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