The Hodgman Liberal Government is committed to job creation and Tasmania’s economic prosperity.
Following a review of the Retirement Benefits Fund, it became clear that due to declining membership, lack of scale in terms of funds under management and rising costs it would become increasingly difficult for the RBF to continue to provide the same high quality service to members.
As a result it was recommended to the Government that we should exit the role of providing superannuation through the RBF and that consideration should be given to seeking a merger partner.
After a process of due diligence and the merger of Tasplan and Quadrant last year, Tasplan and the RBF have agreed to merge and create Tasplan Super which will manage over $7.1 billion for 165,000 Tasmanians.
The creation of Tasplan Super will secure Tasmanian jobs and ensure that Tasmanians continue to benefit from the presence of a competitive and viable superannuation fund in their state. The merged entity also will promote job growth, provide opportunities for local businesses through Tasmanian investments, and support the expansion of the Tasmanian financial services sector.
Tasplan Super will be the largest business by size of balance sheet in Tasmania and will be in a strong position to compete in the wider Australian superannuation industry and attract new business and new jobs to Tasmania.
RBF members are expected to transfer to Tasplan by the end of March 2017. Once it is up and running, Tasplan Super will become the default fund for Tasmanian public sector employees. Importantly, members will retain their choice of superannuation fund.
Four members of the RBF Board will join the Tasplan Board from next month – Brian Scullin, Neroli Ellis, John Mazengarb and Rebekah Burton.
The RBF’s Defined Benefit Schemes will continue to be the ongoing responsibility of Tasmania Government and there will be no change to the design or entitlements of any of these schemes.
Congratulations to the many people involved with these merger deliberations over an extended period of time - today’s announcement is an important step towards securing and creating Tasmanian jobs, driving investment and attracting business to our State.