Tasplan updates

It’s understandable that our members are feeling anxious about the impact of COVID-19 (coronavirus), not only on their investments, but on the community as a whole. We hope this information helps to answer any questions you might have.

Tasplan has a responsibility to our members, the Tasmanian community and our staff to do what we can to minimise the spread of COVID-19.

Information provided by the Federal Government suggests there's evidence that COVID-19 can spread from person-to-person. Because of this we’ve taken the following precautions:

• Tasplan’s face-to-face services are temporarily unavailable

This means Tasplan offices in Hobart, Launceston and Devonport will be closed until further notice.

If you’d like to speak to us, call 1800 005 166. Alternatively, you can self-service and access your account information using Tasplan Online.

If you’re looking for general information about super, there’s lots of information about super, investment, and planning for your retirement on the Tasplan website.

You’ll also find member forms here.

• We’ve cancelled the Tasplan Ready, set retire expo indefinitely.
• We’ve postponed Tasplan information sessions and pop-up shops.
• We’ve paused off-site visits including visits to employer worksites.

Frequently asked questions 

• Be careful of scams
  For information on COVID-19 related scams which are currently circulating, please visit our Scams page which we'll continue to update as we receive more information.

• What will happen into the future?
  Tasplan will continue to monitor and reassess our risk minimisation strategies over time. We’ll continue to follow the advice of the World Health Organisation, the Tasmanian Government and the Federal Government.

  With so much uncertainty surrounding COVID-19, we aren’t able to provide a timeline for when things will change or be rescheduled.

  In the event of a virus outbreak within our offices or a government-imposed lockdown, we’d still be able to operate as a business, be available to administer your account and process payments to members, such as pension payments.

  This web page and Tasplan’s social media pages (Facebook, LinkedIn and Twitter) are where we’ll keep you up-to-date about any changes.

• How will COVID-19 affect my super?
  Tasplan’s Chief Financial Officer, David Stuart, has written the following article to explain how COVID-19 has impacted the financial markets and the impact that may have on Tasplan members’ investments.

  In general, super and pension fund portfolios are long-term assets, and we would caution against making significant changes while markets are volatile. Although economic growth expectations have fallen, markets have already moved to discount this change.

  COVID-19: Financial market reactions and implications article

  David also provides an update on the financial market in the following video:
• Does Tasplan have enough liquidity to pay benefits?
  Recent reports in the media have slammed super funds for having insufficient liquidity to meet the government’s new early release of super measure. Some politicians have even gone as far as saying 'it’s a sign of bad management and poor investment governance' that super funds don’t have sufficient liquidity.

  Our investment management and governance

  Tasplan takes its investment management and governance very seriously. We have a system of procedures, checks and balances to make sure trustees’ decisions align with our investment strategies and objectives. Trustee directors also undertake regular training around investments issues and we have our in-house team of experts managing the portfolio.

  We measure all investment managers’ performance at least monthly against industry benchmarks and our performance standards. We can dismiss investment managers if they perform poorly or don’t comply with our requirements.

  We also regularly review the asset allocation of the investment options and make changes when necessary, either as a result of market performance or member demand.

  What about liquidity?

  In terms of liquidity, we’re in the fortunate position to have more than sufficient liquidity.

  Unlike some of our peers, we haven’t invested in unlisted assets to the same extent, which puts us in a strong position to handle any possible impact from the new early release measure introduced by the government. Even under a worst possible case scenario, our modelling shows we have sufficient liquidity in place to ensure our investment strategy isn’t impacted.

  We’re very proactive in ensuring that our unlisted investment valuations reflect all of the available information we have to make sure all members are treated equally. We currently have approximately $4.9billion in liquid or near liquid assets. In theory, this would enable us to pay every Tasplan member $10,000 cash should they be eligible, to access their super early due to COVID-19.

  We also stress test the liquidity of our portfolio on a regular basis to ensure that we’re able to meet commitments as they arise.

  What is a liquid asset?

  A liquid asset is an asset that can easily be converted into cash in a short amount of time. Liquid assets include things like cash, money market instruments, and shares.

• Does my Tasplan insurance cover me in the event of a pandemic illness?
  Yes. Tasplan member insurance policies include cover for pandemic illnesses.

  If a member has current death cover, their claim would be paid should they pass away due to a pandemic illness.

  If a member has total and permanent disablement (TPD) cover and a pandemic illness is the cause for them to become totally and permanently disabled, then they would be able to make a claim.

  If a member has income protection cover and can’t perform their duties due to a pandemic illness, and their illness extends beyond the individual’s waiting period, they can make a claim.

  Log in to Tasplan Online to check your current level of insurance cover.

  It’s important to be aware that if you make an early withdrawal through the government’s early access to super measure, it may affect any insurance entitlements you may have. If you wish to keep your insurance, it’s important to check that you’ll still have enough money in your super account to cover your insurance costs after accessing your super early. You can review your current insurance cover by logging in to Tasplan Online Tasplan Online. If you have any questions, you can call us on 1800 005 166.

• With offices closing, will Tasplan still be able to administer my account and make payments?
  Yes, even though we can't see you face-to-face at the moment, precautions are being taken to ensure we can continue to administer our members' accounts. There are currently no interruptions to:

  • pension payments
  • benefit payments
  • any claims including financial hardship
  • investment management
  • our contact centre
  • Tasplan Online.

  If you're used to visiting our offices to make transactions, please see below for other ways you can make your transactions:

  Switch your investment options

  You can switch your investment options by:

  • calling us on 1800 005 166
  • logging in to Tasplan Online
  • for super members, see the Change your investments form
  • for pension members, see the Change your Tasplan Pension investments form.

  Update your details

  You can update your details by:

  • calling us on 1800 005 166. Note: you can’t update bank account details and some name and date of birth changes over the phone.
  • logging in to Tasplan Online. Note: you can’t update your phone number and some name and date of birth changes in Tasplan Online. If you’re a super member you also can’t change your bank account details in Tasplan Online.
  • see the Change your details form.

  Withdraw some money from your account

  You can withdraw money from your account by:

  • calling us on 1800 005 166. Note: Up to 75% of your account balance may be available over the phone, but only if this isn’t your first withdrawal from your account and only to the bank account you have currently nominated. If you’d like to withdraw a higher amount, you’ll need to complete a form (see below).
  • logging in to Tasplan Online. Note: Up to 75% of your account balance may be available in Tasplan Online, but only if this isn’t your first withdrawal from your account and only to the bank account you have currently nominated. If you’d like to withdraw a higher amount, you’ll need to complete a form (see below).
  • For super members, see our Withdrawing your super form.
  • For pension members, see our Withdraw from your Tasplan pension form.
  • For defined benefit members, see our Withdrawing your super – DB form.

  Apply to start a Tasplan Pension (either a Control Pension, Transition Pension or a Managed Pension)

  You can apply to start a Tasplan Pension by:

  • completing the Join Tasplan Pension form.

  Get your account balance

  You can get your account balance by:

  • calling us on 1800 005 166
  • logging in to Tasplan Online.

  Reduce your insurance cover

  You can reduce your insurance cover by:

  • completing the Manage your cover form.
• Can I access my super to help me during this time?
  We have a dedicated page to answer your questions about Early access to your super.

• Is it true that the government has temporarily reduced super minimum drawdown rates?
  Yes, the government is temporarily reducing minimum drawdown rates for account-based pension and similar products by 50% for the 2019-20 and 2020-21 financial years. This measure will benefit retirees by providing them with more flexibility by allowing them to reduce the need to sell investment assets to fund minimum drawdown requirements. 

  The following reductions apply for the 2019-20 and 2020-21 income years.

  Age	Current default minimum drawdown rates	Reduced rates by 50% for the 2019-20 and 2020-21 income years
  Under 65	4%	2%
  65-74	5%	2.5%
  75-79	6%	3%
  80-84	7%	3.5%
  85-89	9%	4.5%
  90-94	11%	5.5%
  95 or more	14%	7%

  How can you reduce your super minimum drawdown rate?

  You can call us on 1800 005 166 or complete the Change your pension payment form.

  If you’d like more information, please read the government’s Economic response to the coronavirus – Providing support for retirees fact sheet which includes an example to help you further understand this change.

• Is it true that the government has temporarily reduced social security deeming rates?
  Yes, on top of the deeming rate changes made at the time of the first package (12 March 2020), the government is reducing the deeming rates further. As of 1 May 2020, the lower deeming rate will be 0.25% and the upper deeming rate will be 2.25%. The reductions reflect the low interest rate environment and its impact on the income from savings. The change will benefit around 900,000 income support recipients, including around 565,000 people on the Age Pension who will, on average, receive around $105 more from the Age Pension in the first full year that the reduced rates apply.

  If you’d like more information please read the government’s Economic response to the coronavirus – Providing support for retirees fact sheet which includes an example to help you further understand this change.

• How is Tasplan protecting their staff during this time?
  Tasplan staff are working across a number of locations, including from home, to help prevent the spread and impact of the virus on day-to-day business operations.

  We’re conscious of reducing the spread of COVID-19 and our staff have been educated about the importance of practising good hygiene. Our staff have also been provided with the tools to be able to do so.

• Be sensible and take precautions.
  At the advice of the Australian Government Department of Health, it’s important that individuals continue to wash their hands often and with soap and water, use a tissue to cover their mouth when coughing or sneezing and avoid close contact with others.