23 January 2015 - Update on the RBF Strategic Review

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Background

On 29 November 2013, the then Acting President of the RBF Board, Don Challen AM, wrote to RBF members advising that the then (Labor) State Government had been conducting a high level review of the strategic direction of RBF.

Following consideration of a report from PricewaterhouseCoopers, the (Labor) State Government decided that the control and responsibility for the defined benefit schemes should be retained by the State Government (via RBF) and options should be investigated for the RBF Tasmanian Accumulation Scheme to be transferred to an alternative default provider.

The (Labor) State Government intended to undertake a second stage of the review to gather further information. In March 2014, a new (Liberal) State Government was elected and they continued with the second stage of the review.

Current information

In late July 2014, the President of the Board, Mr Brian Scullin, received a letter from the Treasurer, the Hon Peter Gutwein MP, advising that the State Government sees potential benefit in bringing the other two local superannuation funds (Quadrant and Tasplan) together with the RBF Tasmanian Accumulation Scheme to form a new superannuation fund.

RBF, Quadrant and Tasplan have worked with the Department of Treasury and Finance to undertake a high level review into the feasibility of a transfer of the RBF accumulation accounts that would bring the three Tasmanian superannuation funds together. The Treasurer also asked that options be considered for the effective delivery of RBF's defined benefit schemes.

The findings of this feasibility review were provided to the Treasurer in September 2014. RBF received advice from the Treasurer in late 2014 stating that a decision on the strategic direction of RBF would likely be made in early 2015.

At this point in time, RBF has not received any further information from the State Government about the decision or when the decision will be made.

RBF understands that this matter is of great interest to its members. RBF remains firmly committed to its Board approved statement of strategic intent:

To deliver uninterrupted investment, product and service excellence for RBF members.

In addition, the RBF Board wishes to strongly reassure all members that the Board is unwavering in its commitment to always act in the best interests of the Fund and the members of RBF.

RBF will update its members as soon as it receives notification from the State Government that a decision has been made and what the outcome of the decision is. Updates will be made via the RBF website at www.rbf.com.au or via the quarterly RBF Member News.

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