Here are some commonly asked questions which we hope will make understanding your Member statement easier.
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.
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.
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.
You can access your preserved super when:
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:
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 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.
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:
|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|
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.
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.
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.
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.
There are two ways to nominate your beneficiaries:
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.
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.
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.
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.
All members will consider different issues when deciding which investment option suits them best. Some common considerations include:
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 email@example.com.
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.
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.
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.
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.
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.
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.
For the 2019-20 financial 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.
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.
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.
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:
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.
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:
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:
These fees are deducted from the investment returns before they're credited to your account.
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.
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:
You’ll be emailed a link to set your password. This link will expire in 12 hours.
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 firstname.lastname@example.org.
Before combining your super you should consider:
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.
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.
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 email@example.com.