Statement FAQs

Here are some commonly asked questions which we hope will make understanding your member statement easier.

Personal details

My personal details are wrong. How can I update them?

Does it matter that my tax file number (TFN) isn’t recorded?

Your benefits

Why are there three preservation components in a super benefit?

How can I get access to my super early?

Your insurance benefits

Why do I have cover when I didn't ask for it?

Why has my death and total and permanent disablement cover reduced? I had more cover last year.

What’s the difference between Tasplan Protect 1 and Tasplan Protect 2?

How can I cancel or reduce my cover?

How can I change my occupation rating?

How can I change my cover?

Your beneficiary details

Why aren’t my beneficiaries showing on my statement?

How can I update my beneficiaries?

Your investments

How is my account balance calculated?

Can I change my investment option?

What are buy-sell spreads?

How are the unit prices calculated?

Which investment option should I be in?

Why don’t my investment earnings equate to the returns of the investment option I’m in?

Why is the return table of my statement different to the website?

Who manages Tasplan’s investments?

Your transaction details

When do I get my government co-contribution or low income super contribution payment?

What is the government contributions tax?

What is the administration fee that I'm being charged?

What are indirect costs?

Other important questions

How do I register for Tasplan Online?

Where is my projected retirement balance?

I have a couple of super accounts. Can I combine them into one account?

Who can help me get the most out of my super?

 


Personal details
My personal details are wrong. How can I update them?

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.

Does it matter that my tax file number (TFN) isn’t recorded?

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.

Your benefits
Why are there three preservation components in a super benefit?

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.

Preserved benefit

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.

How can I get access to my super early?

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:

  • severe financial hardship
  • compassionate grounds
  • illness and/or injuryterminal medical condition
  • temporary resident departing Australia or
  • you leave your employer and have less than $200 in your Tasplan account.

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.

Your insurance benefits
Why do I have cover when I didn't ask for it?

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.

Why has my death and total and permanent disablement cover reduced? I had more cover last year.

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.

What’s the difference between Tasplan Protect 1 and Tasplan Protect 2?

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 view the applicable Insurance guides here or call us on 1800 005 166 and we’ll mail you a paper copy. Each insurance category has its own specific forms which you’ll find here.

How can I cancel or reduce my cover?

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.

How can I change my occupation rating?

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.

How can I change my cover?

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 beneficiary details
Why aren’t my beneficiaries showing on my statement?

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.

How can I update my beneficiaries?

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 investments
How is my account balance calculated?

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.

Can I change my investment option?

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.

What are buy-sell spreads?

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.

How are the unit prices calculated?

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.

Which investment option should I be in?

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:

  • your age
  • your investment time frames
  • whether you have wealth invested elsewhere
  • how much risk you’re comfortable with and
  • your individual personal circumstances.

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 info@tasplan.com.au

Why don’t my investment earnings equate to the returns of the investment option I’m in?

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.

Why is the return table of my statement different to the website?

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.

Who manages Tasplan’s investments?

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.

Your transaction details
When do I get my government co-contribution or low income super contribution payment?

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.

What's the government contributions tax?

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.

What's the administration fee that I'm being charged?

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.

What are indirect costs?

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:

  • the fees charged by investment managers
  • the buy-sell spread for buying, selling or switching between investment options
  • costs imposed by government regulation.

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.

Other important questions
How do I register for Tasplan Online?

To register for Tasplan Online we need your current email address. If we have your current email address, you can register by:

  1. clicking here
  2. clicking on the ‘Register’ button
  3. entering your member number (found on your member statement) and the verification code, then clicking the ‘Register’ button.

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.

Where is my projected retirement balance?

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.

I have a couple of super accounts. Can I combine them into one account?

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:

  • check that your employer can contribute to Tasplan
  • check the other fund’s exit fees and if they have any restrictions or penalties
  • check that your old fund has your tax file number as it will make it easier to transfer, and you may be paying more tax than you need to
  • consider if you want to make a tax deduction for any after-tax contributions you’ve made to the fund, if eligible, or split contributions made by you, or on your behalf, with your spouse, as you’ll no longer be able to do this on the contributions you’ve transferred out
  • make sure you have enough insurance with Tasplan. You can consider transferring your insurance to Tasplan before combining your super. You’ll lose your insurance when you close your other account
  • 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 info@tasplan.com.au

Who can help me get the most out of my super?

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 info@tasplan.com.au