1 December 2015
We’ve merged, right on schedule! And we’re very excited about operating as one fund.
Members of each fund recently received a letter, formally outlining the details of the merger and what this will likely mean for them. This letter included details about fees, insurance and investment options. It also outlined the timetable of events including system changes and, of course, the official timing of the merger.
The merger officially took place on 30 November. At this time, we moved all Quadrant accounts to Tasplan and the two organisations became one. This is a significant and positive step for super in Tasmania. It means a bigger, stronger Tasmanian fund that will invigorate the Tasmanian economy and put Tasmania on the national super map through through investments, employment and a commitment to excellence.
With substantial investments in the state, already, the new Tasplan Board has extended its commitment to investing in Tasmanian businesses through the Tasmanian Growth and Development Fund by a further $20 million. This pledge is expected to provide both good investment returns for members and inject much needed capital into the Tasmanian economy.
Further, Tasplan has brought its administration and call centre operations from the mainland to Hobart. Ahead of the merger, Tasplan has implemented a new contact centre and administration function in Hobart.
To support the new business model, Tasplan has employed 38 new, local staff – a total of 88 full time equivalent employees – with more recruitment likely.
Tasplan has implemented new IT Infrastructure. The new system efficiently administers Tasplan’s 100,000 members and can easily handle up to 200,000 members. This system is leading edge in the national super industry. It not only allows Tasplan to satisfy its current membership’s needs but means it can also offer services to other super funds.
The in house contact centre, enhanced administration systems and increased staffing levels means the organisation represents a true centre of excellence in Tasmania.
Not only that, the Quadrant/Tasplan merger puts the new Tasplan is a robust position to deliver on its current strategic intent of growth through a potential merger with the RBF Tasmanian Accumulation Scheme.
The newly formed fund would have around 165,000 members, managing around $6.5 billion and delivering significant economies of scale and value for money for its members. If it goes ahead, it will be a huge step for super in the state – and enormously beneficial for Tasplan members, Tasplan staff and the Tasmanian community.
We’ll regularly keep you up-to-date as the merger plans progress.
If you have any questions or concerns, feel free to get in touch on 1800 005 166 or at firstname.lastname@example.org.
Thank you for your continued loyalty as we consolidate our fund’s position as a secure and sustainable Tasmanian organisation.