Statement FAQs

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

  • Tasplan SuperTasplan SuperPersonal details

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

    You can:

    If you’re changing your name or correcting your date of birth, you’ll need to provide proof of your identity. Refer to the Guide to providing proof of ID fact sheet or call us for more information.

    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.

  • Tasplan SuperTasplan SuperYour benefits

    I have a preserved benefit – what does this mean?

    The government restricts when you can access your super. Your super savings are ‘preserved’ until you’re allowed to access your super.

    You can access your preserved super when you satisfy a condition of release. See ‘When can I access my super?’ for more information.

    I have non-preserved benefits – what does this mean?

    You can access unrestricted non-preserved benefits at any time. You may need to pay tax if you’re under 60. Refer to our How super is taxed fact sheet for more information.

    If you have a restricted non-preserved benefit, you may be able to access it before your preservation age under certain conditions, such as leaving your employer who contributed to Tasplan on your behalf.

    When can I access my super?

    You can access your preserved super when:

    • you’ve reached your ‘preservation age’ and have permanently retired from the workforce
    • you leave your employer at any time after age 60
    • you reach age 65, even if you’re still working.

    Your preservation age depends on when you were born:

    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’re reached your preservation age but haven’t permanently retired from the workforce, you may be able to access part of your super using a transition to retirement strategy. Find out more about our Transition Pension.

    There are special circumstances where you can legally access your super savings early. Some of these are:

    • severe financial hardship
    • certain compassionate grounds
    • illness and/or injury
    • a terminal medical condition
    • you leave your employer and your preserved amount is less than $200
    • temporary resident departing Australia or
    • if you’re using the First home super saver scheme
    • COVID-19 early release.

    Penalties may apply if you illegally access your super early. Read our Early access to your super fact sheet for more information and check with a financial expert before you withdraw any super.

  • Tasplan SuperTasplan SuperYour insurance benefits

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

    Tasplan automatically provides default death and total and permanent disablement (TPD) cover when you meet certain eligibility conditions, without the need to provide any health information. The amount of default cover you receive depends on your age and your employer.

    If you decide you don’t want default cover, you can cancel or reduce your cover at any time:

    For more information on insurance with Tasplan, including default cover eligibility, types of cover offered and the costs of cover, check out our Insurance guide or call us on 1800 005 166.

    I’ve previously had insurance cover with Tasplan, but no longer hold cover on my account. Why is this?

    You may no longer hold cover if you’ve previously told us you’d like to cancel your cover. Your cover may also automatically end if:

    • you cease to be a member of Tasplan Super
    • a terminal illness or TPD claim is accepted and paid by the insurer. If you’ve received a TPD benefit, but your death cover amount is for a greater amount, your death cover less the TPD benefit paid will continue
    • you reach the following ages:
    Type of cover Age cover ceases
    Default A or B death and TPD Age 60 for TPD cover
    Age 65 for death cover
    Fixed death TPD Age 70
    Fixed income protection Age 65
    Default B income protection Age 60
    • you have insufficient money to pay your insurance costs1
    • your account has been inactive for 16 months since the date we last received a contribution or other amount on your behalf and you haven’t elected to keep your cover.1
    • you join the armed forces, other than the Australian Armed Forces Reserve1
    • your default income protection monthly cover amount falls below $1,0001.

    For more information about insurance with Tasplan, check out our Insurance guide or call us on 1800 005 166.

    1If your default cover ends for one of these reasons, it may restart if you meet the eligibility conditions for the commencement of default cover in the future.

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

    The amount of default death and total and permanent disablement cover you hold depends on your age and your employer. This may change each year on your birthday.

    If you don’t want your cover amount to change each year, you can apply to fix your current cover amount or apply for a set level of cover, subject to acceptance by our insurer. You can manage your cover in Tasplan Online or contact us and we’ll be glad to help.

    For more information about insurance cover with Tasplan, check out our Insurance guide or call us on 1800 005 166.

    How can I change my occupation rating?

    You can apply to update your occupation rating at any time. You can do this by:

    Applications are subject to acceptance by our insurer. For more information about occupation ratings, check out our Insurance guide.

  • Tasplan SuperTasplan SuperYour beneficiary details

    Why aren’t my beneficiaries showing on my statement?

    Your Member statement shows information that was correct as at 30 June 2020. If you’ve made or updated 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?

    There are two ways to nominate your beneficiaries:

    • binding
    • non-binding

    The kind of nomination you make will depend on your circumstances. There may be tax and other issues to thinking about, so consider getting advice before you make a decision.

    Find out more about Beneficiaries.

  • Tasplan SuperTasplan SuperYour investments

    How is my account balance calculated?

    Your investment 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.

    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 generally include indexing using market-based indices. 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.

    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:

    If you have a Managed Pension, and you’d like to change your investment strategy, you’ll need to transfer all or part of your Managed Pension to a Control Pension. Call us on 1800 005 166 for more information.

    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(s). It’s only a guide and we recommend you talk to us before making any decisions. For more information, see Who can help me get the most out of my super?, 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 returns shown in How Tasplan's investments performed show the compound returns generated by the investment options over the periods shown, as at 30 June 2020.

    Your investment earnings shown in your Account summary indicate the change in value of your account over the 2019-20 financial year.

    The earnings on your account won’t match the one year return of the investment option, even if you held the same investment option for the full financial year.

    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, 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’s the return table in my statement different to the website?

    The returns shown on your Member statement are the compound average returns for each investment option as at 30 June 2020, 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 here. The performance figures shown on our website are net of investment fees and taxes.

    Who manages Tasplan’s investments?

    We’ve determined the mix of options available to you and are responsible for the investment of the assets.

    We use 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, we use the services of an asset consultant, Mercer Investments (Australia) Ltd, and employ our own in-house investment specialists.

    Find out more about How we manage investment.

  • Tasplan SuperTasplan SuperYour transaction details

    What’s the government contribution tax?

    Government contributions tax applies to all super funds - it's not a fee charged by us. This 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.

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

    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 super tax offset contributions.

    Generally, the ATO will reassess a member’s entitlement to receive government contributions when either amendments are made to a member’s income tax return or when a super funds 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’m being charged?

    For the 2019-20 financial year:

    • our administration fee for a Tasplan Super account was $6.50 each month, plus 0.16% of your account balance each year. The percentage fee was capped at $500 each year.
    • our administration fee for a Tasplan Pension account was $6.50 each week, plus 0.21% of your account balance each year. The percentage fee was capped at $1,200 each year.

    Administration fees were calculated daily 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, see Super fees if you hold a Tasplan Super account or Pension fees if you have a Tasplan Pension account, or call us on 1800 005 166.

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

    Your Member statement is as at 30 June 2020. 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.

    I’ve received a Retirement bonus amount. What’s this payment for?

    When you opened your Tasplan Pension account, we assessed you as eligible for a once-off Retirement bonus payment. The bonus was calculated as a percentage of the amount you used to start your Tasplan Pension. The Retirement bonus rate for the 2019-20 financial year was 0.30%.

    Find out more about the Retirement bonus.

    I’ve received a Protecting Your Super fee rebate amount. What’s this payment for?

    From 1 July 2019, there’s a cap limit on the amount of fees that super funds can charge on accounts with a balance less than $6,000 at 30 June each year.

    The Protecting Your Super fee cap limit applies across the following transactions:

    • the weekly and percentage-based administration fees.
    • investment fees that apply to your account.
    • indirect cost ratio.

    These fees are charged to your account throughout the year. On 30 June each year (or at the time you should exit the fund throughout the year), we calculate the rebate amount which you’re eligible to receive. This rebate amount shows on your account as a ‘PYS fee rebate’.

    The Protecting Your Super fee rebate doesn’t apply to any insurance fees that apply to your account (including the insurance administration fee) or activity based fees such as financial advice fees or family law information fees.

    For more information about our fees and costs, see Super fees if you hold a Tasplan Super account or Pension fees if you have a Tasplan Pension account, or call us on 1800 005 166.

  • Tasplan SuperTasplan SuperTotal 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
    • 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, see Super fees if you hold a Tasplan Super account or Pension fees if you have a Tasplan Pension account, or call us on 1800 005 166.

    What are indirect costs?

    The indirect cost 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
    • costs imposed by government regulation.

    These fees are deducted from the investment returns before they're credited to your account.

    For more information, see Super fees if you hold a Tasplan Super account or Pension fees if you have a Tasplan Pension account, or call us on 1800 005 166.

    What other fees are there?

    Other fees relating to your investment that may impact your investment returns including 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 our fees and costs, see Super fees if you hold a Tasplan Super account or Pension fees if you have a Tasplan Pension account, or call us on 1800 005 166.

  • Tasplan SuperTasplan SuperOther important questions

    How do I register for Tasplan Online?

    To register for Tasplan Online we need your current email address. If we don’t have your email or your email address has changed, call us on 1800 005 166 to update your details.

    If we have your current email address, you can register by:

    1. clicking here
    2. entering your member number 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.

    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 consider:

    • all relevant information. Differences in fees and investment returns can affect your super balance at retirement
    • by transferring your super to Tasplan, you may lost benefits such as insurance with your previous fund(s)
    • if you have insurance with your other fund, you may be eligible to transfer your cover. Contact us for more information
    • if you want to claim a tax deduction or split contributions, as you won’t be able to do this on the contributions you’ve transferred.

    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?

    You can search for any lost super you may have at my.gov.au. If you haven’t already set up a myGov account, you’ll need to do this first. Contact the ATO on 13 28 65 or visit ato.gov.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.

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

    Tasplan can. We can provide you with general advice on your Tasplan account. And if you need personal advice, you can meet with a Tasplan financial planner. Our planners have set fees for advice. 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.