Tasplan Tasplan Protect 1 MySuper | Review & Compare Superannuation

Super summary
Fees & fund features
Performance
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Past 5-year return

New fund

Admin fee

$78

Calculated Fees on 50k

$523

SuperRatings awards

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Tasmania's largest multi industry fund so members can use it wherever they work

Full time local representatives available to support businesses and members & free general advice on superannuation issues on a Tasplan account

Established in 1987 for Tasmanian corporate employees, Tasplan Super has been a public offer industry fund since 2007. With the aim to create a single Tasmanian superannuation fund, Tasplan merged with Quadrant Super in November 2015 and the RBF Accumulation Scheme in April 2017. The fund was the winner of the 2019 Rising Star award, in recognition of consistent improvements to its product offerings.Tasplan OnTrack is the fund's MySuper default option. With four Diversified investment options (Build, Sustain, Control and Maintain) included, this strategy is designed to automatically adjust a member's investment mix based on their age. While limited performance history is currently available, the OnTrack Sustain option outperformed the relevant SuperRatings Index over the year to 30 June 2018. Choice members can also access ten additional investment strategies. Fees are lower than the industry average across all assessed account balances, with the percentage-based administration fee capped at $500 p.a. Members are able to switch investment options at no cost; however, an exit fee applies to partial and full withdrawals. A full suite of insurance cover is offered through Tasplan (Protect 1), with Basic Death and Total & Permanent Disablement (TPD) Cover automatically provided to eligible members upon joining the fund. Members can apply for up to $5 million of Death cover and up to $3 million of TPD cover. Income Protection is available with a maximum of 85% of salary with benefit payment periods of 2 years or to age 65 and a choice of 30, 60, or 90 day waiting periods.Additional benefits available include access to advice services, information sessions, high quality educational material, interactive tools and calculators, as well as the ability to view account details and perform transactions via Tasplan Online.

Fees & fund features

Admin fee	Admin fee $78
Administration fee (%)	Administration fee (%) 0.20%
Indirect Cost Ratio (%)	Indirect Cost Ratio (%) 0.21%
Exit fee	Exit fee $60
Financial planning service	Financial planning service
Credit cards	Credit cards
Insurance life event increases	Insurance life event increases
Investment fee	Investment fee 0.48%
Account size discount	Account size discount
Health insurance	Health insurance
Binding nominations	Binding nominations
Anti-detriment payments	Anti-detriment payments
Switching fee	Switching fee $0
Employer size discount	Employer size discount
Home loans	Home loans
Non-lapsing binding nominations	Non-lapsing binding nominations
Long term income protection	Long term income protection

Admin fee	Admin fee $78
Administration fee (%)	Administration fee (%) 0.20%
Indirect Cost Ratio (%)	Indirect Cost Ratio (%) 0.21%
Exit fee	Exit fee $60
Financial planning service	Financial planning service
Credit cards	Credit cards

Insurance life event increases	Insurance life event increases
Investment fee	Investment fee 0.48%
Account size discount	Account size discount
Health insurance	Health insurance
Binding nominations	Binding nominations
Anti-detriment payments	Anti-detriment payments

Switching fee	Switching fee $0
Employer size discount	Employer size discount
Home loans	Home loans
Non-lapsing binding nominations	Non-lapsing binding nominations
Long term income protection	Long term income protection

Fund fees vs. Industry average

Fund past-5-year return vs. Industry average

Investment allocation

Investment option performance

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Now showing 1 - 4 of 4 superannuation1 - 4 of 4

Product	Past 5-year return	Admin fee	Calculated Fees on 50k	Features	SuperRatings awards	Go To Site

Tasplan Protect 1	Past 5-year return 7.82%	Admin fee $78	Calculated Fees on 50k $523	Features Advisory services Death insurance Income protection Online access Term deposits Variety of options	SuperRatings awards	More Info Compare	More details
Tasplan Protect 2	Past 5-year return New fund	Admin fee $78	Calculated Fees on 50k $523	Features Advisory services Death insurance Income protection Online access Term deposits Variety of options	SuperRatings awards	More Info Compare	More details
Tasplan Protect 1 MySuper	Past 5-year return New fund	Admin fee $78	Calculated Fees on 50k $523	Features Advisory services Death insurance Income protection Online access Term deposits Variety of options	SuperRatings awards	More Info Compare	More details
Tasplan Protect 2 MySuper	Past 5-year return New fund	Admin fee $78	Calculated Fees on 50k $523	Features Advisory services Death insurance Income protection Online access Term deposits Variety of options	SuperRatings awards	More Info Compare	More details

FAQs

What is MySuper?

MySuper accounts are basic, low-fee accounts. If you don’t nominate a superannuation fund, your employer must choose one for you that offers a MySuper account.

MySuper accounts offer two investment options:

Single diversified investment strategy

Your fund assigns you a risk strategy and investment profile, which remain unchanged throughout your working life.

Lifecycle investment strategy

Your fund assigns you an investment strategy based on your age, and then changes it as you get older. Younger workers are given strategies that emphasise growth assets

Details

When can I access my superannuation?

You can withdraw your superannuation when you meet the ‘conditions of release’. The conditions of release say you can claim your super when you reach:

Age 65
Your ‘preservation age’ and retire
Your preservation age and begin a ‘transition to retirement’ while still working

The preservation age – which is different to the pension age – is based on date of birth. Here are the six different categories:

Date of birth	Preservation age
Before 1 July 1960	55
1 July 1960 – 30 June 1961	56
1 July 1961 – 30 June 1962	57
1 July 1962 – 30 June 1963	58
1 July 1963 – 30 June 1964	59
From 1 July 1964	60

A transition to retirement allows you to continue working while accessing up to 10 per cent of the money in your superannuation account at the start of each financial year.

There are also seven special circumstances under which you can claim your superannuation:

Compassionate grounds
Severe financial hardship
Temporary incapacity
Permanent incapacity
Superannuation inheritance
Superannuation balance under $200
Temporary resident departing Australia

Details

What is a superannuation fund?

A superannuation fund is an institution that is legally allowed to hold and invest your superannuation. There are more than 200 different superannuation funds in Australia. They come in five different types:

Retail funds
Industry funds
Public sector funds
Corporate funds
Self-managed super funds

Retail funds are usually run by banks or investment companies.

Industry funds were originally designed for workers from a particular industry, but are now open to anyone.

Public sector funds were originally designed for people working for federal or state government departments. Most are still reserved for government employees.

Corporate funds are arranged by employers for their employees.

Self-managed super funds are private superannuation funds that allow people to directly invest their money.

Details

How long after divorce can you claim superannuation?

You or your partner could be forced to surrender part of your superannuation if you divorce, just like with other assets.

You can file a claim for division of property – including superannuation – as soon as you divorce. However, the claim has to be filed within one year of the divorce.

Your superannuation could be affected even if you’re in a de facto relationship – that is, living together as a couple without being officially married.

In that case, the claim has to be filed within two years of the date of separation.

Either way, the first thing to consider is whether you’re a member of a standard, APRA-regulated superannuation fund or if you’re a member of a self-managed superannuation fund (SMSF), because different rules apply.

Standard superannuation funds

If your relationship breaks down, your superannuation savings might be divided by court order or by agreement.

The rules of the superannuation fund will dictate whether this transfer happens immediately, or in the future when the person who has to make the transfer is allowed to access the rest of their superannuation (i.e. at or near retirement).

Click here for more information.

SMSFs

If your relationship breaks down, you must continue to observe the trust deed of your SMSF.

So if you and your partner are both members of the same SMSF, neither party is allowed to use the fund to inflict ‘punishment’ – such as by excluding the other party from the decision-making process or refusing their request to roll their money into another superannuation fund.

This no-punishment rule applies even if the two parties are involved in legal proceedings.

Click here for more information.

Financial consequences

Superannuation funds often charge a fee for splitting accounts after a relationship breakdown.

Splitting superannuation can also impact the size of your total super balance and how your super is taxed.

Click here for more information.

Details

How does superannuation work?

Superannuation is paid by employers to employees, at least once every three months. The ‘superannuation guarantee’ is currently 9.5 per cent – which means that your employer must pay you superannuation equivalent to 9.5 per cent of your salary. The guarantee is scheduled to rise to 10.0 per cent in 2021-22, 10.5 per cent in 2022-23, 11.0 per cent in 2023-24, 11.5 per cent in 2024-25 and 12.0 per cent in 2025-26.

Superannuation is generally taxed at 15 per cent. However, if you earn less than $37,000, you will be automatically reimbursed up to $500 of the tax you paid. Also, if your income plus concessional superannuation contributions exceed $250,000, you will also be charged Division 293 tax. This is an extra 15 per cent tax on your concessional contributions or the amount above $250,000 – whichever is lesser.

You can withdraw your superannuation when you meet the ‘conditions of release’. The conditions of release say you can claim your super when you reach:

Age 65
Your ‘preservation age’ and retire
Your preservation age and begin a ‘transition to retirement’ while still working

Details

How do you access superannuation?

Accessing your superannuation is a simple administrative procedure – you just ask your fund to pay it. You can access your superannuation in three different ways:

Lump sum
Account-based pension
Part lump sum and part account-based pension

However, please note that your superannuation fund will only be able to make a payout if you meet the ‘conditions of release’. The conditions of release say you can claim your super when you reach:

Age 65
Your ‘preservation age’ and retire
Your preservation age and begin a ‘transition to retirement’ while still working

The preservation age has six different categories:

Date of birth	Preservation age
Before 1 July 1960	55
1 July 1960 – 30 June 1961	56
1 July 1961 – 30 June 1962	57
1 July 1962 – 30 June 1963	58
1 July 1963 – 30 June 1964	59
From 1 July 1964	60

There are also seven special circumstances under which you can claim your superannuation:

Compassionate grounds
Severe financial hardship
Temporary incapacity
Permanent incapacity
Superannuation inheritance
Superannuation balance under $200
Temporary resident departing Australia

Details

Can I buy a house with my superannuation?

First home buyers are the only people who can use their superannuation to buy a property. The federal government has created the First Home Super Saver Scheme to help first home buyers save for a deposit. First home buyers can make voluntary contributions of up to $15,000 per year, and $30,000 in total, to their superannuation account. These contributions are taxed at 15 per cent, along with deemed earnings. Withdrawals are taxed at marginal tax rates minus a tax offset of 30 percentage points.

Voluntary contributions to the First Home Super Saver Scheme are not exempt from the $25,000 annual limit on concessional contributions. So if you pay $15,000 per year into the First Home Super Saver Scheme, you have to make sure that you don’t receive more than $10,000 in superannuation payments from your employer and any salary sacrificing.

Details

Tasplan Protect 1 MySuper