The Tasmanian Accumulation Scheme (TAS) is a fully-funded accumulation style superannuation scheme. Your benefit is represented by investments and cash and is fully portable.

As a member of TAS, you can:

• choose from a range of Member Investment Choice options (MIC);
• choose an appropriate level of death and ill health insurance cover;
• take an Allocated Pension when you retire;
• open an RBF Investment Account for your partner; and
• take a Life Pension (subject to eligibility).

Who can be a member of TAS?

What will my employer contribute?

Can I contribute?

Can I choose how my money is invested?

What happens to my money if I resign?

What happens when I retire?

What tax will I pay when I retire?

Who can be a member of TAS?

Members of TAS include:

• persons who commenced employment in the State Public Sector on or after 15 May 1999;
• members of the closed Non-Contributory Scheme who were transferred to TAS on 25 April 2000;
• Members of Parliament and Statutory Officers who were appointed after 30 June 1999;
• all other Members of Parliament and Statutory Officers who elect to join TAS;
• RBF superannuants with money in the RBF Investment Account;
• RBF superannuants who receive an Allocated Pension; and
• Partners of TAS members.

What will my employer contribute?

If you are a public sector employee and belong to the Tasmanian Accumulation Scheme, you will have a RBF-TAS SG Account.

Your employer will contribute the equivalent of 9% of your salary into your RBF-TAS SG Account.

These contributions count towards your annual Concessional Contributions Limit.

Can I contribute?

If you were appointed as a Public Sector employee on or after 15 May 1999, you pay 5% into the RBF Investment Account unless you elect to pay more, less or none at all. These contributions count towards your annual Non-concessional Contributions Limit. The Federal Government, Public Sector unions and the RBF Board actively encourage you to keep paying at least 5%.

Superannuation experts advise that your total super savings need to be at least 12-15% of your salary every year for 40 years to have a reasonable retirement income. Your savings include your personal contributions and your 9% employer contributions.

You may also consider making salary sacrifice payments to the RBF Investment Account. In addition, your superannuation savings from other funds may be rolled over into the RBF Investment Account.

Can I choose how my money is invested?

There are a range of Member Investment Choice (MIC) options. You can invest your super in one option or a combination of options. This applies to both your employer Superannuation Guarantee Contributions which go into the RBF-TAS SG Account and to any contributions you are making into the RBF Investment Account.

If you do not choose an option, your funds are invested in the RBF Actively Managed option.

For further information:

• look at the Member Investment Choice section;
• ask for a free brochure on MIC;
• contact us to arrange a free personal interview.

What happens to my money if I resign?

If you resign or receive redundancy from the Tasmanian Public Sector and you are under the preservation age, your RBF-TAS SG Account balance is transferred to your RBF Investment Account. You may rollover all or part of the money to another complying superannuation fund.

If you are working outside the Public Sector, you may continue to make non-concessional (personal) contributions to the RBF Investment Account. This is subject to satisfying certain conditions. These contributions will count towards your Non-concessional Contributions Limit.

By law, certain superannuation benefits must be maintained in a super fund until the member reaches preservation age and retires from the work force.

Once you reach your preservation age, you may choose to commence Transition to Retirement using funds in your RBF Investment Account.

What happens when I retire?

When you reach preservation age and retire, you are entitled to a benefit equal to the balance of your account. The benefit may be used to purchase a range of retirement products. The Planning Retirement section has some useful information on this topic. You may also be entitled to make contributions to the RBF Investment Account.

What tax will I pay when I retire?

When you reach preservation age and choose to access your benefit, taxation will be determined by both your age and the type of benefit you choose to access.

Super benefits coming from TAS or the Investment Account will become tax exempt when you reach age 60.

This includes all Allocated Pensions and any RBF Life Pensions commenced with funds from the Investment Account.

If you retire and access your super benefit prior to age 60 you will continue to pay some tax until your 60th birthday.

The table below shows the impact of taxation to member's benefits:

* Taxation rates and thresholds effective 1 July 2008 and are subject to change.