Public Sector Superannuation Reforms

01/03/2017

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 also download 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 future
  • 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 me?

  • 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 me?

  • 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 to:

  • 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 affect:

  • 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 period
  • 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 me?

  • 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 complete
  • 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 before
  • 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?

 

I am a defined benefit scheme member or RBF Life Pensioner. What does this mean for me?

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 Fund members.

RBF and Treasury are working closely together to make the transition as seamless as possible for you.

What will 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 Tasplan
What won’t change?
  • 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 levels.

What is the Superannuation Commission?

  • 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 Commissioners
  • 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 Finance
  • Mr Adrian Christian has been appointed Director of the Office of the Superannuation Commission
  • recruitment to positions in the Office of the Superannuation Commission has begun
 
 

What has happened to date?

 

Who is currently on the RBF Board?

  • 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
  • more information on the members of the RBF Board is available from the RBF website at www.rbf.com.au

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 Tasplan;
  • provides for responsibility for the RBF defined benefits schemes to be transferred to a Superannuation Commission established under the legislation; and
  • makes no change to the entitlements of the members of the RBF defined benefit schemes

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 2015.

 

For information about the Tasmanian Government’s Strategic Review of RBF and other past documents, please refer to our Media Centre.

 
 

The trustee of the Retirement Benefits Fund (ABN 51 737 334 954) is the Superannuation Commission (ABN 93 598 914 092).

This website is provided by Mercer Outsourcing (Australia) Pty Ltd (MOAPL) ABN 83 068 908 912, Australian Financial Services Licence #411980 on behalf of the Superannuation Commission ("Trustee") ABN 93 598 914 092 as trustee for the Retirement Benefits Fund ("Fund"). The Fund comprises the Contributory Scheme, the Contributory Scheme CPA, the State Fire Commission Superannuation Scheme, the Tasmanian Ambulance Service Superannuation Scheme, the Parliamentary Superannuation Fund and the RBF Life Pension.

Information provided on, and available from, this site does not constitute financial or taxation advice. The information does not take into account the individual objectives, financial situation or needs of any individual and we recommend that you obtain investment and taxation advice specific to your investment objectives, financial situation and particular needs before making a financial decision.

You should seek independent financial and taxation advice to determine if an investment is appropriate to your individual circumstances.

The Trustee pays a fee for the provision of this service however this fee is not conditional on you using this service or acting on the information or advice provided through this service.

Please read the Terms and conditions for further information about your use of this website.