Members

Your TasPension is an attractive way of providing a reliable income from your hard-earned superannuation savings.

The TasPension is available as a standard pension, or if you don’t qualify to start a standard pension (because you are still working), you can apply for a Transition to Retirement Pension in a non-commutable form. Why it is important

Why choose Tasplan?

Tasplan provides excellent value. We run the fund for your benefit, not to provide profits for anyone else. We’re not tied to any particular industry, or owned by any financial institution and do not pay commissions to financial planners or agents.

No joining fees, no contribution charges and low management fees mean your savings can last longer than they would in some other funds.

Convenience and easy access

Income is paid directly to your bank account either fortnightly, monthly, quarterly, half-yearly or yearly. You can choose how your money is invested and which investment options your pension payments will be drawn from.

Every year you can decide the level of income you want. There is a minimum payment set by the Government, based on your age and how much you have left in your account. There is no upper limit on the annual payment for the TasPension (Transition to Retirement does have 10% limit), so you can access as much of your money as you need, either as regular pension payments or as one or more lump sums. The minimum lump sum withdrawal is $2,000.

You can monitor your account and management some aspects by registering for online Member Access.

Professional investment management

With a TasPension your money is professionally managed on your behalf. You don’t have to make day-to-day decisions on what to invest in, nor do you have to keep track of all the paperwork.

That’s not to say you don’t have control over how your money is invested. We provide you with 5 different Investment Options to choose from, each of them with a different risk/return profile. So no matter what type of investor you are or what goals you’re hoping to achieve, you’ll find an option (or combination of options) to suit you.

Tax advantages

Pensions enjoy some major tax advantages compared with other types of investment income.

Any benefits you receive after age 60, either as regular pension payments or lump sums, are completely free of tax. In fact, you don’t even need to include them in your tax return. Also, investment earnings credited to your account are tax-free as long as you’re drawing an income from the fund. You get the full benefit of the income and capital growth on the underlying investments, which helps to stretch your savings further.

Any amounts you receive before age 60 are taxed, but there are exemptions and offsets available that, depending on your circumstances, can reduce your tax bill substantially.

Security

Pensions are subject to strict Government regulations. While there are no guarantees about performance, repayment of capital or how long your capital will last, it’s a comfort to know that the fund has to abide by the rules, and that there’s a complaints procedure available if a problem does arise.