Who can use Member Investment Choice (MIC)?
Member Investment Choice (MIC) is available to all RBF members who:
Member Investment Choice (MIC) does not apply to Contributory Scheme, Tasmanian Ambulance Service Superannuation Scheme and State Fire Commission Superannuation Scheme benefits. These are "Defined Benefit Schemes". Benefits are defined
by a formula and are not affected by the investment performance of the Fund.
Who will be looking after my investments?
The Board utilises the services of internal and external specialist investment managers to invest in the various asset types. The Board undertakes a rigorous
selection process in appointing investment managers. These managers are
subject to regular review and are accountable to the Board for achieving
predetermined performance levels.
Investment managers manage funds on a "sector specialist" basis
i.e. each manager has been selected for their expertise in a particular
asset (e.g. an investment manager may only invest in Australian shares.)
How Do I Choose An MIC Option?
Every person has different needs.
Some issues you should consider when making your decision are:
- your long term investment objectives;
- how much risk you are willing to accept;
- your desire to increase wealth;
- how long your funds will be invested; and
- your personal circumstances.
The RBF Board cannot advise you which option or combination of options
best suits your circumstances.
The information on this website, in brochures and at seminars and workshops should help you understand MIC and the level of risk of each option.
Importantly, prior to making an MIC election you must acknowledge that you have read and understood the information contained in both the Member Investment Choice and the Member Investment Choice Options brochures.
It is important that you fully understand MIC before choosing an option. If after reading the information on this website and the "Member Investment Choice" and the "Member Investment Choice Options" brochures you require further information you can arrange a personal interview with RBF's specialist staff.
Once you have made your choice registered members can make an election on-line by selecting their MIC account. Otherwise, fill out an election form and send it to RBF.
Can I choose a combination of options?
You can invest in one option or a combination of options.
If you wish to, you can now create your
own portfolio by making allocations to the various asset class based options.
You can:
- make regular payroll contributions or direct debit contributions from your bank account
to only one MIC option; or
- pay cash contributions or roll-overs to one or more MIC options; or
- transfer funds between options.
Can I change my choice?
You can change how your funds are invested at any time. You can elect to have:
- future payroll contributions or direct debit contributions paid into a different MIC option; or
- elect to have existing funds transferred between MIC options.
Registered members can make an election on-line by selecting their MIC account. Otherwise, fill out an election form and forward to RBF.
There is currently no fee for switching between Member Investment Choice options.
How are investment returns credited to my account?
Investments held by RBF are valued on a weekly basis each Friday. Weekly valuations incorporate the effect of movements in both Australian and International markets for that week. These valuations are then used to calculate the weekly investment return for each of the 14 investment options available to RBF members.
Once the investment returns for a week have been calculated, they are applied to member accounts in arrears effective as at the Friday of the week to which the return relates. In practice, this process normally takes place each Thursday for the week ended the previous Friday with the corresponding movement in your account balance able to be viewed on the RBF Website the following day.
Given that investment returns each week are applied in arrears, it is important to note that when viewing your account balance on the RBF Website, the balance shown will not include the impact, if any, of any investment returns (positive or negative) accrued up to the current date and not yet applied to your account.
When will my choice take effect?
RBF Members are able to switch the investment option or options in which they have funds invested at any time by lodging a Member Investment Choice switching election.
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Transferring Existing Funds
Member Investment Choice switching elections in relation to the transfer of existing funds received each week (ended Friday) for RBF Investment and RBF TAS-SG Accounts are processed on a weekly basis in arrears after the investment returns for that week have been applied. Once processed, Member Investment Choice switching elections take effect from the Saturday following receipt of the election by RBF.
Member Investment Choice switching elections for RBF Account Based and RBF Term Allocated Pension Accounts are processed on a fortnightly basis in order to allow for the drawdown of pension payments. Such elections are still processed with effect from the Saturday following receipt of the election by RBF.
Member Investment Choice switching elections can be made by the either of the following methods:
- By the completion and signing of a paper based "Member Investment Choice - Transfer and Election Form" (PDF/RTF) submitted by either of fax, front counter, post, or scanned and emailed to RBF at super@rbf.com.au; or
- Registered members can complete and submit the electronic "Member Investment Choice - Transfer & Election Form" on the RBF website.
The cut-off time for a Member Investment Choice switching election to be included in a given week is as follows:
- Paper-based :
- Electronic :
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5.30 p.m. Friday
11.59 p.m. Friday
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Allocating Future Contributions
Member Investment Choice switching elections relating to the allocation of future contributions generally take effect from the day following their receipt by RBF. This period may be slightly longer in the case of future contribution elections lodged using the paper-based Member Investment Choice - Transfer & Election form.
What happens if I don't make a choice?
If you do not choose an option, your future contributions and accumulated
balance will be invested in the RBF Actively Managed option.
Your funds will remain invested in the RBF Actively Managed option until
you make a choice.
Disclaimer: This webpage contains general information only. It is not intended to be and should not be relied upon as legal, financial or other advice. It has been prepared without taking into account your objectives, financial situation or needs. You should consider whether this information is appropriate to your circumstances. Talk to a financial advisor and read the Member Investment Choice brochure before making a decision based on the information on this webpage.
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