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Joint message from Tasplan and RBF – Tasmanian Public Sector Superannuation Reforms
A milestone in the progression of the Tasmanian public sector superannuation reforms has been achieved with the passage of the enabling legislation through the Upper House of the Tasmanian Parliament on 31 May 2016.
Next steps: Transfer of RBF Tasmanian Accumulation Scheme to Tasplan
- Tasplan and RBF are completing extensive due diligence on each other to confirm that, overall, the Successor Fund Transfer of RBF Tasmanian Accumulation Scheme members to Tasplan is in the best interest of the members of both funds. Documents approving the transfer are being prepared and we expect the signing of these documents by both Tasplan and RBF Boards to take place around late June or early July 2016 after Royal Assent of the PSSR Bill 2016.
- After the signing of the documents we will start preparing for transfer.We are committed to maintaining high levels of service to members of both funds before, during and after the Successor Fund Transfer (SFT).
Staff health and well-being in both organisations will be supported through a range of programs and services. As we prepare for SFT, we will maximise opportunities for staff of both organisations to learn and demonstrate valuable skills. Staffing appointments will be based on principles agreed jointly by both funds within the SFT documentation. Tasplan has already been able to offer employment opportunities to a number of RBF staff. Tasplan gained valuable experience and learnings through its recent, successful merge with Quadrant Super.
It also scaled up some infrastructure meaning that its systems can efficiently accommodate the RBF Tasmanian Accumulation Scheme accounts that will be transferred. Member services have already been boosted with the opening of a new office in Devonport.
Management of RBF defined benefits schemes The RBF Board will continue to be responsible for the RBF defined benefit schemes until fiduciary responsibility is transferred to the Superannuation Commission. The State Government is intending to outsource defined benefit member administration and investment management services to be delivered through a contract with the Superannuation Commission. Tasplan will consider submitting a tender if it anticipates that providing services for RBF defined benefit schemes will be advantageous to all members.
|Likely future time-table|
|Selection process for the ongoing CEO of Tasplan The CEO will be named in the Successor Fund Transfer documentation.||By 30 June 2016|
|Signing of Successor Fund Transfer documentation After signing, work on the SFT will move from planning to implementation.||End June/early July 2016|
|Formation of go-forward Tasplan Board Brian Scullin, Neroli Ellis, John Mazengarb and Rebekah Burton will resign from the RBF Board and join the Tasplan Board when the SFT documentation is signed. Nick Heath and Tony Stacey will resign from the Tasplan Board at that time.||July 2016|
|Residual RBF Board The remaining RBF Board members, together with the Chair of the Superannuation Commission when appointed, will be responsible for all RBF schemes until finalisation of the reforms.||July 2016 until reforms are finalised|
|Tender for administration of the RBF defined benefit scheme services The tender process will be a two-step process:
||June 2016 – Dec 2016|
|Transfer of RBF Tasmanian Accumulation Scheme accounts and members to Tasplan||March 2017 (Earliest date that this could occur)|
|Superannuation Commission assumes fiduciary responsibility for the RBF DB schemes||March 2017 (Earliest date that this could occur)|
We are excited about the future for superannuation management in Tasmania. Tasplan will be a medium sized fund in the Australian superannuation scene. With a combined larger membership and managing more funds on behalf of members, we are confident that members will benefit. We also believe that this is the best outcome for maximising Tasmanian employment opportunities. We will keep you up to date as we make the changes. If you have any questions at any stage, please get in touch with these people:
|Daniel Lane Stakeholder Relationship Manager Tasplan Super Daniel.Lane@tasplan.com.au or 0498 003 561||Kathleen Crawford Manager Marketing RBF firstname.lastname@example.org or 6165 1867|
|Wayne Davy CEO Tasplan Super||Philip Mussared CEO Retirement Benefits Fund|