Here are some commonly asked questions which we hope will make understanding your member statement easier.
You have a number of options available, you can:
If you’re changing your name, you need to provide original certified copies of your change in name, including any linking documents. If you’re changing your date of birth, you need to provide original certified copies of your correct date of birth. You’ll find more information about providing certified copies of your identification in our Guide to providing proof of ID fact sheet.
Under the Superannuation Industry (Supervision) Act 1993, you’re not obliged to provide your TFN. If you don’t provide your TFN, you may pay more tax than you need to. Also, you won’t be able to make personal contributions, or be eligible for government contributions. Providing your TFN also makes it easier for you to keep track of your super. For more information, check out our How super is taxed fact sheet.
Super is a long-term investment. The government has placed restrictions on when you can access your super – this is called preservation. Your super is made up of different components with different restrictions placed on them as shown below.
Most people have ‘preserved’ super. That is, we ‘preserve’ your savings for you until you reach the minimum age set by law. The minimum age is called your ‘preservation age’. Your preservation age can range from 55 to 60 depending on when you were born. The following table shows when you will reach your preservation age.
|Date of birth||Preservation age|
|Before 1 July 1960||55|
|1 July 1960 - 30 June 1961||56|
|1 July 1961 - 30 June 1962||57|
|1 July 1962 - 30 June 1963||58|
|1 July 1963 - 30 June 1964||59|
|After 30 June 1964||60|
If you’ve permanently retired, you can access your super when you reach your preservation age.
You can also access your super if you are still working, but have turned 65.
Restricted non-preserved benefit
This is super you may be able to access before your preservation age under certain conditions, such as leaving your employer, as long as your employer has contributed to Tasplan on your behalf.
Unrestricted non-preserved benefit
If you have unrestricted non-preserved benefits you can withdraw these funds at any time.
Nasty penalties apply if you illegally access your super early. However, there are special circumstances where you may be able to get early access, such as:
For more information, check out our Early access to your super fact sheet.
If you’ve reached your preservation age but haven’t permanently retired from the workforce, you still may be able to access part of your super via a transition to retirement strategy. For more information, check out our Tasplan Pension Member guide or call our financial experts on 1800 005 166.
Under super law, when you join Tasplan you may be automatically provided with default insurance, called basic cover, without you having to apply or provide us with detailed health information. This benefit is provided to all eligible members. If you decide that you don’t need the default cover automatically given to you, you’ll need to let us know in writing. There may be some cases where your cover is limited, as detailed in the relevant Insurance guide.
Unless you tell us otherwise, your cover will continue and premiums will be deducted monthly from your Tasplan account.
The amount of your basic death and total and permanent disablement or death only cover may change on your birthday each year using your age at your next birthday. If you’d prefer the certainty of a fixed dollar amount of cover, you may apply for fixed or additional cover at any time which is subject to acceptance by the insurer. Depending on your cover, you may also be able to apply to convert your basic cover to fixed cover.
Basically, the difference is your employer.
If you’re a Tasmanian State Government employee or a former RBF Tasmanian Accumulation Scheme member as at 31 March 2017, you may be eligible for insurance under Tasplan Protect 2.
If you work for another employer or are self-employed, you may be eligible for insurance under Tasplan Protect 1.
You can cancel or reduce your cover at any time by completing the:
Or call us on 1800 005 166 and we’ll mail you a paper copy.
The type of work you do will determine your occupation rating. Generally, the riskier your job, the more you pay for insurance. It’s important to check the occupation rating shown on your member statement, as you may be paying higher premiums than you need to.
You can update your occupation rating by completing the:
Or call us on 1800 005 166 and we’ll mail you a paper copy. More information about occupation ratings is available in the applicable Insurance guides.
You can change your cover, including increasing or converting your cover, at any time.
To increase your cover, you’ll need to apply and provide detailed health information. Increased cover is subject to acceptance by the insurer.
To increase your cover, complete the:
Or call us on 1800 005 166, and we’ll mail you a paper copy.
If you’re a Tasplan Protect 2 member, you can convert your unitised death and total and permanent disablement (TPD) cover to an equivalent amount of fixed dollar death and TPD cover. If you already hold fixed death and TPD cover and you become entitled to basic death and TPD cover, you can convert all cover to unitised cover. To do this, you’ll need to complete the Insurance variation – Tasplan Protect 2 form or call us on 1800 005 166, and we’ll mail you a paper copy.
Your member statement is at 30 June. If you’ve made a beneficiary nomination since then, it won’t show on this statement. You can view your current nomination via Tasplan Online.
If you’re a former RBF member, your previous death benefit arrangements weren’t transferred to Tasplan. You’ll need to make a new nomination on your Tasplan account.
The type of beneficiary nomination you’d like to make determines how you do it. You can find more information about the different types of nominations in our Nominating your beneficiaries fact sheet.
To make a:
Non-binding death benefit nomination (also known as a preferred beneficiary nomination)
Generally, your benefit will be paid in accordance with your instructions, but in some cases we may use our discretion to determine who to pay your benefit to and in what proportions. When making a decision, we’ll take into consideration your nomination and any other legal requirements and governing rules.
You can update or change your preferred beneficiary nomination at any time:
Binding death benefit nomination
A binding death benefit nomination lets you decide who will receive your benefit when you die. If you’ve got a valid binding death benefit nomination at the time of your death, we must pay your benefit to whoever you’ve selected, in the proportions you’ve chosen, even if your circumstances have changed since you made the choice. So, it’s important to review your nomination whenever your circumstances change. Your binding death benefit nomination is valid for three years from the date you sign it and have it witnessed. It can apply to all of your accounts or you can have a different nomination for each of your Tasplan accounts.
You can make, update or cancel your nomination at any time by completing the:
Or call us on 1800 005 166 and we’ll mail you a paper copy. Because it’s a legal document, the form mustn’t contain any amendments or corrections, and we need to receive the original copy of your completed form.
Your investment in Tasplan is recorded as a number of units. Your account balance is determined as the number of units you hold in each investment option multiplied by the unit price of that option.
All transactions into and out of the fund, including contributions, transfers, withdrawals, pension payments and fees, occur at the current unit price. From 28 August 2017, Tasplan no longer applies a buy-sell spread.
You can switch your investment options, or ask that future contributions be invested into a different investment option, at any time.
You can switch investment options:
The cut off time for switch requests is 4pm (Hobart time) on a business day. Switch requests received after 4pm or submitted online on a public holiday or weekend, will be processed effective the following business day.
From 1 July 2017, there’s no fee for switching investment options. Buy-sell spreads were also removed on 28 August 2017.
The buy-sell spread is a fee to recover transaction costs incurred by buying and selling Tasplan’s investment options. The buy sell spread is the difference between the buy unit price and the sell unit price of each investment option when you invest in or withdraw from the investment option. The buy unit price is generally higher than the sell unit price. When you switch your investment options, the switch out is processed using the sell unit price and the switch in is processed using the buy unit price.
Buy-sell spreads were removed on 28 August 2017.
Unit prices are calculated based on regular valuations of the underlying assets in that investment option, less fees and taxes, and may include indexing using market based proxies. The calculation of the value of assets in each investment option is based on the most recently available information to the trustee. Investment fees, expenses, management costs and taxes are deducted, or may be accrued or estimated as part of index calculations, before we determine a unit price. Unit prices will fluctuate according to the investment performance of the investment option.
Normally, unit prices will be determined for each business day and be posted here weekly. However, the trustee may defer or delay the determination of unit prices whenever it considers this to be in the best interests of members.
All members will consider different issues when deciding which investment option suits them best.
However, the major considerations, which are applicable to all members, are:
Our Risk profiler calculator may help you better understand risk and some factors you can consider when choosing an investment option. It’s only a guide and we recommend you talk to a financial expert before making any decisions. Call our financial experts on 1800 005 166 or email us at firstname.lastname@example.org
The amount of investment earnings applied to your account is determined by the option or options you’re invested in and factors such as when contributions were made (if applicable), the length of time that money was invested in that particular investment option, government taxes, applicable fees and costs and if you left the fund. Past performance doesn’t guarantee that future performance will be the same or similar.
The returns shown on your statement are the compound average returns for each investment option as at 30 June 2017, whereas the returns shown our website are the rolling returns as at the end of the most recent month. You can check returns for each investment option up to 30 June 2017 here. The performance figures shown on our website are net of investment fees and taxes.
The trustee has determined the mix of options available to you and is responsible for investment of the assets.
The trustee uses a combination of external specialist managers and internal experts to invest in the various asset classes. All investments are regularly reviewed and their investment performance is constantly monitored.
To assist in the review and monitoring process, the trustee uses the services of an asset consultant, Mercer Investments (Australia) Ltd, and employs its own in-house investment specialists.
If eligible, and you lodge your tax return for the financial year you made the contribution, the Federal Government pays the amount directly into your Tasplan account. The Australian Taxation Office makes most payments between November and January for contributions made in the previous financial year.
If you’re eligible for a payment, this statement will only show the payment received for the financial year before the most recent one. You can view up-to-date transactions via Tasplan Online.
Government contributions tax applies to all super funds - it's not a fee charged by us. This 15% tax is applied to all before-tax contributions including employer super guarantee contributions, salary sacrifice contributions and tax deductible personal contributions.
For more information on how super is taxed, check out our How super is taxed fact sheet.
Our administration fee for a Tasplan Super account is $1.50 each week, plus 0.20% of your account balance each year. The percentage fee is capped at $500 each year.
The administration fee for a Tasplan Pension account is $1.50 each week, plus 0.29% of your account balance each year. The percentage fee is capped at $1,500 each year.
Administration fees calculated weekly and deducted monthly from your account. It covers the day-to-day management of your account and the operation of the fund, and includes items such as compliance costs and licence fees. For more information about our fees and costs, check out our Fees and costs fact sheet.
The indirect costs ratio is an estimate of how much each member indirectly contributes to the payment of general management expenses of the fund that aren’t directly charged to a member’s account. Examples of expenses contained in this ratio include:
These fees are deducted from the investment returns before they are credited to your account. For more information about our fees and costs, check out our Fees and costs fact sheet.
To register for Tasplan Online we need your current email address. If we have your current email address, you can register by:
You’ll be emailed a link to set your password. This link will expire in 12 hours.
If we don’t have your email address or your email address has changed, call us on 1800 005 166 to update your details.
If you’re a former RBF member, you’ll be used to seeing your projected retirement balance in your benefit statement. Unfortunately, our member statements aren’t yet set up for this functionality. But it might be something we can provide in the future.
In the meantime, if you’d like to see how much you might have in retirement, you can use our Retirement $ projector calculator or speak to one of our financial experts on 1800 005 166.
By combining your super into one account, you’ll likely pay less fees and reduce your paperwork. It may also be easier to keep track of your super and manage your investments.
You can combine your super into your Tasplan account:
But, before you combine your super:
read the relevant Tasplan Super Member guide and consider talking to a financial planner.
Our friendly financial experts can help you get your super sorted.
Call us on 1800 005 166 or email us at email@example.com
Tasplan can. Our friendly financial experts can provide you with general advice on your Tasplan account, free of charge. And if you need personal advice, you can meet with a Quadrant First financial planner. There’s no obligation and you can pay for advice about your Tasplan super and retirement out of your Tasplan account, so it won’t affect your take-home pay. Quadrant First Pty Ltd (ABN 78 102 167 877, AFS Licence No. 284443) is a wholly owned subsidiary of Tasplan Pty Ltd and operates as a separate legal entity.
Call our financial experts on 1800 005 166 or email us at firstname.lastname@example.org