News18 December 2020

Tasplan and MTAA Super merger update for Pension members

Candice
Candice
Author

With less than four months to go until our merger with MTAA Super, here’s what you need to know in preparation for 1 April 2021.

We’ll have a new name

After we merge, we’ll be taking on a new business name and brand to better represent our diverse member and employer base.

Even though we're taking on a new name, you can be confident that you'll continue to receive the service excellence and quality retirement outcomes you're used to.

The new fund will continue to have a strong focus on service and advice excellence and providing quality, customised member servicing, both in person through our offices, contact centre and planners and digitally.

A new name is also the perfect opportunity for us to update our digital interfaces, product guides, fact sheets, tools and resources to help you access and manage your super easier than ever.

Over the last few months, we’ve consulted closely with our members to develop a new brand that represents and champions the goals, vision and values of our ever-expanding membership across the nation.

What other changes are occurring?

Investment options

Our investment options will be changing on 1 April 2021.

The merger is aimed at establishing a larger platform to strengthen our investment capabilities, deliver real scale benefits and provide a better, easier experience for all our members.

In preparation for the merger, we’ve carefully mapped all existing Tasplan members’ investment strategy to the most comparable investment option in the new fund.

What’s changing?

The new fund will have nine investment options to choose from.

Your account will be automatically transferred to the option(s) that most closely matches your current investment option(s) as shown below: 

Tasplan
New fund
Balanced Balanced
Growth Growth
Moderate Moderate
Conservative Conservative
Sustainable Sustainable
Australian shares Australian shares
International shares International shares
Fixed interest Diversified fixed interest
Cash Cash
Property1 Balanced
Long-term2 Long-term2

1The Property option will close on 1 April 2021. We’ve decided to close this option due to the very small number of members currently invested in it. Unfortunately the financial impacts of maintaining this type of investment option, given the small numbers, isn’t equitable to our whole membership. The Trustee has a responsibility to ensure that our products and services are fair and beneficial for all our members.

2The Long-term option is only available to members with a Managed Pension.

More details on this change is available at tasplan.com.au/investment/investment-changes and if you’re affected, you’ll receive specific communications about this in January 2021.

Fees

Both MTAA Super and Tasplan have always been committed to keeping fees low.

As a result of the merger, from 1 April 2021 the administration fee will be lower for all members. We’re currently working through investment fees for the new fund as these are a little more complex.

A combined fund with more members and assets means we'll likely be able to offer you better value for money.

Binding nomination will be transferred to the new fund

To minimise the impact on you at merger time, your current binding nomination(s) will be transferred to the new fund. So you can rest assured that your loved ones will be taken care of should something happen to you.

Pension payments

Your regular pension payments will continue to be paid right through the merge.

Pension payments will need to ensure that any minimums, and maximums, as is the case for Transition Pensions, as set by super legislation are adhered to.

This means you may receive an additional pension payment from Tasplan, prior to 1 April 2021, so that the pro-rata minimum pension payment amount for the period 1 July 2020 to 31 March 2021 is met.

At close of business 31 March 2021, your Tasplan pension ceases and your pension account balance transfers to the new fund. The new fund will establish a new pension based on your closing balance with Tasplan and calculate your new minimum and maximum (for Transition Pensions only) pension requirements for the remainder of the 2020-21 financial year, based on your account balance at 1 April 2021.

Remember: Your regular pension payments will continue to be paid right through the merge.

Your payment instructions, including your bank details will transition to the new fund. If you’re paid fortnightly your payment day will move from Wednesday to Thursday of the week you would normally be paid. If you get paid yearly, twice-yearly, quarterly or monthly, your payment date will not change.

Important information for fortnightly payments: Due to your payment day moving from Wednesday to Thursday, you should check any direct debits coming out of your bank account and change them if you need to.

Remember: Pension payments will need to ensure that any minimums and maximums, as is the case for Transition Pensions, as set by super legislation are adhered to.

Your account details

You’ll receive a new account number but your member number and password to log in to your account will remain the same.

You’ll still have access to an app

The new fund will have a new app which means you'll still be able to access your super, anywhere, any time.

Will I be able to make changes to my account right up until 1 April 2021?

To ensure the successful transition of data to the new fund, there will be a period where the transaction that you're able to make on your account will be limited.

This will occur in March 2021 and we’ll keep you informed of specific dates as they become available. During this time we may be able to accept some forms and some over the phone transactions but there will be some transactions that just can’t be accepted. Pension payments will continue to be paid throughout the merge.

While this may cause some short-term inconvenience, we’re confident that these changes will make it easier and simpler for you to manage your super in the long run. 

We’ll keep you up-to-date

In February 2021 you’ll receive a Significant event notice either electronically or in the post (depending on your communication preferences). It’s important that you read this notice thoroughly as it will help you understand the changes occurring and provide information on anything you might need to do.

We’re committed to making the transition to the new fund as smooth as possible for you.

The new fund will continue to have a strong focus on service excellence and providing quality, customised servicing, both in person through our offices and contact centre.

Apart from providing greater efficiencies, improved products and services and increased capability, this exciting merger puts us in a strong position for continued growth and competitiveness. This means more value for your super well into the future.

Tasplan and MTAA Super merger ...

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