News18 December 2020

Tasplan and MTAA Super merger update

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 website, app, 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
Tasplan OnTrack®1 Balanced (the default MySuper option)
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 
Property2  Balanced

1The Tasplan OnTrack option will close on 1 April 2021. One of the reasons for these changes was to reduce some of the cost and complexity of super by replacing a larger set of lifecycle options with a single Balanced (MySuper) option. Accordingly, our initial modelling suggests that the new Balanced (MySuper) option will see a material reduction in per unit investment costs over time, which leaves even more of your returns in your account.

2The 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.

® Registered to Tasplan Pty Ltd ABN 13 009 563 062.

More details on this change are 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.

If you have insurance with Tasplan you would have received a Significant event notice in November informing you of changes to your insurance from 8 January 2021. Check your Inbox in Tasplan Online for more information.

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.

Your account details will be the same

You’ll keep the same member number and password to log in to your account.

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 the 1 April 2021?

To ensure the successful transition of our member data, there will be a period where the transactions 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 will be unable to be accepted to minimise the risk of error to you.

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.

Farewell from Tasplan CEO, Way...

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