Tasplan

Tasplan Super (Default B) � MySuper

Past 5-year return
New
Admin fee

$78

Calc fees on 50k

$518

SuperRatings awards
MySuper Platinum
Past 5-year return
New
Admin fee

$78

Calc fees on 50k

$518

SuperRatings awards
MySuper Platinum

Based on your details, you can compare and save on the following superannuation

Pros and Cons

Pros and Cons

  • Multi industry fund so members can use it wherever they work
  • Full time local representatives available to support businesses and members
  • Ancillary benefits can be accessed by members of Tasplan

Summary

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 and will be merging with MTAA Super on 1 April 2021. 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 1- and 3-year periods to 30 June 2020. Choice members can also access 10 additional investment strategies. Fees are lower than the industry average across all assessed account balances, with the percentage-based administration fee capped at $500 pa. The fund does not charge a buy-sell spread or a switching fee.A full suite of insurance cover is offered through Tasplan (Default B), with Default Death, Total & Permanent Disablement (TPD) and Income Protection Cover automatically provided to eligible members upon joining the fund. Members can apply for up to $10 million of Death cover and up to $3 million of TPD cover. Income Protection is available, covering up to 85% of salary, or a maximum of $30,000 per month, with benefit payment periods of 2 years, 5 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.

Features and Fees

Tasplan Fees and Features

Features

Variety of options

Binding nominations

Account size discount

Online Access

Home loans

Financial planning service

Non-lapsing binding nominations

Employer size discount

Anti-detriment payments

Credit cards

Insurance Cover

Health insurance

Insurance life event increases

Total and permanent disability cover

Long term income protection

Fees

Admin fee

$78

Administration fee (%)

0.16%

Switching fee

$0

Investment fee

0.5%

Indirect cost ratio (%)

0.22%

Exit fee

$0

Pros and Cons

  • Multi industry fund so members can use it wherever they work
  • Full time local representatives available to support businesses and members
  • Ancillary benefits can be accessed by members of Tasplan

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 and will be merging with MTAA Super on 1 April 2021. 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 1- and 3-year periods to 30 June 2020. Choice members can also access 10 additional investment strategies. Fees are lower than the industry average across all assessed account balances, with the percentage-based administration fee capped at $500 pa. The fund does not charge a buy-sell spread or a switching fee.A full suite of insurance cover is offered through Tasplan (Default B), with Default Death, Total & Permanent Disablement (TPD) and Income Protection Cover automatically provided to eligible members upon joining the fund. Members can apply for up to $10 million of Death cover and up to $3 million of TPD cover. Income Protection is available, covering up to 85% of salary, or a maximum of $30,000 per month, with benefit payment periods of 2 years, 5 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.

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Tasplan Fees and Features

Features

Variety of options

Binding nominations

Account size discount

Online Access

Home loans

Financial planning service

Non-lapsing binding nominations

Employer size discount

Anti-detriment payments

Credit cards

Insurance Cover

Health insurance

Insurance life event increases

Total and permanent disability cover

Long term income protection

Fees

Admin fee

$78

Administration fee (%)

0.16%

Switching fee

$0

Investment fee

0.5%

Indirect cost ratio (%)

0.22%

Exit fee

$0

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Fund fees vs. Industry average
THIS FUND
INDUSTRY AVERAGE
Fund past-5-year return vs. Industry average
THIS FUND
INDUSTRY AVERAGE
Investment allocation
INTERNATIONAL SHARES
AUSTRALIAN SHARES
PROPERTY
ALTERNATIVES
FIXED INTEREST
CASH
OTHER
Investment option performance
BALANCED
GROWTH
+ View additional option performance information
Past 5-year return
8.23% p.a
Admin fee

$78

Company
Tasplan
Calc fees on 50k

$518

Features
Advisory services
Death insurance
Income protection
Online access
Term deposits
Variety of options
SuperRatings awards
MyChoice PlatinumChoice Super of the Year Finalist
Go to site
More details
Past 5-year return
New
Admin fee

$78

Company
Tasplan
Calc fees on 50k

$518

Features
Advisory services
Death insurance
Income protection
Online access
Term deposits
Variety of options
SuperRatings awards
MyChoice PlatinumChoice Super of the Year Finalist
Go to site
More details
Past 5-year return
New
Admin fee

$78

Company
Tasplan
Calc fees on 50k

$518

Features
Advisory services
Death insurance
Income protection
Online access
Term deposits
Variety of options
SuperRatings awards
MySuper Platinum
Go to site
More details
Past 5-year return
New
Admin fee

$78

Company
Tasplan
Calc fees on 50k

$518

Features
Advisory services
Death insurance
Income protection
Online access
Term deposits
Variety of options
SuperRatings awards
MySuper Platinum
Go to site
More details

FAQs

How do I choose the right superannuation fund?

Different superannuation funds charge different fees, offer different insurances, offer different investment options and have different performance histories.

So you need to ask yourself these four questions when comparing superannuation funds:

  • How many fees would I have to pay and what would they cost?
  • What insurances are available and how much would they cost?
  • What investment options does it offer? How would they match my risk profile and financial needs?
  • How have these investment options performed historically?

How do you calculate superannuation?

Superannuation is calculated at the rate of 9.5 per cent of your gross salary and wages. So if you had a salary of $50,000, your superannuation would be 9.5 per cent of that, or $4,750. This would be paid on top of your salary.

The ‘superannuation guarantee’, as it is known, has been at 9.5 per cent since the 2014-15 financial year. It 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.

Am I entitled to superannuation if I'm a part-time employee?

As a part-time employee, you’re entitled to superannuation if:

  • You’re over 18 and earn more than $450 before tax in a calendar month
  • You’re under 18, you work more than 30 hours per week and you earn more than $450 before tax in a calendar month

How is superannuation regulated?

The Australian Prudential Regulation Authority (APRA) regulates ordinary superannuation accounts. Self-managed superannuation funds (SMSFs) are regulated by the Australian Taxation Office.

How do I combine several superannuation accounts into one account?

The process used to consolidate several superannuation accounts into one is the same process used to change superannuation funds. This can be done through your MyGov account or by filling out a rollover form and sending it to your chosen fund.

How many superannuation funds are there?

There are more than 200 different superannuation funds.

Am I entitled to superannuation if I'm a contractor?

As a contractor, you’re entitled to superannuation if:

  • The contract is mainly for your labour
  • You’re over 18 and earn more than $450 before tax in a calendar month
  • You’re under 18, you work more than 30 hours per week and you earn more than $450 before tax in a calendar month

Please note that you’re entitled to superannuation even if you have an Australian business number (ABN).

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

How do you claim superannuation?

There are three different ways you can claim your superannuation:

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

Two rules apply if you choose to receive an account-based pension, or income stream:

  • You must receive payments at least once per year
  • You must withdraw a minimum amount per year
    • Age 55-64 = 4%
    • Age 65-74 = 5%
    • Age 75-79 = 6%
    • Age 80-84 = 7%
    • Age 85-89 = 9%
    • Age 90-94 = 11%
    • Age 95+ = 14%

If you want to work out how long your account-based pension might last, click here to access ASIC’s account-based pension calculator.

How do I change my superannuation fund?

Changing superannuation funds is a common and straightforward process. You can do it through your MyGov account or by filling out a rollover form and sending it to your new fund. You’ll also have to provide proof of identity.

Is superannuation compulsory?

Superannuation is compulsory. Generally speaking, it can’t be touched until you’re at least 55 years old.

What are personal contributions?

A personal contribution is when you make an extra payment into your superannuation account. The difference between personal contributions and salary sacrifices is that the former comes out of your after-tax income, while the latter comes out of your pre-tax income.

What is salary sacrificing?

A salary sacrifice is where your employer takes part of your pre-tax salary and pays it directly into your superannuation account. Salary sacrifices come out of your pre-tax income, whereas personal contributions come out of your after-tax income.

When did superannuation start in Australia?

Australia’s modern superannuation system – in which employers make compulsory contributions to their employees – started in 1992. However, before that, there were various restricted superannuation schemes applying to certain employees in certain industries. The very first superannuation scheme was introduced in the 19th century.

How do you create a superannuation account?

Before you create a superannuation account, you’ll need to check if you’re allowed to choose your own fund. Most Australians can, but this option doesn’t apply to some workers who are covered by industrial agreements or who are members of defined benefits funds.

Assuming you are able to choose your own fund, the next step should be research, because there are more than 200 different superannuation funds in Australia.

Once you’ve decided on your preferred superannuation fund, head to that provider’s website, where you should be able to fill in an online application or download the appropriate forms. You’ll need your tax file number (assuming you don’t want to be charged a higher tax rate), your contact details and your employer’s details (if you’re employed).

Am I entitled to superannuation if I'm not an Australian citizen?

Yes, permanent and temporary residents are entitled to superannuation.

Can my employer use money from my superannuation account?

No, your employer can’t touch the money that is paid into your superannuation account.

What are concessional contributions?

Concessional contributions are pre-tax payments into your superannuation account. The payments made by your employer are concessional payments. You can also make concessional contributions with a salary sacrifice.

What is lost superannuation?

Lost superannuation refers to savings in an account that you’ve forgotten about. This can happen if you’ve opened several different accounts over the years while moving from job to job.

How does superannuation affect the age pension?

Most Australians who are of retirement age can qualify for the age pension. However, depending on the size of your assets and post-retirement income, you might be entitled to only a reduced pension. In some instances, you might not be entitled to any pension payments.