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 apply to increase 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?

What are buy-sell spreads?

How are the unit prices calculated?

Can I change my investment option?

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 on 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 an ATO recovery payment and why has an amount been deducted from my account?

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

Why can’t I see my employer contributions on my statement?

Why is there an ‘RBF unit price adjustment’ showing on my statement?

Total fees you paid

What are direct costs?

What are indirect costs?

What other fees are deducted from my account?

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?

How can I search for any lost super I might have?

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

I want to receive my statement and communications electronically. How can I do this?


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

You can:

If you’re changing your name, you need to provide original certified copies of proof of your identity, including any linking documents. If you’re changing your date of birth, you need to provide a copy of your proof of identity with the correct date of birth. For more information refer to our Guide to providing proof of ID fact sheet or contact us.

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

You don’t have to provide your TFN, but you may pay extra tax, miss out on government incentives and you can’t make personal contributions. Refer to our How super is taxed  fact sheet for more information.

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

The government restricts when you can access your super. The restrictions vary for each of the different components.

Preserved benefit

Most people have ‘preserved’ super. That is, we ‘preserve’ your savings for you until you reach your ‘preservation age’. Your preservation age depends on when you were born, as shown below.

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

When you reach your preservation age, you can access your super as long as you’re permanently retired. When you reach 65, it doesn’t matter if you’re still working.

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 using a transition to retirement strategy.

For more information, check out our Tasplan Pension Member guide, our Is a transition to retirement strategy for you fact sheet or call us on 1800 005 166.

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?

There are special circumstances where you may qualify to withdraw your super early, such as:

  • the First home super saver scheme
  • severe financial hardship
  • compassionate grounds
  • illness and/or injury
  • terminal illness
  • temporary resident departing Australia or
  • you leave your employer and have less than $200 in your Tasplan account.

Penalties may apply if you illegally access your super early. For more information, check out our Early access to your super fact sheet.

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 this cover, you can cancel your cover in Tasplan Online or by calling us on 1800 005 166. 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 based on 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 send you a 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.

If you don’t want to hold any insurance cover in your Tasplan account, you can cancel all your insurance cover in Tasplan Online or by calling us on 1800 005 166.

You can reduce your cover or cancel part of your cover by completing the:

Or call us on 1800 005 166 and we’ll send you a 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 in Tasplan Online and on your Member statement, as you may be paying higher insurance costs than you need to.

You can update your occupation rating by completing the:

Or call us on 1800 005 166 and we’ll send you a copy. More information about occupation ratings is available in the applicable Insurance guides.

How can I apply to increase 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.

You can apply for additional cover through Tasplan Online or by completing the relevant application form. Additional cover doesn’t apply until we send you confirmation of acceptance by the insurer.

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 send you a 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 in Tasplan Online.

How can I update my beneficiaries?

To make a:

Binding death benefit nomination

If you have 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. 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, review or cancel your nomination at any time by completing the:

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 – we can’t accept scanned copies.

Non-binding death benefit nomination

Your benefit will generally 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 non-binding beneficiary nomination at any time:

For more information refer to our Nominating your beneficiaries fact sheet.

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. 

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. 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.

Our unit prices are regularly updated on our website. See How unit prices work for more information.

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:

Which investment option should I be in?

All members will consider different issues when deciding which investment option suits them best.

Some common considerations include:

  • 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 us before making any decisions. For more information call us 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 on 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 2018, 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 2018 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 superannuation tax offset payment?

If you're eligible, the co-contribution will be paid directly into your super account after you've lodged your tax return for the financial year you made the contribution in. 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 in Tasplan Online.

From 1 July 2017, the low income super contribution (LISC) has been replaced by the low income superannuation tax offset (LISTO).

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 personal contributions for which you've claimed a tax deduction.

For more information on how super is taxed, check out our How super is taxed fact sheet.

What’s an ATO recovery payment and why has an amount been deducted from my account?

The ATO will issue recovery notices to super funds requesting an overpayment amount be returned, when a member is no longer entitled to receive the contribution payment. Recovery notices cover overpayments of government contributions including co-contributions and low income superannuation tax offset contributions. Generally, the ATO will reassesses a member’s entitlement to receive government contributions when either amendments are made to a member’s income tax return or when a super fund reports changes on the Member contribution statement to the ATO. For more information on ATO recovery payments, government contributions including the eligibility rules, visit ato.gov.au or call 13 10 20.

What's the administration fee that I've been 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. From 1 July 2018, the percentage administration fees for Tasplan Pension have reduced to 0.25% of your account balance, capped at $1,200 each year.

Administration fees are 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.

Why can’t I see my employer contributions on my statement?

Your Member statement is as at 30 June. If you’ve joined your employer since then, these contributions won’t show on this statement. You can view your current transactions in Tasplan Online.

If your employer contributions aren’t showing on your account in Tasplan Online, you should check with your employer which super fund your super contribution entitlements are being paid to.

If you have any questions regarding your workplace Enterprise Agreement and your rights under choice of fund, speak with your employer.

Why is there an ‘RBF unit price adjustment’ showing on my statement?

This adjustment was made as a result of a unit pricing error that occurred at the Retirement Benefits Fund (RBF) prior to the successor fund transfer between Tasplan Super and the RBF Tasmanian Accumulation Scheme. The error affected RBF members who were invested in any of the following investment options as at 10 March 2017:

  • RBF Growth
  • RBF Balanced
  • RBF Moderate
  • RBF Conservative
  • RBF MyPath
  • RBF Australian Shares.

If you were affected, a proportionate amount of compensation was added to your account (the ‘RBF unit price adjustment’) and invested in line with your current investment options as at 7 December 2017.

Total fees you paid
What are direct costs?

These are fees and costs relating to the administration of your account, which are deducted directly from your Tasplan account. These costs are shown on your Member statement and in your transaction listing in Tasplan Online. Examples of direct fees and costs include:

  • administration fees that cover the day-to-day management of member accounts and the operation of the fund
  • exit fees recovering the costs of full and part withdrawals made from the fund
  • advice fees as detailed in a Statement of advice issued to a member by a financial expert for the provision of personal advice
  • insurance fees that cover your cost of insurance. This amount depends on the type of cover you hold, your occupation rating and your age.

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
  • transaction costs incurred by the 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.

What other fees are deducted from my account?

Other fees relating to your investment that may be deducted from your account include investment fees and performance fees.

Investment fees recover the indirect investment costs associated with Tasplan’s investments and the management of the fund’s assets, and varies depending on the investment option and the nature of the underlying investments. These fees are deducted from investment returns before they’re credited to your account.

Performance fees may be applied by the trustee where an investment manager exceeds an agreed investment return target rate. Benchmark target rates are set according to each asset class and the investment manager. The performance fee that’s applied is calculated on the estimated expected outperformance of each fund manager against the investment return target rate. Provision for a performance fee is deducted from the investment fee of the relative investment option. The fee is passed on to members by way of an adjustment to the unit price for the particular investment option.

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. entering your member number (found on your Member statement) and ticking the 'I'm not a robot' box, 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's my projected retirement balance?

If you’d like to see how much you might have in retirement, you can use our Retirement $ projector calculator or call us 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 may 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:

We can help you get your super sorted, simply call us on 1800 005 166 or email us at info@tasplan.com.au.

Before combining your super you should check if exit fees, penalties or restrictions from your other funds apply, check that your employer can contribute to Tasplan and consider if you want to claim a tax deduction for any after-tax contributions you've made or split contributions with your spouse as you'll no longer be able to do this once you transfer these contributions.

You should also check any insurance that may apply as this will cease once your super is transferred to Tasplan. You may wish to transfer your insurance too, subject to eligibility. It's important that you don’t combine your super until you’ve received written confirmation that your insurance transfer to Tasplan has been accepted, so contact us before combining your accounts.

It's important that your contributions are going to the correct fund. So, let your employer know that you're changing super funds, before you combine your super.

How can I search for any lost super I might have?

We can search for any lost super accounts you didn’t know you had. You can find and combine all your super by using our easy Combine your super tool available at tasplan.com.au.

All you’ll need is your member number, full name, date of birth and postcode. For security purposes, you’ll also need to have your mobile number registered with us. If you don’t have your mobile number registered, call us on 1800 005 166 so we can help get your super sorted.

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

Tasplan can. We can provide you with general advice on your Tasplan account, free of charge. And if you need personal advice, you can meet with a Tasplan financial planner. Our planners have set fees for advice and you may be able to pay for this out of your Tasplan account. Tasplan financial planners are authorised representatives of Quadrant First Pty Ltd (ABN 78 102 167 877, AFS Licence No. 284443), a wholly owned subsidiary of Tasplan Pty Ltd operating as a separate legal entity.

Call us on 1800 005 166 or email us at info@tasplan.com.au.

I want to receive my statement and communications electronically. How can I do this?

You’ll need to have an email address recorded on your account. 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 we can, we’ll provide your documents, including statements and notices of changes to your account, electronically. We’ll email or SMS you when information is ready to view in Tasplan Online.

You can change your communication preferences at any time in Tasplan Online or call us on 1800 005 166.