Public Sector Superannuation Reforms
RBF, Tasplan and the Department of Treasury and Finance are working closely
together to ensure the success of the Public Sector Superannuation Reforms, and
that the best interests of members and Tasmanians are served.
It is all
systems go for the transfer of the RBF Tasmanian Accumulation Scheme to Tasplan
Super on 31 March 2017. Communications and Significant Event Notices have been
issued to RBF members. If you’re a Tasmanian Accumulation Scheme member with an
RBF Investment Account or a pension account, please take the time to read the
important information which you received by post or email and which you can view from the Significant events notices page.
What can you expect from the reforms?
- Tasplan will have 165,000 members and $7.6 billion in assets
- local services will continue to be delivered across Tasmania
- Tasplan will be the default fund for Tasmanian state service employees
- local Tasmanian investments and opportunities for local businesses
- a strong position to compete in the Australian super industry well into the
- promoting job growth in the Tasmanian economy.
Below is a list of questions and answers regarding the future direction
of RBF and the Public Sector Superannuation Reforms. These questions are updated
regularly as new information becomes available or as new questions are submitted
by RBF members.
What does this mean for me: RBF
Tasmanian Accumulation Scheme members?
I am an RBF Tasmanian Accumulation Scheme
member. What does this mean for me?
RBF Tasmanian Accumulation Scheme members include RBF Investment Account
holders, RBF Account Based Pensioners and RBF Term Allocated Pensioners.
- your account balance will not be affected by the transfer to Tasplan
- your funds are safe
I am an RBF Tasmanian Accumulation Scheme
member with defined benefit rights. What does this mean for
- there will be no loss of these entitlements
- Treasury and Tasplan are currently putting in place new processes to make
sure continuity of entitlements will be administered
I am an RBF Tasmanian Accumulation Scheme
member currently receiving an ill health benefit. How does this affect
- between now and March 2017, nothing will change
- you will be informed if there are changes to your insurance arrangements
because of the transfer to Tasplan
Between now and March 2017, what happens
- my insurance - there will be no changes to your insurance
other than normal premium changes and reviews
- fees - there will be no changes to fees
- my investments - you will continue to access RBF’s Member
Investment Choice options
- services - RBF is committed to maintaining service levels
leading up to the transition
How does the transfer
- my insurance - your insurance cover will transfer to
Tasplan with broadly similar features
- fees - Tasplan and RBF are working on the new fee structure
- costs - you will not incur a buy-sell spread on transfer;
your account balance will remain the same
- my investments - you will be transferred to a comparable
Tasplan investment option
- contributions - your employer will automatically start
paying your contributions to Tasplan. If you work outside the Tasmanian public
sector, your employer can pay your Superannuation Guarantee to Tasplan too - you
can then maintain a fund for life, irrespective of where you work
- services - Tasplan offers a Hobart-based phone enquiry
centre, face to face member and employer services across Tasmania, including a
new office in Devonport, and an administration team in Hobart. Tasplan also
offers financial planning services to members through Quadrant First.
What information will I receive about the
transfer to Tasplan?
- RBF will send you a Significant Event Notice before the
transfer to inform you of changes and the temporary transaction suspension
- Tasplan will send you a Welcome Letter and Product Disclosure Statement
after the transfer
- RBF and Tasplan will support your employer during the transition
I already have accounts with both Tasplan
and the RBF Tasmanian Accumulation Scheme. How does this change affect
- you will continue to have two accounts in the short term and will be
notified if accounts are able to be consolidated at a later date
My RBF Account Based Pension is not deemed
for Centrelink income test purposes as it commenced prior to 1 January 2015.
Will this announcement affect this Centrelink treatment?
- RBF has received confirmation from the Australian Taxation Office that these
changes will not trigger the application of the new deeming rules for
existing RBF Account Based Pensioners who are currently exempt
from the new deeming rules which came into effect on 1 January 2015
What are the RBF Board’s obligations in the
Successor Fund Transfer?
- a Successor Fund Transfer (SFT) is the legal process of automatically
transferring member accounts and investments from one fund to another
- the RBF and Tasplan Boards need to be satisfied that the transfer is in
their respective members’ best interests, in order to make this decision on
behalf of their members
- the RBF and Tasplan Boards also need to be satisfied that their respective
memberships will, on balance, receive equivalent rights once the transfer is
- equivalent rights means that the bundle of rights is
equivalent; that is, as an overall package, RBF members’ rights and benefits in
Tasplan must be at least as good as or better than their rights currently. It
doesn’t mean the rights and benefits in Tasplan have to be exactly the same as
- if the transfer cannot provide equivalent rights, then it will not go ahead
What does this mean for me: RBF defined
benefit schemes members and RBF Life Pensioners?
RBF defined benefit scheme members include Contributory Scheme members (and
Contributory Scheme Life Pensioners), State Fire Commission Superannuation
Scheme members, Tasmanian Ambulance Service Superannuation Scheme members,
Parliamentary Superannuation Fund members and Parliamentary Retiring Benefits
RBF and Treasury are working closely together to make the transition as
seamless as possible for you.What will change?
What won’t change?
- fiduciary responsibility for the RBF defined benefit schemes will transfer
to the Superannuation Commission on 1 April 2017. The RBF Board will continue to
be responsible until that time
- the State Government is currently tendering for the provision of member
administration and investment management services
- if you are a defined benefit member and you also have an account in the
Tasmanian Accumulation Scheme, then your accumulation account will transfer to
- RBF will still be here as the defined benefits fund providing you with face
to face interactions and one-on-one support
- the RBF Enquiry Line 1800 622 631 and RBF website www.rbf.com.au stay the same
- your entitlements and the way your benefits are calculated will not change
- there will be no change to your RBF Life Pension - the reforms do not impact
payment of your fortnightly pension
- the RBF office in Hobart will remain at 21 Kirksway Place. Launceston
services will also continue, and we will be moving to a more suitable location
in March 2017, at Henty House, 91-97 Charles Street, Launceston
RBF defined benefits members will continue to receive the same service
What is the Superannuation
- the Superannuation Commission will have fiduciary
responsibility for, and oversee the administration of, the RBF defined benefit
schemes from 1 April 2017
- it is equivalent to a trustee and will consist of a Chair and up to two more
- on 25 October 2016, the Treasurer announced the appointment of Ms Kerry Adby
as Chair of the Superannuation Commission. Further information about the
appointment is available from the Premier’s website - please click here
- On 16 February 2016, it was announced that Ms Leigh Mackey and Mr Chris
Bevan were appointed as Commissioners within the Superannuation Commission
- the day to day running of the defined benefit schemes will be managed by the
Office of the Superannuation Commission, within the Department of Treasury and
- Mr Adrian Christian has been appointed Director of the Office of the
- recruitment to positions in the Office of the Superannuation Commission has
What has happened to date?
Who is currently on the RBF
The RBF Board is comprised of five Board Members: Don Challen AM
(President), Lindsay Jones, Leigh Mackey and Anton Voss, and Kerry Adby, Chair
of the Superannuation Commission.
What does the Public Sector Superannuation
Reform Act do?
The Public Sector Superannuation Reform Act 2016 received Royal Assent in
June 2016 and:
- allows for the RBF Tasmanian Accumulation Scheme to be transferred to
- provides for responsibility for the RBF defined benefits schemes to be
transferred to a Superannuation Commission established under the legislation;
- makes no change to the entitlements of the members of the RBF defined
Didn’t Tasplan and Quadrant already go
through a merger?
Yes, Quadrant transferred to Tasplan under Successor Fund Transfer
arrangements and the two funds have been operating as one entity since November