial and operating policies.
Details of the IOOF Group’s material associates at the end of the reporting period are as follows:
Ownership 
interest
Carrying 
value
Share of 
profit/(loss)
2021
2020
2021
2020
2021
2020
Associate
Year-end
Country 
of
incorpor
ation
%
%
$'m
$'m
$'m
$'m
Intermede Investment Partners Limited
31-Dec
UK
40.0
-
15.1
-
0.5
-
JANA Investment Advisers Pty Ltd
30-Sep
Australia
45.0
-
9.1
-
0.5
-
Other associates
13.4
12.9
(2.1)
(0.5)
37.6
12.9
(1.0)
(0.5)
The IOOF Group’s investments in Intermede Investment Partners Limited (Intermede) and JANA Investment 
Advisers Pty Ltd (JANA) were acquired with the MLC Wealth acquisition, effective 31 May 2021. Intermede is 
an institutional global equity fund manager focused on global equity strategy. JANA is an Australian based 
investment consulting company which provides investment consulting services to institutional clients including 
corporate, industry and public sector superannuation funds as well as charities, insurers, foundations and 
endowment funds. 
The following table summarises the 2021 financial information of the IOOF Group’s material associates. All 
fair values and accounting policies of the associates are consistent with those of the IOOF Group. 
Intermede
JANA
2021
2020
2021
2020
$'m
$'m
$'m
$'m
Beneficial ownership interest
40%
0.0%
45%
0.0%
Current assets
20.5
-
15.2
-
Non-current assets
0.6
-
4.5
-
Current liabilities
(8.2)
-
(13.2)
-
Non-current liabilities
-
-
(2.1)
-
Net assets (100%)
12.8
-
4.4
-
IOOF Group's share of net assets (40% / 45%)
5.1
-
2.0
-
Intangibles on investment
10.0
-
7.1
-
Carrying value of interest in associates
15.1
-
9.1
-
Revenue (100%)
2.6
-
4.6
-
Profit and total comprehensive income (100%)
1.2
-
1.1
-
Profit and total comprehensive income (40% / 45%)
0.5
-
0.5
-
Total profit and total comprehensive income (40% / 45%)
0.5
-
0.5
-
None of the IOOF Group's equity-accounted investees are publicly listed entities and consequently do not 
have published price quotations.

IOOF Group Annual Report 2021
Notes to the financial statements
For the year ended 30 June 2021
96
Dividends received from associates
During the year, the IOOF Group has received dividends of $0.2m (2020: $0.4m) from its associates.
Accounting policies
Interests in associates are accounted for using the equity method. They are initially recognised at cost, which 
includes any transaction costs. Subsequent to initial recognition, the consolidated financial statements include 
the IOOF Group's share of the profit or loss and other comprehensive income of the associates, until the date 
on which significant influence ceases.
Impairment
An impairment loss in respect of an associate is measured by comparing the recoverable amount of the 
investment with its carrying amount. Recoverable amount is the higher of fair value less costs of disposal and 
value in use. In assessing value in use, the estimated future cash flows are discounted to their present value 
using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks 
specific to the asset for which the estimates of future cash flows have not been adjusted. An impairment loss 
is recognised in profit or loss and is reversed if there has been a favourable change in the estimates used to 
determine the recoverable amount.
4-2
Intangible assets (other than goodwill)
2021
2020*
$'m
$'m
Cost
896.6
856.7
Accumulated amortisation
(391.1)
(331.6)
505.5
525.1
*Restated - refer to note 7-3.
IT develop
-ment
Computer 
software
Customer 
relationships
Brand
names
Other 
intangibles
Total
$'m
$'m
$'m
$'m
$'m
$'m
Carrying value at 1 July 2019
2.2
3.3
294.3
59.4
5.6
364.8
Acquisition through business 
combination *
-
2.0
192.1
-
-
194.1
Additions
1.5
-
-
-
10.9
12.4
Impairment
-
-
(0.4)
-
(0.2)
(0.6)
Amortisation expense attributable to 
continuing operations
(0.8)
(1.1)
(41.5)
(0.8)
(1.4)
(45.6)
Carrying value at 30 June 2020
2.9
4.2
444.5
58.6
14.9
525.1
Acquisition through business
combination
-
30.5
4.0
-
-
34.5
Additions
1.1
-
-
-
4.5
5.6
Amortisation expense
(0.8)
(3.3)
(52.5)
(0.8)
(2.3)
(59.7)
Carrying value at 30 June 2021
3.2
31.4
396.0
57.8
17.1
505.5
*Restated - refer to note 7-3.
Accounting policies
Intangible assets are non-physical assets used by the IOOF Group to generate revenues and profits. These 
assets include brand names, software, customer and adviser relationships. The cost of these assets is the 
amount that the IOOF Group has paid or, where there has been a business combination, the fair value of the 
specific intangible assets that could be sold separately or which arise from legal rights.

IOOF Group Annual Report 2021
Notes to the financial statements
For the year ended 30 June 2021
97
The value of intangible assets, with the exception of goodwill and brand names with indefinite useful lives, 
reduces over the number of years the IOOF Group expects to use the asset, the useful economic life, via an 
annual amortisation charge to profit and loss. The values and useful lives ascribed are reflective of arms-length 
transactions and independent expert advice thereon. Where there has been a technological change or decline 
in business performance, management reviews the value of assets to ensure they have not fallen below their 
carrying value. Should an asset's value fall below its carrying value, an impairment charge is recognised in 
profit or loss.
Subsequent expenditure
Subsequent expenditure is capitalised only when it increases the future economic benefits embodied in the 
specific asset to which it relates. All other expenditure, including expenditure on brands, is recognised in profit 
or loss as incurred.
Amortisation
Amortisation is charged to the income statement over the estimated useful lives of intangible assets unless 
such lives are judged to be indefinite. Indefinite life assets are not amortised but are tested for impairment at 
each reporting date. The estimated useful lives are as follows:
brand names 20 years
IT development 3 - 5 years
computer software 2.5 - 10 years
other intangibles 5 - 10 years
customer relationships 10 - 20 years
Amortisation methods, useful lives and residual values are reviewed at each reporting date and adjusted if 
appropriate.
Impairment testing for cash-generating units containing indefinite life intangible assets
For the purposes of impairment testing, indefinite life intangibles are allocated to the IOOF Group's operating 
divisions, or CGUs, which represent the lowest level within the IOOF Group at which intangible assets are 
monitored for internal management purposes.
Each CGU is not higher than the IOOF Group's operating segments as reported in Note 2-1 Operating 
segments.
In 2020, impairment was recognised in relation to certain customer relationships and other intangible assets. 
Reduced cash flows associated with the customer relationships and other intangible assets led to their 
expected value in use and fair value less costs to sell declining to below the carrying value of the intangible 
assets. No such impairment was required in 2021.

IOOF Group Annual Report 2021
Notes to the financial statements
For the year ended 30 June 2021
98
Indefinite life intangible assets (other than goodwill)
The indefinite life intangible assets (other than goodwill) relate to brand names. The below table excludes 
$6.3m (2020: $7.1m) of intangibles which have a finite life. The aggregate carrying amounts of indefinite-life 
intangible assets allocated to each CGU are as follows:
2021
2020
$'m
$'m
Shadforth
51.0
51.0
Lonsdale
0.5
0.5
51.5
51.5
In designating brand names as indefinite life, consideration was given to the length of time the brand names 
have been in existence and it was determined that there is no foreseeable limit to the years over which the 
brand names are expected to generate net cash inflows for the IOOF Group.
For the purposes of impairment testing, indefinite life intangible assets are allocated to the IOOF Group's cash-
generating units (CGUs). These represent the lowest level within the IOOF Group at which the assets are 
monitored for internal management purposes. The calculation incorporates estimated costs of brand 
maintenance. The post-tax discount rate of 10.4% (Shadforth) (2020: 10.0%) and 12.0% (Lonsdale) (2020: 
10.0%) used reflects the IOOF Group's post-tax nominal weighted average cost of capital (WACC) for the 
relevant CGU. Management's assessment of value in use for each CGU supports the value of the intangible 
asset allocated to the CGU. Any reasonably possible changes to assumptions used in management's 
assessment is not expected to result in impairment.

IOOF Group Annual Report 2021
Notes to the financial statements
For the year ended 30 June 2021
99
4-3
Goodwill
2021
2020
$'m
$'m
Cost(1)
2,435.5
1,563.2
Accumulated impairment
(297.6)
(97.7)
Net carrying value of goodwill
2,137.9
1,465.5
Carrying value at 1 July
1,465.5
936.9
Acquisition through business combination
872.3
532.9
Impairment of goodwill
(199.9)
(4.3)
Carrying value at 30 June
2,137.9
1,465.5
(1)Purchase price allocation has not been completed for the acquisition of the MLC Wealth businesses. The net asset adjustment and 
purchase price allocation are still being finalised in connection with this acquisition. Therefore, the goodwill acquired in this transaction is 
provisional.
Impairment of $199.9m has been recognised in 2021 in connection with goodwill allocated to the Shadforth, 
DKN, and Bridges CGUs. The impairment primarily reflects reduced profitability due to the termination of the 
platform relationship with BT Portfolio Services Ltd and the cessation of grandfathered revenue in the advice 
business. Impairment of $4.3m was recognised in 2020 in relation to goodwill allocated to the Consultum CGU. 
Reduced profitability from lower revenue led to its expected fair value less costs to sell and value in use 
declining to below the carrying value of the goodwill balance. 
Accounting policies
Goodwill represents the future economic benefits that arise from assets that are not capable of being 
individually identified and separately recognised. Its cost is the amount the IOOF Group has paid in acquiring 
a business over and above the fair value of the individual assets and liabilities acquired. The value of goodwill 
is an 'intangible' value that comes from, for example, a uniquely strong market position and the productivity of 
its employees. The goodwill recognised by the IOOF Group has all arisen as a result of business combinations.
For the measurement of goodwill at initial recognition, see note 7-3(b)(i) Business combinations.
Subsequent measurement
Goodwill is measured at cost less accumulated impairment losses. In respect of equity-accounted investees, 
the carrying amount of goodwill is included in the carrying amount of the investment. Any impairment loss is 
allocated to the carrying amount of the equity accounted investee as a whole and recognised through the IOOF 
Group’s share of profit or loss of the associate.
Impairment testing for cash-generating units containing goodwill
For the purposes of impairment testing, goodwill is allocated to the IOOF Group's cash-generating units 
(CGUs). These represent the lowest level within the IOOF Group at which the goodwill is monitored for internal 
management purposes. Assets that cannot be tested individually are grouped together into the smallest group 
of assets that generates cash inflows from continuing use that are largely independent of the cash inflows from 
continuing use of other assets or groups of assets (the CGU).
These CGUs are not higher than the IOOF Group's operating segments as reported in 2-1 Operating 
segments.

IOOF Group Annual Report 2021
Notes to the financial statements
For the year ended 30 June 2021
100
The aggregate carrying amounts of goodwill allocated to each CGU are as follows:
Value in Use element
Cash 
inflows
Cash 
outflows
2021
2020
yrs 1-5
yrs 1-5
Post-tax 
discount 
rate
Cash flows - perpetuity
$'m
$'m
MLC Wealth(1)
859.7
-
C
C
-
-
Ex-ANZ Wealth
529.2
529.2
 A 
 A 
10.4%
 2.0% growth from yr 5 
Shadforth
316.0
431.2
 A 
 A 
10.4%
 2.0% growth from yr 5 
Platform(2)
347.5
347.5
 A 
 A 
10.4%
 2.0% growth from yr 5 
Investment management(2)
39.7
39.7
 A 
 A 
10.4%
 2.0% growth from yr 5 
DKN
1.5
80.4
 A 
 A 
12.0%
 2.0% growth from yr 5 
IOOF Ltd
12.0
12.0
B
B
12.0%
 2.0% growth from yr 5 
Bridges
7.9
5.7
 A 
 A 
12.0%
 2.0% growth from yr 5 
Australian Executor Trustees
19.8
19.8
 A 
 A 
12.0%
 2.0% growth from yr 5 
Wealth Central
4.6
-
D
D
D
 2.0% growth from yr 6
2,137.9
1,465.5
(1)Purchase price allocation has not been completed for the acquisition of the MLC Wealth businesses. The net asset adjustment and 
purchase price allocation are still being finalised in connection with this acquisition. Therefore, the goodwill acquired in this transaction is 
provisional.
(2)In the current period, the Portfolio and estate administration CGU has been renamed to Platform, and the Multi-manager CGU has been 
renamed to Investment management to better reflect the Group operations.
A 2022-2024 budget, inflated thereafter, holding the budgeted growth rate from 2023 to 2024 (year 3) 
consistent for years 4 and 5
B 2021 actual cash flows used to forecast 2022 cash flows, inflated over the forecast period at the observed 
Australian friendly societies’ annual compounding growth for March 2015 to March 20201
C Cost used as an approximation of fair value given the proximity of the transaction to reporting date.
D Acquired goodwill has been allocated to CGUs based on adviser numbers and tested at the CGU level in 
line with A above.
The growth rates applied do not exceed the long-term average growth rate for businesses in which each CGU 
operates. The post-tax discount rate identified above (2020: 10.0% for all CGUs) used reflects the IOOF 
Group's pre-tax nominal weighted average cost of capital (WACC). 
Sensitivity
Due to current year impairment recognised in relation to the Shadforth CGU, any future adverse movement in 
assumptions may result in additional impairment.
Management has identified that, in relation to the Platform CGU, a change in three key assumptions could 
cause the carrying amount to exceed the recoverable amount. The following table shows the amount by which 
these three assumptions would need to change individually for the estimated recoverable amount to be equal 
to the carrying amount.
Change required for carrying amount to equal recoverable amount
2021
%
Discount rate
0.14
Terminal growth rate
(0.19)
Revenue growth rate
(0.56)
1 source - ABS 5655.0 Managed Funds Australia

IOOF Group Annual Report 2021
Notes to the financial statements
For the year ended 30 June 2021
101
4-4
Provisions
2021
2020
$'m
$'m
Employee entitlements
215.2
69.5
Advice remediation provisions
377.2
432.7
Product remediation provisions
281.7
174.7
Other provisions
27.4
56.2
901.5
733.1
 Employee
entitlements 
Advice 
remediation(1)
Product 
remediation
 Other
provisions
 Total 
$'m
$'m
$'m
$'m
$'m
Balance at 1 July 2019
59.3
392.0
-
2.0
453.3
Acquisition through business combination
7.3
-
180.0
0.6
187.9
Provisions made/(reversed) during the year
35.1
80.4
(1.2)
55.8
170.0
Provisions utilised during the year
(32.2)
(39.7)
(4.1)
(2.2)
(78.1)
Balance at 30 June 2020
69.5
432.7
174.7
56.2
733.1
Acquisition through business combination
91.1
-
164.5
22.3
277.9
Provisions made/(reversed) during the year
85.2
58.0
12.6
5.2
161.0
Provisions utilised during the year
(30.6)
(113.5)
(70.1)
(56.3)
(270.5)
Balance at 30 June 2021
215.2
377.2
281.7
27.4
901.5
1 Provisions totalling $168.1m were recognised in respect of the ex-ANZ ALs acquired on 1 October 2018. These provisions relate to 
customer remediation during the period that the relevant entities were owned by ANZ. The sale agreement indemnified the acquired 
entities in relation to customer remediation and accordingly, a corresponding receivable from ANZ has been recognised.
Accounting policies
A provision is recognised if, as a result of a past event, the IOOF Group has a present legal or constructive 
obligation that can be estimated reliably, and it is probable that an outflow of economic benefits will be required 
to settle the obligation. Provisions are determined by discounting the expected future cash flows at a pre-tax 
rate that reflects current market assessments of the time value of money.
Advice remediation provision
In 2019, the IOOF Group engaged an expert consultant to design the review methodology and estimate 
financial compensation relating to client remediation in line with observed industry practice. This was in 
response to ASIC’s investigation as part of its Wealth Management Project, conducting investigations into 
financial advice fees paid pursuant to ongoing service arrangements.  While IOOF Group was not issued a 
notice under this review, the Group has a significant number of self-employed and salaried financial advisers 
and is voluntarily undertaking its own review. The review determines whether fee paying clients under its 
licenses were: a) provided with agreed services and/or advice; b) supported with documentation evidencing 
appropriate provision of service and/or advice; and c) received advice appropriate to their circumstances.
Where client compensation is probable and able to be reliably estimated, provisions are raised. Compensation 
costs include return of service fees, estimated client loss as a result of inappropriate advice, interest for time 
value of money at ASIC’s directed rate of RBA cash rate + 6% and committed costs to resource the 
compensation program. 
As at 30 June 2021, the IOOF Group has provisions of $377.2m (2020: $432.7m) in respect of advice 
remediation and related costs. Of this amount, $175.1m is indemnified by the ANZ Banking Group (2020: 
$215.8m) and an offsetting receivable has also been recognised. The provision was reduced by client 
remediation payments and program costs paid throughout the year. 

IOOF Group Annual Report 2021
Notes to the financial statements
For the year ended 30 June 2021
102
Product remediation provision
During the financial year, the IOOF Group acquired product remediation provisions along with the MLC entities.  
These remediation projects were commenced under NAB ownership and are a component of the completion 
net asset process with NAB pursuant to the Share Sale & Purchase Agreement. 
The purchase price allocation relating to the ex-ANZ Pensions and Investments business was finalised during 
the year, resulting in a reduction to remediation provisions of $23.2m. This adjustment has been recognised 
as if the accounting had been completed at the acquisition date, and therefore the amount presented in the 
prior period has been restated.
As at 30 June 2021, the IOOF Group has provisions of $281.7m (2020: $174.7m) in respect of product 
remediation and related costs. The provision was reduced by client remediation payments and program costs 
paid throughout the year. 
Determining the amount of the provision, which represents management's best estimate of the costs of settling 
the identified matters, requires the exercise of significant judgement. It will often be necessary to form a view 
on a number of different assumptions, including the number of impacted clients, the average refund per client, 
and associated remediation costs. Consequently, the appropriateness of the underlying assumptions is 
reviewed on a regular basis against actual experience and other relevant evidence, and adjustments are made 
to the provisions where appropriate.
Employee entitlements
The provision for employee benefits includes provisions for remuneration in the form of incentive plans and 
expected leave benefits that employees have earned in return for their service in the current and prior years 
plus related on-costs.
A provision for employee benefits in the form of an incentive plan is recognised when there is no realistic 
alternative but to settle the liability, and at least one of the following conditions is met:
there are formal terms in the plan for determining the amount of the benefit;
the amounts to be paid are determined before the time of completion of the financial report; or
past practice gives clear evidence of the amount of the obligation.
A provision for restructuring is recognised when the IOOF Group has approved a detailed and formal 
restructuring plan, and the restructuring either has commenced or has been announced publicly. Future 
operating losses are not provided for.
Liabilities for incentives are expected to be settled within 12 months and are measured at the amounts 
expected to be paid when they are settled.
Other provisions
Other provisions have been made for the present value of management’s best estimates of legal settlements. 
The information usually required by AASB 137 Provisions, Contingent Liabilities and Contingent Assets, is not 
disclosed on the grounds that it can be expected to prejudice the outcome of certain other litigation.

IOOF Group Annual Report 2021
Notes to the financial statements
For the year ended 30 June 2021
103
4-5
Property and equipment
2021
2020
$'m
$'m
Cost
260.6
217.4
Accumulated depreciation
(114.8)
(83.0)
145.8
134.4
Office 
equipment
Leasehold 
improve-
ments
IT 
assets
Land and 
buildings
Right-of-
use assets 
- premises
 Total 
$'m
$'m
$'m
$'m
$'m
$'m
Balance at 1 July 2019
3.2
11.7
19.6
1.5
-
36.0
Recognition on initial application of AASB 16
-
-
-
-
76.0
76.0
Additions
0.6
1.4
6.0
-
39.0
47.0
Disposals
-
(0.1)
-
-
-
(0.1)
Reduction in right-of-use asset upon sublease 
of property
-
-
-
-
(1.1)
(1.1)
Depreciation expense
(0.8)
(1.8)
(4.8)
-
(15.8)
(23.2)
Depreciation expense attributable to 
discontinued operations
-
-
-
-
(0.1)
(0.1)
Impairment expense attributable to 
discontinued operations
-
-
-
-
(0.1)
(0.1)
Balance at 30 June 2020
3.0
11.2
20.8
1.5
97.9
134.4
Acquisition through business combination
0.4
-
0.5
-
1.4
2.3
Additions
0.3
-
9.0
-
30.3
39.6
Disposals
-
-
-
-
(1.3)
(1.3)
Depreciation expense
(0.5)
(2.0)
(5.8)
-
(20.9)
(29.2)
Balance at 30 June 2021
3.2
9.2
24.5
1.5
107.4
145.8
(i)
Recognition and measurement
Property and equipment are measured at cost less any accumulated depreciation and any accumulated 
impairment losses. Cost includes expenditure that is directly attributable to the acquisition of the asset.
The gain or loss on divestment of an item of property and equipment is determined by comparing the proceeds 
from divestment with the carrying amount of the property and equipment and is recognised net within other 
income/other expenses in profit or loss.
(ii) Subsequent costs
Subsequent costs are included in the asset’s carrying amount or recognised as a separate asset, as 
appropriate, only when it is probable that future economic benefits associated with the item will flow to the 
IOOF Group. Repairs and maintenance costs are charged to profit or loss as they are incurred.
(iii) Depreciation
Depreciation is recognised in profit or loss on a straight-line basis over the estimated useful lives of each 
component of an item of property and equipment. Leased assets are depreciated over the shorter of the lease 
term and their useful lives unless it is reasonably certain that the IOOF Group will obtain ownership by the end 
of the lease term.
Items of property and equipment are depreciated from the date that they are installed and are ready for use, 
or in respect of internally constructed assets, from the date that the asset is completed and ready for use.
The estimated useful lives for the current and comparative year are as follows:
office equipment 3-10 years

IOOF Group Annual Report 2021
Notes to the financial statements
For the year ended 30 June 2021
104
leasehold improvements and right of use assets 3-10 years
Depreciation methods, useful lives and residual values are reviewed at each reporting date and adjusted if 
appropriate.
4-6
Leases
The Group has recognised right-of-use assets for operating leases, except for short-term leases. 
Operating lease commitments
Prior to the recognition of lease assets and liabilities on balance sheet, the Group disclosed commitments in 
relation to operating leases contracted for at the reporting date, but not recognised as liabilities. In 2021, 
commitments relate to short-term leases. Those commitments are payable as follows:
30 June 2021 30 June 2020
$'m
$'m
Within one year
13.4
0.2
Later than one year but not later than five years
-
-
Later than five years
-
-
13.4
0.2
Amounts recognised in the statement of financial position
The statement of financial position shows the following amounts relating to leases:
30 June 2021
1 July 2020
$'m
$'m
Right of use assets - premises1
107.4
97.9
Lease liabilities - current2
(21.4)
(18.7)
Lease liabilities - non-current2
(103.5)
(95.7)
(124.9)
(114.4)
1Right of use assets are presented within Property and Equipment in the statement of financial position.
2Lease liabilities are presented within Loans and Borrowings in the statement of financial position.
The following table sets out a maturity analysis of lease liabilities, showing the undiscounted lease payments 
to be made after the reporting date.
30 June 2021 30 June 2020
$'m
$'m
Within one year
26.0
21.5
Later than one year but not later than five years
88.0
76.4
Later than five years
21.6
22.4
135.6
120.3
Amounts recognised in the profit or loss
The statement of comprehensive income shows the following amounts relating to leases:
30 June 2021 30 June 2020
$'m
$'m
Income from subleasing right-of-use assets
0.5
0.5
Interest charge
3.0
2.8
Depreciation charge
20.9
15.8
Lease expense - short term leases
1.8
0.9
25.7
19.5

IOOF Group Annual Report 2021
Notes to the financial statements
For the year ended 30 June 2021
105
The Group assesses whether a contract is or contains a lease at inception of the contract. The Group 
recognises a right-of-use asset and a corresponding lease liability with respect to all lease arrangements in 
which it is the new lessee, except for certain short-term leases (defined as leases with a lease term of 12 
months or less) and leases of low value assets. For these leases, the Group recognises the lease payments 
as an operating expense on a straight-line basis over the term of the lease unless another systematic basis is 
more representative of the time pattern in which economic benefits from the leased assets are consumed.
The lease liability is initially measured at the present value of the lease payments that are not paid at the 
commencement date, discounted by using the rate implicit in the lease. If this rate cannot be readily 
determined, the Group uses its incremental borrowing rate. The incremental borrowing rate is determined with 
reference to the following factors:
length of the lease;
lessee specific credit risk; and
secured borrowings adjustment.
The lease liability is subsequently measured by increasing the carrying amount to reflect interest on the lease 
liability (using the effective interest method) any by reducing the carrying amount to reflect the lease payments 
made. The Group remeasures the lease liability (and makes a corresponding adjustment to the related right-
of-use asset) whenever:
the lease term has changed or there is a change in the assessment of exercise of a purchase option, in 
which case the lease liability is remeasured by discounting the revised lease payments using a revised 
discount rate.
the lease payments change due to changes in an index or rate or a change in expected payment under a 
guaranteed residual value, in which cases the lease liability is remeasured by discounting the revised lease 
payments using the initial discount rate (unless the lease payments change is due to a change in floating 
interest rate, in which case a revised discount rate is used).
a lease contract is modified and the lease modification is not accounted for as a separate lease, in which 
case the lease liability is remeasured by discounting the revised lease payments using a revised discount 
rate.
The right of use assets comprise the initial measurement of the corresponding lease liability, lease payments 
made at or before the commencement day and any initial direct costs. They are subsequently measured at 
cost less accumulated depreciation and impairment losses.
Right of use assets are depreciated over the shorter period of lease term and useful life of the underlying asset. 
If a lease transfers ownership of the underlying asset of the cost of the right of use asset reflects that the Group 
expects to exercise a purchase option, the related right of use asset is depreciated over the useful life of the 
underlying asset. The depreciation starts at the commencement date of the lease.

IOOF Group Annual Report 2021
Notes to the financial statements
For the year ended 30 June 2021
106
Section 5 - Statutory funds
A subsidiary of the Company, IOOF Ltd, is a friendly society in accordance with the Life Insurance Act 1995. 
Balances below are disclosed inclusive of amounts collected/receivable from or paid/payable to IOOF Group 
entities. Details of the assets and liabilities of the statutory funds are included in Section 1. Statutory funds are 
not available to shareholders.
5-1
Statutory fund contribution to profit or loss, net of tax
Statutory
2021
2020
$'m
$'m
Statutory fund revenue
Interest income
0.7
0.9
Dividends and distributions received
50.8
37.4
Net fair value gains/(losses) on other financial assets designated as fair 
value through profit or loss
114.1
(54.7)
Investment contracts with DPF
Contributions received - investment contracts with DPF
3.4
5.2
Decrease in DPF policyholder liability
15.3
15.4
(Decrease)/Increase in non-DPF policyholder liability
(112.9)
14.9
Other fee revenue
2.4
2.6
Total statutory fund revenue
73.8
21.7
Statutory fund expenses
Service and marketing fees expense
8.2
10.4
Investment contracts with DPF
Benefits and withdrawals paid
19.9
21.2
Interest
0.1
0.1
Total statutory fund expenses
28.2
31.7
Income tax expense/(benefit)
45.6
(10.0)
Statutory fund contribution to profit or loss, net of tax
-
-
Accounting policies
Investment contracts with discretionary participation feature (DPF)
The value of these liabilities changes in relation to the change in unit prices for unit linked contracts, and are 
decreased by management fee charges. In accordance with the rules of the funds, any remaining surplus is 
attributed to the policyholders. Adjustments to the liabilities at each reporting date are recorded in profit or loss.
Other investment contracts
The value of these liabilities changes in relation to the change in unit prices for unit linked contracts, and are 
decreased by management fee charges. In accordance with the rules of the funds, any remaining surplus is 
attributed to the members of the fund. Amounts distributable to members are recorded in profit or loss as an 
expense.
There is no claims expense in respect of life investment contracts. Surrenders and withdrawals which relate 
to life investment contracts are treated as a movement in life investment contract liabilities. Surrenders are 
recognised when the policyholder formally notifies of their intention to end the policy previously contracted.

IOOF Group Annual Report 2021
Notes to the financial statements
For the year ended 30 June 2021
107
Insurance contract liabilities and claims expense
A claims expense is recognised when the liability to the policyholder under the policy contract has been 
established, or upon notification of the insured event. Withdrawal components of life insurance contracts are 
not expenses and are treated as movements in life insurance contract liabilities.
5-2
Actuarial assumptions and methods
The effective date of the actuarial report on the policy liabilities and capital adequacy reserves is 30 June 2021. 
The actuarial report for IOOF Ltd was prepared by Mr Andrew Mead, FIAA, and was dated 12 August 2021. 
The actuarial report indicates that Mr Mead is satisfied as to the accuracy of the data upon which the policy 
liabilities have been determined.
Actuarial Methods
Policy liabilities have been calculated in accordance with relevant actuarial guidance issued by the Australian 
Prudential Regulation Authority under the Life Insurance Act 1995. Policy liabilities are based on a systematic 
release of planned margins as services are provided to policyholders and premiums are received.
Key assumptions
Mortality and Morbidity
All mortality and morbidity risk is fully reinsured and the gross risk to the IOOF Group is low. The mortality and 
morbidity assumptions have been taken to be equal to the reinsurer's mortality and morbidity assumptions.
Other Assumptions
In adopting the accumulation method to assess the policy liabilities, one material assumption is required. It is 
assumed that the future overall experience as to expense levels, surrender/lapse rates and discount rates will 
likely remain within a satisfactory range so that the policies produce future profits for the business. In which 
case, there is no need to set aside provisions, in addition to the accumulation amounts, for future losses (i.e., 
there is no loss recognition concerns for the business). This assumption has been adopted on the basis that, 
based on the current actual experience of the business, the policies are producing satisfactory profits for the 
business and there is no circumstances known that would indicate that the current position (i.e. general 
experience levels and ongoing profitability) will not continue into the future.
Sensitivity analysis
The policy liabilities are not sensitive to changes in variables within a moderate range. Increases in mortality 
and morbidity assumptions will result in an increase in gross policy liabilities for IOOF Group, however as the 
mortality and morbidity risk is fully reinsured any change in these assumptions would be consistent with the 
reinsurer's assumptions and the net change in policy liabilities would be nil.

IOOF Group Annual Report 2021
Notes to the financial statements
For the year ended 30 June 2021
108
5-3
Disclosures on asset restrictions, managed assets and trustee 
activities
(i)
Restrictions on assets
Investments held in life statutory funds can only be used in accordance with the relevant regulatory restrictions 
imposed under the Life Act and associated rules and regulations. The main restrictions are that the assets in 
a life statutory fund can only be used to meet the liabilities and expenses of that life statutory fund, to acquire 
investments to further the business of the life statutory fund or as distributions when capital adequacy and 
other regulatory requirements are met.
(ii) Managed Funds and other fiduciary duties
Entities in the IOOF Group, including the IOOF Ltd Benefit Funds, hold controlling investments in managed 
funds. A subsidiary of the Company is the Responsible Entity for these managed funds and has a fiduciary 
responsibility for managing these trusts. Arrangements are in place to ensure that such activities are managed 
separately from the other activities of the IOOF Group.
5-4
Capital adequacy position
Capital adequacy reserves are required to meet the prudential standards determined in accordance with 
Prudential Standard LPS 110 Capital Adequacy issued by the Australian Prudential Regulation Authority under 
paragraph 230A(1)(a) of the Life Insurance Act 1995. Capital adequacy reserves provide additional protection 
to policy holders against the impact of fluctuations and unexpected adverse circumstances on the Company.
The figures in the table below represent the number of times coverage of the aggregate of all benefit funds 
and statutory funds in IOOF Ltd over the prescribed capital amount.
Statutory
2021
2020
$'m
$'m
(a) Capital Base 
15.1
15.1
(b) Prescribed capital amount
6.1
6.7
Capital in excess of prescribed capital amount = (a) - (b)
9.0
8.4
Capital adequacy multiple (%) (a) / (b)
249%
226%
Capital Base comprises:
Net Assets
15.1
15.1
Regulatory adjustment applied in calculation of Tier 1 capital
-
-
(A) Common Equity Tier 1 Capital
15.1
15.1
(B) Total Additional Tier 1 Capital
-
-
Tier 2 Capital
-
-
Regulatory adjustment applied in calculation of Tier 2 capital
-
-
(C) Total Tier 2 Capital
-
-
Total capital base
15.1
15.1
For detailed capital adequacy information on a statutory fund basis, users of this annual financial report should 
refer to the financial statements prepared by IOOF Ltd.

IOOF Group Annual Report 2021
Notes to the financial statements
For the year ended 30 June 2021
109
Section 6 - Other disclosures
6-1
Parent entity financials
As at and throughout the financial year ended 30 June 2021, the parent entity of the IOOF Group was IOOF 
Holdings Ltd.
2021
2020
$'m
$'m
Result of the parent entity
Profit for the year
60.9
160.8
Total comprehensive income for the year
60.9
160.8
Financial position of parent entity at year end
Current assets
6.5
29.4
Total assets
3,704.8
2,479.0
Current liabilities
35.0
7.9
Total liabilities
714.6
465.9
Total equity of the parent entity comprising of:
Share capital
3,000.6
1,970.8
Share-based payments reserve
3.1
1.9
(Accumulated losses)/Retained earnings
(13.5)
40.3
Total equity
2,990.2
2,013.1
Parent entity contingent liabilities
Contingent liabilities of IOOF Holdings Ltd exist in relation to claims and/or possible claims which, at the date 
of signing these accounts, have not been resolved. An assessment of the likely loss to the Company and its 
controlled entities has been made in respect of the identified claims, on a claim by claim basis, and specific 
provision has been made where appropriate. IOOF Holdings Ltd does not consider that the outcome of any 
other current proceedings, either individually or in aggregate, is likely to materially affect its operations of 
financial position.
2021
2020
$'m
$'m
Guarantees and underwriting commitments
Rental bond guarantees
1.6
1.6

IOOF Group Annual Report 2021
Notes to the financial statements
For the year ended 30 June 2021
110
6-2
Share-based payments
The IOOF Group operates a number of employee share and option schemes operated by the IOOF Equity 
Plans Trust (the Trust). The employee share option plans were approved by the Board of Directors.
IOOF Executive and Employee Share Option Plan
The IOOF Group has an ownership-based compensation scheme for executives and senior employees.
Selected employees may be granted options which entitle them to purchase ordinary fully paid shares in the 
Company at a price fixed at the time the options are granted. Voting and dividend rights will be attached to the 
unissued ordinary shares when the options have been exercised. Options may be exercised at any time from 
the date of vesting to the date of their expiry.
Options granted under the plan carry no dividend or voting rights. All plans are equity-settled. There were no 
options granted in 2021 (2020: nil).
IOOF Executive Performance Rights Plan
The IOOF Executive Performance Rights Plan is the vehicle used to deliver equity based incentives to 
executives and senior employees of the IOOF Group.
Each employee receives ordinary shares of the Company on vesting of the performance rights. No amounts 
are paid or payable by the recipient on receipt of the performance rights or on vesting. The performance rights 
carry neither rights to dividends nor voting rights prior to vesting. All plans are equity-settled.
A mandatory deferral period exists relating to Executive STIs awarded in 2019. On vesting of performance 
rights, ordinary shares are transferred to the employee's name or held in trust. The employee receives all 
dividends on the ordinary shares while held in trust.
Performance
Rights
Deferred
Shares
Total
Rights
Shares
Rights &
Shares
No.
No.
No.
Opening balance at 1 July 2020
843,370
177,081
1,020,451
Forfeited or lapsed during the year
(94,041)
-
(94,041)
Exercised or transferred during the year
(68,996)
(119,489)
(188,485)
Granted during the year
1,239,810
-
1,239,810
Outstanding at 30 June 2021
1,920,143
57,592
1,977,735
Exercisable at 30 June 2021
-
-
-

IOOF Group Annual Report 2021
Notes to the financial statements
For the year ended 30 June 2021
111
Disclosure of share-based payment plans
Opening
balance
Closing
balance
Series - Recipient
Exercise
price
1 July 2020
Granted
Forfeited
or lapsed
Exercised
30 June 2021
Performance rights
2018-01 Executives
nil
110,000
-
(55,000)
(55,000)
-
2018-04 Other employees
nil
13,996
-
-
(13,996)
-
2019-01 Executives
nil
174,000
-
-
-
174,000
2019-04 Other employees
nil
45,117
-
(3,346)
-
41,771
2019-05 Other employees
nil
140,000
-
(5,000)
-
135,000
2020-02 Executives and Others
nil
329,000
-
(15,000)
-
314,000
2020-03 Other employees
nil
31,257
-
(2,957)
-
28,300
2021-01 Other employees
nil
-
69,517
-
-
69,517
2021-02 Other employees
nil
-
283,781
(12,738)
-
271,043
2021-03 Executives and Others
nil
-
886,512
-
-
886,512
843,370
1,239,810
(94,041)
(68,996)
1,920,143
Deferred shares
2018-06 Executives
nil
77,469
-
-
(77,469)
-
2019-02 Other employees*
nil
42,020
-
-
(42,020)
-
2020-01 Other employees*
nil
57,592
-
-
-
57,592
177,081
-
-
(119,489)
57,592
1,020,451
1,239,810
(94,041)
(188,485)
1,977,735
*Upon vesting, shares are held in trust for 18 months and may be forfeited in the event of compliance breaches.
There are no options outstanding at 30 June 2021.
Inputs for measurement of grant date fair values granted during the financial year
The grant date fair values of share-based payment plans granted during the year were measured based on a 
binomial options pricing model for non-market performance conditions and a monte carlo simulation model for 
market performance conditions. Expected volatility is estimated by considering historic average share price 
volatility. The inputs used in the measurement of the fair values at grant date of the share-based payment 
plans are the following:
Series
Fair
value
Grant date
share
price
Expected
volatility
Expected 
life
(years)
Dividend 
yield
Risk-free 
interest rate
2021-01 Other employees
$3.18
$3.80
56%
3
6.90%
0.19%
2021-02 Other employees
$2.43
$3.80
56%
3
6.90%
0.19%
2021-03 Executives and Others
$2.29
$3.64
50%
4
7.21%
0.22%

IOOF Group Annual Report 2021
Notes to the financial statements
For the year ended 30 June 2021
112
The following share-based payment arrangements were in existence during the current and comparative 
reporting years:
Performance Rights Series - Recipient
Exercise
price
Earliest
vesting 
date
Last tranche
vesting date
Performance 
related vesting 
conditions
2021-03 Executives and other employees
nil
30-Jun-24
30-Jun-24
TSR
2021-02 Other employees
nil
30-Jun-23
30-Jun-23
TSR
2021-01 Other employees
nil
30-Jun-23
30-Jun-23
n/a
2020-03 Other employees
nil
30-Jun-22
30-Jun-22
n/a
2020-02 Executives and other employees
nil
30-Jun-22
30-Jun-22
TSR
2020-01 Other employees*
nil
8-Apr-20
8-Apr-20
n/a
2019-06 Other employees
nil
20-Sep-19
20-Sep-19
n/a
2019-05 Other employees
nil
30-Jun-21
30-Jun-21
TSR
2019-04 Other employees
nil
30-Jun-21
30-Jun-21
n/a
2019-02 Other employees*
nil
24-Apr-19
24-Apr-19
n/a
2019-01 Executives
nil
30-Jun-21
30-Jun-21
TSR
2018-04 Other employees
nil
30-Jun-20
30-Jun-20
n/a
2018-01 Executives
nil
30-Jun-20
30-Jun-20
TSR
*Shares are held in trust for 18 months and may be forfeited in the event of compliance breaches.
The breakdown of share-based payments expense for the year by recipient is as follows. This represents the 
expense recorded to date and does not reflect the opportunity to transfer to retained profits the value of those 
legacy series that will lapse.
Recipient
2021
2020
$'m
$'m
Chief Executive Officer
0.4
0.3
Executives
0.6
0.4
Other employees*
1.2
2.2
2.2
2.9
*Other key stakeholders include other Group employees.
Accounting policies
The grant date fair value of share-based payment awards granted to employees is recognised as a share-
based payment expense, with a corresponding increase in the share-based payments reserve, over the years 
that the employees unconditionally become entitled to the awards. The amount recognised as an expense is 
adjusted to reflect the number of awards for which the related service and non-market vesting conditions are 
expected to be met, such that the amount ultimately recognised as an expense is based on the number of 
awards that meet the related service and non-market performance conditions at vesting date.
The fair value at grant date is independently determined where considered appropriate. The option pricing 
model used takes into account the exercise price, the term of the option, the impact of dilution, the share price 
at grant date and expected price volatility of the underlying share, the expected dividend yield and the risk free 
interest rate for the term of the option.
Shares held by the Trust will contribute to the employee allocation of shares on satisfaction of vesting 
performance hurdles. The IOOF Group has no right to recall placed shares. However, a subsidiary company 
acts as the Trustee of the Trust and can direct the voting rights of shares held.
Shares in the Company held by the Trust are classified and disclosed as treasury shares, and deducted from 
share capital. Dividends received by the Trust are recorded as dividend income in the financial statements of 
the Trust and are eliminated on consolidation.

IOOF Group Annual Report 2021
Notes to the financial statements
For the year ended 30 June 2021
113
6-3
IOOF Group subsidiaries
Set out below is a list of material subsidiaries of the IOOF Group.
Ownership interest
Country of
incorporation
2021
2020
%
%
Parent entity
IOOF Holdings Ltd
Australia
Material subsidiaries
Australian Executor Trustees Limited
Australia 
100
100
Bridges Financial Services Pty Limited
Australia 
100
100
Consultum Financial Advisers Pty Ltd
Australia 
100
100
I.O.O.F. Investment Management Limited
Australia 
100
100
IOOF Ltd
Australia 
100
100
IOOF Equity Plans Trust
Australia 
100
100
IOOF Service Co Pty Ltd
Australia 
100
100
IOOF Investment Services Ltd
Australia 
100
100
Lonsdale Financial Group Limited
Australia 
100
100
SFG Australia Limited
Australia 
100
100
Financial Acuity Limited
Australia 
100
100
Shadforth Financial Group Limited
Australia 
100
100
Actuate Alliance Services Pty Ltd
Australia 
100
100
Millennium 3 Financial Services Pty Ltd
Australia 
100
100
OnePath Custodians Pty Limited
Australia 
100
100
OnePath Administration Pty Limited
Australia 
100
100
OnePath Investment Holdings Pty Limited
Australia 
100
100
Oasis Asset Management Limited
Australia 
100
100
Oasis Fund Management Limited
Australia 
100
100
Mercantile Mutual Financial Services Pty Limited
Australia 
100
100
Global One Alternative Investments Management Pty Ltd
Australia 
100
100
OnePath Funds Management Limited
Australia 
100
100
MLC Wealth Limited
Australia 
100
-
Antares Capital Partners Ltd
Australia 
100
-
MLC Asset Management Pty Limited
Australia 
100
-
MLC Asset Management Services Limited
Australia 
100
-
MLC Investments Limited
Australia 
100
-
Navigator Australia Limited
Australia 
100
-
NULIS Nominees (Australia) Limited
Australia 
100
-
Unconsolidated structured entities
The IOOF Group has interests in various structured entities that are not consolidated. An 'interest' in an 
unconsolidated structured entity is any form of contractual or non-contractual involvement which exposes the 
IOOF Group to variability of returns from the performance of that entity. Such interests include holdings of seed 
capital for the purpose of supporting the establishment of new products.
The IOOF Group has investments in managed investment funds through its asset management subsidiaries. 
Control of these managed investment funds may exist since the IOOF Group has power over the activities of 
the fund. However, these funds have not been consolidated because the IOOF Group is not exposed to 
significant variability in returns from the funds. The IOOF Group earns management fees from the management 
of these investment funds which are commensurate with the services provided and are reported in external 
management and service fees revenue in note 2-2. Management fees are generally based on the value of the 

IOOF Group Annual Report 2021
Notes to the financial statements
For the year ended 30 June 2021
114
assets under management. Therefore, the fees earned are impacted by the composition of the assets under 
management and fluctuations in financial markets.
Investment funds are investment vehicles that consist of a pool of funds collected from several investors for 
the purpose of investing in securities such as money market instruments, debt securities, equity securities and 
other similar assets. For all investment funds, the IOOF Group's maximum exposure to loss is equivalent to 
the carrying amount of the investment in the fund.
6-4
Acquisition of subsidiary
MLC Wealth acquisition
Completion of the acquisition of MLC Wealth occurred on 31 May 2021. The purchase price allocation has not 
been completed for the acquisition. The net asset adjustment is still being negotiated in connection with this 
acquisition.
In the period from acquisition to 30 June 2021, MLC Wealth contributed revenue of $80.9m and a profit of 
$15.3m to the IOOF Group’s results. This excludes acquisition related costs of $34.3m incurred during the 
year.
If the acquisition had occurred on 1 July 2020, management estimates that the consolidated revenue from 
continuing operations for the Group would have been $2,429.7m and consolidated loss from continuing 
operations for the year would have been $179.5m. The loss is primarily driven by remediation expenses and 
MLC Wealth’s proforma UNPAT for the 12 months ended 30 June 2021 is $81.0m. In determining these 
amounts, management has assumed that the fair value adjustments, determined provisionally, that arose on 
the date of acquisition would have been the same if the acquisition had occurred on 1 July 2020.
Prior year acquisition
The purchase price allocation for the ANZ P&I businesses acquired on 31 January 2020 was finalised during 
the current financial year. The result of this was a net decrease in receivables, an increase in identified 
intangibles acquired, the reallocation of goodwill to identified intangibles, recognition of amortisation on 
identified intangibles, and a reduction in remediation provisions and related interest charges. Related income 
tax balances have also been adjusted.
Specifically, the purchase price allocation resulted in a decrease to goodwill of $130.6m. In addition, $189.1m 
of the preliminary goodwill value was reallocated to identified intangibles. In accordance with relevant 
accounting standards, the adjustments required have been recognised retrospectively, with adjustments made 
to provisional amounts recognised at the acquisition date. Further information of the impact of these 
adjustments on the financial statements is disclosed at note 7-3.
In the period from acquisition to 30 June 2020, the ex-ANZ P&I businesses contributed revenue of $128.1m 
and a profit of $31.2m to the IOOF Group’s UNPAT results. This excludes integration preparation costs of 
$25.0m incurred during the year.
If the acquisition had occurred on 1 July 2019, management estimates that the consolidated revenue from 
continuing operations for the Group for the prior year would have been $1,353.8m and consolidated profit from 
continuing operations for the prior year would have been $101.8m. In determining these amounts, 
management has assumed that the fair value adjustments, determined provisionally, that arose on the date of 
acquisition would have been the same if the acquisition had occurred on 1 July 2019.

IOOF Group Annual Report 2021
Notes to the financial statements
For the year ended 30 June 2021
115
Consideration transferred
The following summarises the major classes of consideration transferred, and the recognised amounts of 
assets acquired and liabilities assumed at the acquisition date:
Consideration transferred
2021
MLC Wealth
2020
ANZ P&I
Note
$'m
$'m
Cash
1,240.0
774.3
Non-cash consideration:
SLNs issued
3-2
200.0
-
Liabilities assumed
6.0
-
Total consideration
1,446.0
774.3
Cash balances acquired
(367.7)
(214.0)
Purchase consideration, net of cash acquired
1,078.3
560.3
The impact on cash flows for the IOOF Group for the year was an outflow of $872.3m (2020: $560.3m).
Acquisition-related costs
The IOOF Group has incurred acquisition-related costs of $34.3m (2020: $31.0m) in the financial year in 
relation to the acquisition of these businesses. These costs have been included in the transformation and 
integration expenses in note 2-4.
Identifiable assets acquired and liabilities assumed
The following table summarises the recognised amounts of assets acquired and liabilities assumed at the date 
of acquisition.
2021
MLC Wealth*
2020
ANZ P&I
$'m
$'m
Cash
367.7
214.0
Receivables
139.1
3.2
Other financial assets
323.5
974.2
Fixed assets
1.7
-
Intangibles
5.3
-
Deferred tax assets
122.3
64.1
Payables
(132.4)
(938.7)
Provisions
(241.0)
(204.5)
Total identifiable net assets acquired
586.3
112.3
*Purchase price allocation has not been completed for the acquisition of the MLC Wealth businesses. The net asset adjustment is still 
being negotiated in connection with this acquisition.
Goodwill and intangibles
Goodwill and intangibles have been recognised as a result of the acquisition as follows:
2021
MLC Wealth*
2020
ANZ P&I
$'m
$'m
Total consideration
1,446.0
774.3
Fair value of assets assumed
(586.3)
(112.3)
Goodwill and intangibles acquired
859.7
662.0
*Purchase price allocation has not been completed for the acquisition of the MLC Wealth businesses. The net asset adjustment is still 
being negotiated in connection with this acquisition. Associated goodwill and intangibles acquired are still provisional balances.

IOOF Group Annual Report 2021
Notes to the financial statements
For the year ended 30 June 2021
116
6-5
Remuneration of auditors
Auditors' remuneration paid or payable by members of the IOOF Group to the auditors of the corporate entities 
in relation to audit services of the corporate entities and products operated by the IOOF Group during the year 
and for the prior year:
2021
2020
$
$
Audit services
Auditors of the Company - KPMG Australia
Audit and review of financial reports
5,281,041
4,460,243
Other regulatory audit services
2,713,134
1,759,440
7,994,175
6,219,683
Other services
Auditors of the Company - KPMG Australia
Taxation services
93,288
336,232
Transaction advisory services
874,698
590,948
Debt advisory
236,000
71,518
Risk and compliance review
-
204,930
Other services *
87,445
272,636
1,291,431
1,476,265
9,285,606
7,695,948
*Other non-audit services include remuneration advisory services as well as minor other non-audit services 
provided during 2021 and 2020.
All amounts payable to the Auditors of the Company were paid by an IOOF Group company.
6-6
Key management personnel
2021
2020
$
$
Short-term employee benefits
5,642,937
4,804,751
Post-employment benefits
192,030
201,070
Share-based payments
1,013,205
704,279
Termination benefits
-
967,689
6,848,172
6,677,789
Key management personnel compensation reconciles to disclosures in the remuneration report as follows:
2021
2020
$
$
Executive key management personnel
5,945,672
5,580,543
Non-executive Directors
902,500
1,097,246
Total
6,848,172
6,677,789
Individual Directors’ and executives’ compensation disclosures
Information regarding individual Directors’ and executives’ compensation and equity instruments disclosures 
as required by Corporations Regulation 2M.3.03 is provided in the remuneration report section of the Directors' 
Report. No Director has entered into a material contract with the IOOF Group since the end of the prior financial 
year and there were no material contracts involving directors' interests existing at year-end.

IOOF Group Annual Report 2021
Notes to the financial statements
For the year ended 30 June 2021
117
6-7
Related party transactions
(a) Ultimate parent entity
IOOF Holdings Ltd is the ultimate parent entity in the IOOF Group.
(b) Loans to related entities
Opening
balance
Closing
balance
Financial
year
1 July
30 June
Interest paid/
payable
during year
Highest
balance
during year
$
$
$
$
Interest free loans
Perennial Value Management Limited
2021
-
-
-
-
2020
1,944,381
-
-
1,944,381
Interest bearing loans
Perennial Value Management Limited
2021
-
-
-
-
2020
5,794,350
-
69,442
5,836,966
The amounts above were advanced by Perennial Investment Partners Pty Ltd and I.O.O.F. Investment 
Management Limited for the specific purpose of assisting executives to acquire an equity interest in 
subsidiaries and associates of the Company. Secured interest bearing loans made on commercial terms and 
conditions and unsecured interest free loans were repaid during the prior year.
(c) Investment in related entities
Through one of its subsidiaries, the IOOF Group (excluding benefit funds) holds investments in managed 
investment schemes that meet the definition of related parties.
2021
2020
$
$
Investment in related party schemes
457,687
263,583
(d) Transactions with key management personnel
i.
Key management personnel compensation
Details of key management personnel compensation are disclosed in section 6-6 to the financial 
statements and in the Remuneration Report.
ii.
Loans to key management personnel
There are no loans between the IOOF Group and key management personnel.
iii.
Other transactions with key management personnel of the IOOF Group
There were no other transactions with key management personnel of the IOOF Group during the 2021 
and 2020 financial years.

IOOF Group Annual Report 2021
Notes to the financial statements
For the year ended 30 June 2021
118
6-8
Defined benefit plan
The IOOF Group contributes to a post-employment defined benefit plan, the National Wealth Management 
Superannuation Plan (the plan). The plan entitles employees to receive certain retirement benefits based on 
a fixed percentage of each employee’s annual remuneration and the years of service. 
The plan is a sub-plan of the MLC Super Fund. The Trustee of the MLC Super Fund, NULIS Nominees 
(Australia) Limited, is a subsidiary of the IOOF Group. The Trustee of the MLC Super Fund is required by law 
to act in the best interests of the plan participants and is responsible for setting certain policies of the fund. 
The defined benefit plan exposes the IOOF Group to actuarial risks, such as investment risk, salary growth 
risk, liquidity risk, sequencing risk (due to the plan being closed to new defined benefit members) and legislative 
risk. 
The amount included in the statement of financial position arising from the IOOF Group’s obligation in respect 
of its defined benefit retirement benefit plan is as follows:
30 June 2021 30 June 2020
$'m
$'m
Present value of defined benefit obligation
(30.8)
-
Fair value of plan assets
48.0
-
Net surplus arising from defined benefit obligation
17.2
-
Amounts recognised in profit or loss in respect of these defined benefit plans are as follows: 
2021
2020
$'m
$'m
Current service cost
(0.1)
-
(0.1)
-
Amounts recognised in other comprehensive income are as follows: 
2021
2020
$'m
$'m
Actuarial gains and losses arising from experience adjustments
0.7
-
Movement in contribution tax adjustment
0.1
-
0.8
-
Funding
The plan is fully funded by MLC Wealth Limited (a subsidiary of the Company). In Australia, superannuation is 
regulated by the Australian Prudential Regulatory Authority (APRA). APRA's Prudential Standard SPS 160 
Defined Benefit Matters requires the plan’s vested benefit index (plan’s assets divided by vested benefits) to 
be no less than 100%. The Trustee of the plan is required to ensure that a formal actuarial investigation is 
completed at least every 3 years using the projected unit credit method and updated on an annual basis for 
material movements in the plan position. 
Based on the strong financial position of the Plan and the actuary’s recommendation, the IOOF Group does 
not expect to pay contributions to its defined benefit plan in 2022. 

IOOF Group Annual Report 2021
Notes to the financial statements
For the year ended 30 June 2021
119
Plan assets
Plan assets comprise the following: 
30 June 2021 30 June 2020
$'m
$'m
Cash and cash equivalents
2.4
-
Equity instruments
34.1
-
Debt instruments
7.2
-
Real estate investment funds
4.3
-
Fair value of plan assets
48.0
-
Plan assets are invested into a managed investment portfolio. These investments do not have a quoted market 
price in an active market.
Movements in the fair value of the plan assets in the year were as follows: 
2021
2020
$'m
$'m
Opening fair value of plan assets
-
-
Acquisition through business combination
47.2
-
Actuarial gains arising from experience adjustments
0.7
-
Movement in contribution tax adjustment
0.1
-
Closing fair value of plan assets
48.0
-
Defined benefit obligation
Movements in the present value of the defined benefit obligation in the year were as follows:
2021
2020
$'m
$'m
Opening defined benefit obligation
-
-
Acquisition through business combination
(30.7)
-
Current service cost
(0.1)
Closing defined benefit obligation
(30.8)
-
The principal assumptions used for the purposes of the actuarial valuations were as follows: 
30 June 2021
30 June 2020
Discount rate
1.4%
-
Expected rate of salary increase
3.0%
-
Expected future lifetime at the age of 60
Male
22.6 years
-
Female
26.0 years
-

IOOF Group Annual Report 2021
Notes to the financial statements
For the year ended 30 June 2021
120
At 30 June 2021, the weighted-average duration of the defined benefit obligation was 5 years. Based on the 
current assumptions, benefit payments of approximately $5.0m are expected in 2022 followed by further 
benefits of approximately $11.0m over the next 4 years. 
Reasonable possible changes at the reporting date to one of the relevant actuarial assumptions, holding other 
assumptions constant, would have affected the defined benefit obligation by the amounts shown below. 
30 June 2021
30 June 2021
30 June 2020
30 June 2020
Increase
$'m
Decrease
$'m
Increase
$'m
Decrease
$'m
Discount rate (1% movement)
(1.6)
1.6
-
-
Compensation rate (1% movement)
1.5
(1.5)
-
-
Mortality rate (10% movement)
0.3
(0.3)
-
-
Although the analysis does not take account of the full distribution of cash flows expected under the plan, it 
does provide an approximation of the sensitivity of the assumptions shown. 

IOOF Group Annual Report 2021
Notes to the financial statements
For the year ended 30 June 2021
121
Section 7 - Basis of preparation
This section sets out the IOOF Group's accounting policies that relate to the financial statements as a whole. 
Where an accounting policy is specific to a single note, the policy is described in the note to which it relates. 
This section also shows new accounting standards, amendments and interpretations, and whether they are 
effective in 2021 or later years. The expected impact of these changes to the financial position and 
performance of the IOOF Group is explained in this section. 
7-1
Reporting entity
The Company is a public company listed on the Australian Stock Exchange (trading under the symbol 'IFL'), 
domiciled in Australia. The consolidated financial statements of the Company as at and for the year ended 30 
June 2021 comprise the Company and its controlled entities and the IOOF Group's interests in associates.
The IOOF Group is a for-profit entity and is primarily involved in the provision of wealth management services.
The Company's registered office and its principal place of business are Level 6, 161 Collins Street, Melbourne.
7-2
Basis of preparation
(a) Statement of compliance
These general purpose financial statements have been prepared in accordance with Australian Accounting 
Standards (AASBs) adopted by the Australian Accounting Standards Board (AASB) and the Corporations Act 
2001. The consolidated financial statements comply with International Financial Reporting Standards (IFRS) 
adopted by the International Accounting Standards Board (IASB).
The annual financial report was approved by the Board of Directors on 26 August 2021.
(b) Basis of measurement
The consolidated financial statements have been prepared on the historical cost basis except for the following 
material items in the statement of financial position:
financial instruments at fair value through profit or loss are measured at fair value; and
equity investments at fair value through other comprehensive income are measured at fair value.
The statement of financial position is presented in order of liquidity.
(c) Functional and presentation currency
These consolidated financial statements are presented in Australian dollars, which is the Company's functional 
currency. All amounts have been rounded to the nearest thousand unless otherwise stated.
(d) Rounding of amounts
The Company is a company of the kind referred to in ASIC Corporations (Rounding in Financial/Directors’ 
Reports) Instrument 2016/191, dated 24 March 2016, and in accordance with that instrument amounts in the 
financial report are rounded off to the nearest one hundred thousand dollars, unless otherwise stated.
(e) Use of estimates and judgements
To comply with AASBs, management is required to make judgements, estimates and assumptions that affect 
the application of accounting policies and the reported amounts of assets, liabilities, income and expenses. 
Actual results may differ from these estimates.

IOOF Group Annual Report 2021
Notes to the financial statements
For the year ended 30 June 2021
122
Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates 
are recognised in the year in which the estimates are revised and in any future years affected.
Information about critical judgements in applying accounting policies, assumptions and estimation 
uncertainties that may have a significant effect on the amounts recognised in the financial statements is 
included in the following notes:
note 1-1 – Issued investment protection products and deferred purchase consideration valuation;
note 3-4 – Contingencies;
note 4-2 - Intangible assets (other than goodwill);
note 4-3 - Goodwill; 
note 4-4 - Provisions; 
note 6-2 - Share-based payments; 
note 6-4 - Acquisition of subsidiary; and
note 6-8 - Defined benefits plan.
7-3
Other significant accounting policies
Significant accounting policies have been included in the relevant notes to which the policies relate. Other 
significant accounting policies are listed below.
Certain comparative amounts have been reclassified to conform with the current year's presentation.
(a) Changes in accounting policies
In the current year, the IOOF Group has reassessed the manner in which adviser service fees are treated in 
the Group financial statements. Historically, some entities within the Group recognised these costs in service 
and marketing fees expense. After standardising accounting policies across the Group, the relationship is now 
assessed as agency and the fees are now recognised as a reduction to management and service fees revenue. 
The impact of this change is disclosed in note 7-3(f).
Aside from this change, the IOOF Group has consistently applied the accounting policies to all years presented 
in these consolidated financial statements.
(b) Basis of consolidation
The consolidated financial statements incorporate the assets and liabilities of all subsidiaries of the Company 
as at 30 June 2021 and the results of all controlled subsidiaries for the year then ended. This includes the 
benefit funds of its subsidiary, IOOF Ltd, and any controlled trusts.
The benefit funds, and any trusts controlled by those funds, are treated as statutory funds in accordance with 
the Life Insurance Act 1995. These statutory funds, in addition to the statutory funds of the life insurance 
business conducted by the IOOF Group, are shown separately from shareholder funds in the notes to the 
financial statements.
Refer to note 1-1 Assets and liabilities relating to statutory funds for information in relation to the different 
accounting treatment of investment contracts with discretionary participating features.
(i)
Business combinations
The IOOF Group accounts for business combinations using the acquisition method when control is transferred. 
The consideration transferred in the acquisition is generally measured at fair value, as are the identifiable net 

IOOF Group Annual Report 2021
Notes to the financial statements
For the year ended 30 June 2021
123
assets acquired. Any goodwill that arises is tested annually for impairment. Transaction costs are expensed 
as incurred, except if related to the issue of debt or equity securities.
Any contingent consideration payable is recognised at fair value at the acquisition date. If the contingent 
consideration is classified as equity, it is not remeasured and settlement is accounted for within equity. 
Otherwise, subsequent changes to the fair value of the contingent consideration are recognised in profit or 
loss.
When share-based payment awards (replacement awards) are required to be exchanged for awards held by 
the acquiree's employees (acquiree's awards) and relate to past services, then all or a portion of the amount 
of the acquiree's replacement awards is included in measuring the consideration transferred in the business 
combination. This determination is based on the market-based value of the replacement awards compared 
with the market-based value of the acquiree's awards and the extent to which the replacement awards relate 
to past and/or future service.
(ii)
Non-controlling interests (NCI)
NCI are measured at their proportionate share of the acquiree's identifiable net assets at the acquisition date. 
Changes in the IOOF Group's interest in a subsidiary that do not result in a loss of control are accounted for 
as equity transactions.
(iii)
Subsidiaries
Subsidiaries are entities controlled by the IOOF Group. The IOOF Group controls an entity when it is exposed 
to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns 
through its power over the entity. The financial statements of subsidiaries are included in the consolidated 
financial statements from the date on which control commences until the date on which control ceases.
(iv)
Loss of control
When the IOOF Group loses control over a subsidiary, it derecognises the assets and liabilities of the 
subsidiary, and any related NCI and other components of equity. Any resulting gain or loss is recognised in 
profit or loss. Any interest retained in the former subsidiary is measured at fair value when control is lost.
(v)
IOOF Equity Plans Trust (the Trust)
The IOOF Group has formed a trust to administer the IOOF Group’s employee share schemes. The Trust is 
consolidated, as the substance of the relationship is that the Trust is controlled by the IOOF Group. Shares 
held by the Trust are disclosed as treasury shares and are deducted from share capital.
(vi)
Transactions eliminated on consolidation
Intra-IOOF Group balances and transactions, and any unrealised income and expenses arising from intra-
IOOF Group transactions, are eliminated in preparing the consolidated financial statements. Unrealised gains 
arising from transactions with equity accounted investees are eliminated against the investment to the extent 
of the IOOF Group's interest in the investee. Unrealised losses are eliminated in the same way as unrealised 
gains, but only to the extent that there is no evidence of impairment. Dividends paid to the Trust are also 
eliminated.
(c) Foreign currency
Foreign currency transactions
Transactions in foreign currencies are translated at the foreign exchange rate prevailing at the date of the 
transaction. Monetary assets and liabilities denominated in foreign currencies at the balance sheet date are 
translated to Australian dollars at the foreign exchange rate prevailing at that date. Foreign exchange 

IOOF Group Annual Report 2021
Notes to the financial statements
For the year ended 30 June 2021
124
differences arising on translation are recognised in profit or loss. Non-monetary assets and liabilities that are 
measured in terms of historical cost in a foreign currency are translated using the exchange rate at the date of 
the transaction.
Foreign operations
The assets and liabilities of foreign operations, including goodwill and fair value adjustments arising on 
consolidation, are translated to Australian dollars at foreign exchange rates prevailing at the balance sheet 
date. The revenue and expenses of foreign operations are translated to Australian dollars at rates 
approximating the foreign exchange rates prevailing at the dates of the transactions. Foreign currency 
differences are recognised in the foreign currency translation reserve.
(d) Impairment
Non-derivative financial assets
A financial asset not measured at fair value through profit or loss is assessed at each reporting date to 
determine whether there is objective evidence that it is impaired. A financial asset is impaired if objective 
evidence indicates that a loss event has occurred after the initial recognition of the asset, and that the loss 
event had a negative effect on the estimated future cash flows of that asset that can be estimated reliably.
Objective evidence that financial assets (including equity securities) are impaired can include default or 
delinquency by a debtor, restructuring of an amount due to the IOOF Group on terms that the IOOF Group 
would not consider otherwise, indications that a debtor or issuer will enter bankruptcy, adverse changes in the 
payment status of borrowers or issuers in the IOOF Group, economic conditions that correlate with defaults or 
the disappearance of an active market of a security. In addition, for an investment in an equity security, a 
significant or prolonged decline in its fair value below its cost is considered objective evidence of impairment.
Financial assets and liabilities at fair value through OCI
Impairment losses on equity investments at fair value through OCI are recognised by reclassifying the losses 
accumulated in the investment revaluation reserve to profit or loss. The cumulative loss that is reclassified 
from equity to profit or loss is the difference between the acquisition cost, net of any principal repayment and 
amortisation, and the current fair value, less any impairment loss previously recognised in profit or loss.
Changes in impairment provisions attributable to application of the effective interest method are reflected as a 
component of interest income. If, in a subsequent year, the fair value of an impaired debt investment at fair 
value through OCI increases and the increase can be related objectively to an event occurring after the 
impairment loss was recognised in profit or loss, then the impairment loss is reversed, with the amount of the 
reversal recognised in profit or loss. However, any subsequent recovery in the fair value of an impaired debt 
investment at fair value through OCI is recognised in other comprehensive income.
Non-financial assets
The carrying amounts of the IOOF Group's non-financial assets, other than deferred tax assets, are reviewed 
at each reporting date to determine whether there is any indication of impairment. If any such indication exists, 
then the asset's recoverable amount is estimated. For goodwill, and intangible assets that have indefinite 
useful lives or that are not yet available for use, the recoverable amount is estimated each year at the same 
time.
An impairment loss is recognised if the carrying amount of an asset or its related cash-generating unit (CGU) 
exceeds its estimated recoverable amount.
The recoverable amount of an asset or cash-generating unit is the greater of its value in use and its fair value 
less costs to sell. In assessing value in use, the estimated future cash flows are discounted to their present 

IOOF Group Annual Report 2021
Notes to the financial statements
For the year ended 30 June 2021
125
value using a pre-tax discount rate that reflects current market assessments of the time value of money and 
the risks specific to the asset. Subject to an operating segment ceiling test, for the purposes of goodwill 
impairment testing, CGUs to which goodwill has been allocated are aggregated so that the level at which 
impairment is tested reflects the lowest level at which goodwill is monitored for internal reporting purposes. 
Goodwill acquired in a business combination is allocated to groups of CGUs that are expected to benefit from 
the synergies of the combination.
Impairment losses are recognised in profit or loss. Impairment losses recognised in respect of CGUs are 
allocated first to reduce the carrying amount of any goodwill allocated to the units, and then to reduce the 
carrying amounts of the other assets in the unit (group of units) on a pro rata basis.
An impairment loss in respect of goodwill is not reversed. In respect of other assets, impairment losses 
recognised in prior years are assessed at each reporting date for any indications that the loss has decreased 
or no longer exists. An impairment loss is reversed if there has been a change in the estimates used to 
determine the recoverable amount. An impairment loss is reversed only to the extent that the asset's carrying 
amount does not exceed the carrying amount that would have been determined, net of depreciation or 
amortisation, if no impairment loss had been recognised.
Goodwill that forms part of the carrying amount of an investment in an associate is not recognised separately, 
and therefore is not tested for impairment separately. Instead, the entire amount of the investment in an 
associate is tested for impairment as a single asset when there is objective evidence that the investment in an 
associate may be impaired.
(e) Goods and service tax (GST)
Revenues, expenses and assets (excluding receivables) are recorded net of GST. GST input tax credits are 
initially recorded as an asset and GST collected as a liability. These balances are offset as at the reporting 
date and recognised as either an amount receivable or payable to the Australian Taxation Office. The GST 
portion relating to financial supplies and non-deductible expenditure, for which an input tax credit cannot be 
claimed, is expensed or is recognised as part of the cost of acquisition of an asset.
Receivables and payables are stated inclusive of the amount of GST receivable or payable. The net amount 
of GST recoverable from, or payable to, the Australian Taxation Office is included with other receivables or 
payables in the statement of financial position.
Cash flows are presented in the statement of cash flows on a gross basis. The GST components of cash flows 
arising from investing or financing activities which are recoverable from, or payable to, the Australian Taxation 
Office are presented as operating cash flows.
(f)
Restatement of prior year information 
As described in note 6-4, the purchase price allocation for the ANZ P&I businesses acquired on 31 January 
2020 was finalised during the current financial year. The table below shows the impact of the adjustments on 
the 30 June 2020 statement of financial position and statement of comprehensive income.

IOOF Group Annual Report 2021
Notes to the financial statements
For the year ended 30 June 2021
126
The impact of the change in accounting policy described in note 7-3(a) is also disclosed.
Statement of comprehensive income
2020
2020
2020
2020
previously 
reported
PPA
adjustment*
Adviser fee 
adjustment
revised
$'m
$'m
$'m
$'m
Revenue
1,168.9
-
(90.3)
1,078.6
Expenses
(1,067.5)
(8.0)
90.3
(985.2)
Share of losses of associates
(0.5)
-
-
(0.5)
Finance costs
(14.2)
-
-
(14.2)
Profit/(loss) before tax
86.7
(8.0)
(0.0)
78.7
Income tax (expense)/benefit
(28.2)
2.3
(25.9)
Profit/(loss) from continuing operations after tax
58.5
(5.7)
(0.0)
52.8
*Profit impact of PPA adjustment represents amortisation of intangible assets acquired.
Statement of financial position
2020
2020
2020
previously 
reported
PPA
adjustment*
revised
$'m
$'m
$'m
Assets
Cash
374.7
-
374.7
Receivables**
612.8
(32.9)
579.9
Other financial assets
1,116.8
-
1,116.8
Current tax assets**
-
23.6
23.6
Prepayments
16.1
-
16.1
Deferred acquisition costs
1.0
-
1.0
Associates
12.9
-
12.9
Property and equipment
134.4
-
134.4
Deferred tax assets
49.8
(49.8)
-
Intangible assets
344.0
181.1
525.1
Goodwill
1,596.1
(130.6)
1,465.5
Total assets
4,258.6
(8.6)
4,250.0
Liabilities
Payables
120.5
-
120.5
Other financial liabilities
1,065.4
-
1,065.4
Borrowings and lease liabilities
572.3
-
572.3
Provisions
756.3
(23.2)
733.1
Deferred tax liabilities
-
20.3
20.3
Deferred revenue liability
0.9
-
0.9
Total liabilities
2,515.4
(2.9)
2,512.5
Net assets
1,743.2
(5.7)
1,737.5
Equity
Share capital
1,965.8
-
1,965.8
Reserves
91.3
-
91.3
Accumulated losses
(313.7)
(5.7)
(319.4)
Total equity attributable to equity holders of the Company
1,743.4
(5.7)
1,737.7
Non-controlling interest
(0.2)
-
(0.2)
Total equity
1,743.2
(5.7)
1,737.5
*Profit impact of PPA adjustment represents amortisation of intangible assets acquired.
**Current tax assets were included within other receivables at 30 June 2020. They have been split out and presented separately in the 
30 June 2020 balance sheet. This does not relate to an acquisition accounting adjustment.

IOOF Group Annual Report 2021
Notes to the financial statements
For the year ended 30 June 2021
127
7-4
Adoption of new and revised Standards
New and amended Standards that are effective for the current year
The IOOF Group has adopted the following new or amended standards in preparing these consolidated 
financial statements.
Software-as-a-Service (SaaS) arrangements
The International Financial Reporting Standards Interpretations Committee (IFRIC) has issued two final 
agenda decisions which impact SaaS arrangements:
Customer’s right to receive access to the supplier’s software hosted on the cloud (March 2019) – this 
decision considers whether a customer receives a software asset at the contract commencement date or 
a service over the contract term.
Configuration or customisation costs in a cloud computing arrangement (April 2021) – this decision 
discusses whether configuration or customisation expenditure relating to SaaS arrangements can be 
recognised as an intangible asset and if not, over what time period the expenditure is expensed.
The IOOF Group’s accounting policy has historically been to capitalise all costs related to SaaS arrangements 
as prepaid assets in the Statement of Financial Position. The adoption of the above agenda decisions has 
therefore not resulted in any change to the way in which SaaS arrangements are accounted for.
New and revised Standards in issue but not yet effective
At the date of authorisation of these financial statements, the IOOF Group has not applied the following new 
and revised IFRS Standards that have been issued but are not yet effective:
New standards or amendments
Effective first financial
year ending
AASB 17 Insurance Contracts
30 June 2024
AASB 101 Classification of Liabilities as Current or Non-Current (Amendments 
to IAS 1)
30 June 2024
AASB 2020-3 Amendments to Australian Accounting Standards – Annual 
Improvements 2018-2020 and Other Amendments
30 June 2023
The directors do not expect that the adoption of the Standards listed above will have a material impact on the 
financial statements of the IOOF Group in future periods, except as noted below:
AASB 17 Insurance Contracts
AASB 17 replaces AASB 4 Insurance Contracts and similarly applies to insurance contracts. The classification 
of insurance contracts is similar to AASB 4 Insurance Contracts however unbundling rule changes may mean 
some contract components now need to be measured under AASB 17.
The new standard contains a lower level of aggregation/smaller portfolios, changes to contract boundaries and 
valuation approaches, the application of contractual service margins to policies valued under certain 
methodologies, changes in treatment to reinsurance and an ability to use Other Comprehensive Income for 
changes in asset values. The new standard also changes corresponding disclosure requirements.
The IOOF Group is in the process of assessing the potential impact of its consolidated financial statements 
and the impact has not yet been determined, however will be relevant for IOOF Ltd. The IOOF Group plans to 
adopt AASB 17 in the consolidated financial statements for the year ending 30 June 2024.

IOOF Group Annual Report 2021
Notes to the financial statements
For the year ended 30 June 2021
128
7-5
Subsequent events
The Directors have declared the payment of a final dividend of 9.5 cents per share and a special dividend of 
2.0 cents per share, both franked to 100% based on tax paid at 30%, to be paid on 22 September 2021.
The Directors are not aware of any other matter or circumstance not otherwise dealt with in this report, or the 
accompanying financial statements and notes thereto, that has arisen since 30 June 2021 that has significantly 
affected, or may significantly affect:
the IOOF Group’s operations in future financial years; or
the results of those operations in future financial years; or
the IOOF Group’s state of affairs in future financial years.