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RBF Member News

Retirement Benefits Fund

RBF Member News

December 2010

In this edition

Holiday office hours

New Year – New RBF

Market update


2 RBF Member News December 2010

Inside

this issue

2

3

4

5

6

7

8

From the CEO

What do you think

Financial literacy seminars

Changes to your RBF Board

Fundamentals

New website

New year – New RBF

Who is your beneficiary

Member profile

SuperNews

Have your circumstances

changed

Market update

Investment returns

Investment returns (continued)

Holiday office hours

Contacting RBF

What do

you think

RBF undertakes market research to

help improve our services to you. Our

recent measurements indicate that in

the area of member advocacy, RBF

meets the average national standard.

If you have feedback to help RBF

improve further, please contact us

by emailing super@rbf.com.au,

or phoning 1800 622 631.

On the cover

Rob (Sergeant), RBF member

From the CEO

Welcome to the December edition

of RBFMember News’.

Accompanying this issue of ‘Member

News’ is a letter to members from

the RBF President, Damian Egan

in which he outlines the important

development phase that RBF is now

experiencing. I encourage you to read

it and the information contained in this

issue of the newsletter to help keep

you informed.

I joined RBF as Chief Executive

Officer a few weeks before the

Board’s decision that the transition to

Mercer (Australia) Pty Ltd of member

administration, member contact and

some communications functions

would be completed by June 2011.

Since then, achieving the Board’s

timetable for this transition has been,

and will continue to be one of my

highest priorities.

RBF employees have been aware

for some time that outsourcing

the administration platform was

the preferred solution to the

considerations being undertaken

regarding RBF systems. Earlier this

year, employees were advised of the

degree of job losses at RBF, their

individual status, their entitlements and

the support that is available to them

through this transition. I am pleased to

say that affected RBF employees have

responded exceptionally well to this

situation and most have committed

to stay with RBF until the transition to

Mercer in order to maintain business

as usual services to our members.

Mercer has also indicated that it

may employ some ex-RBF staff with

experience of our schemes in its

Hobart office after the transition is

completed. RBF employees are being

encouraged to consider this option

to allow some of our accumulated

expertise to be utilised by Mercer.

I am confident that after the

transition to Mercer, our members

should experience no reduction in the

quality of the service provided and

will experience an improvement.

But importantly, this change is taking

place to ensure that in the future, the

risk of system failure resulting in an

inability to undertake transactions, or

loss or corruption of member data,

or inability to change our systems

to meet Commonwealth legislative

changes, will be greatly reduced.

RBF will ensure that potential

concerns about service standards

and quality assurance, especially as

they relate to the Mercer call centre,

are resolved. Our commitment and

values around member service will

not be compromised.

RBF members can also look

forward with confidence to the new

sophisticated processing system called

MercerSpectrum. This will be used by

employer agencies and will deliver a

significant improvement to turn around

times and efficiency with respect to

information provided by agencies to

RBF. For members, this will mean faster

processing of benefit payments.

My best wishes for the festive

season and may you and your

family enjoy a wonderful and

safe holiday period.

Philip Mussared

Chief Executive Officer


RBF Member News December 2010 3

Financial Literacy seminars

Fundamentals

Louise Pybus, one of RBF’s Business

Relationship Officers recently hosted

three Financial Literacy seminars for

Australian Nursing Federation (ANF)

members, in Devonport, Hobart and

Launceston. The evening seminars

provided ANF members with the

opportunity to learn about important

topics such as investment choices and

the increasing cost of living.

A representative of the Public Trustee

attended the sessions as Louise’s

guest, and presented information to

members about Wills, Estates, and

Enduring Powers of Attorney.

Members were given the opportunity

to have an informal chat with Louise

after the sessions.

Do you work in health or human

services If you would like Louise

to run a seminar at your workplace,

contact her on (03) 6336 4416 or

louise.pybus@rbf.com.au

Changes to your RBF Board

RBF would like to thank Andrea

Schiwy who was a member of the

RBF Board from 13 September 2004

until 31 October 2010. Andrea was the

Deputy President of the Board and a

Nominee of the Minister.

New website

The new-look RBF public website was

launched in September. If you have

any queries or comments on the site,

please use the link on the “Contact us”

page under “About RBF” to email us.

The secure section of the website will

also be redesigned in the near future.

This is what you see when you log in

to view your account details.

If you have any comments or

suggestions on what you would

Jamie (Registered Nurse),

RBF member and Louise Pybus,

RBF Business Relationship Officer

take a look at some of Jamie’s

investment options.

We would also like to welcome Don

Challen to the RBF Board. Don has

been appointed as a Member and

Deputy President of the RBF Board

with effect from 1 November 2010

until 31 October 2013.

like to see changed to improve your

user experience, please email

super@rbf.com.au, and put

“secure site” in the subject heading.

Thinking about

leaving the

public sector

Here are a

few things to

consider…

Changing

employment can

be very stressful.

However, today

it is becoming

more common

to hold a number

of positions over

your lifetime.

Tony Hart,

RBF Financial

Planner

If you are thinking of accepting a

position outside of the Tasmanian

public sector, you will be facing some

major considerations in relation to your

superannuation that you might not be

aware of.

For example, if you are a member of

the RBF Contributory Scheme who

joined RBF prior to 1 July 1994, your

pension conversion factor will be

reassessed if you choose to leave the

public sector prior to your preservation

age. The result could be a less

favourable retirement income.

As a RBF member, you automatically

receive personal insurance in most

situations. Upon resigning, or ceasing

to use RBF as your superannuation

provider, your Death and Incapacity

Cover will cease on your last day of

membership.

RBF Financial Planning offers full advice

to all RBF members and their partners.

Our Financial Planners are able to

help you achieve all of your financial

goals and objectives, not just provide

superannuation advice. We can also

make you aware of any risks you may be

facing, or opportunities available to you.

Book an appointment with one of

our Financial Planners by calling

1800 622 631.

RBF Financial Planning Pty Ltd (ABN 17 094 816 412,

AFS Licence No 239171) is a wholly owned subsidiary

of RBF and operates as a separate legal entity.


4 RBF Member News December 2010

New Year –

New RBF

The Retirement Benefits Fund (RBF) has

a proud history of serving Tasmanian

public sector employees with retirement

planning and superannuation. RBF

provides wealth creation services to

more than 75,000 Tasmanian public

sector employees and their partners

through the administration of a

number of superannuation schemes

and retirement income products.

The Retirement Benefits Fund Board

(the Board) manages $3.6 billion in

investments by engaging 28 specialist

investment managers.

In its forward planning and governance

role, the RBF Board is aiming to achieve

sustainable value to RBF members and

stakeholders, effective risk management

and efficiency through infrastructure

and systems.

A key factor for the Board has been

RBF’s ageing administration systems.

At the same time, RBF is seeking to

improve its long term competitiveness.

So, it was with risk minimisation

foremost in the Board’s thinking,

that in April of this year, the Board

took the decision to appoint Mercer

(Australia) Pty Ltd to manage member

administration, member contact and

some related communications, with

transition of these functions to Mercer to

be finalised by 30 June 2011.

Who is Mercer

RBF chose to outsource to Mercer

(Australia) Pty Ltd because it is the

largest defined benefit administrator in

Australia and a global leader of trusted

human resources and related financial

advice, products and services. Our

members can have confidence that

RBF’s administration platform will be

provided by the most experienced

platform administrator in Australia.

Will there be a difference in

the letters and brochures that

I receive

Information such as letters, forms and

brochures will continue to be sent

to members using RBF branding so

they can be easily recognised as RBF

communications.

Can I still come in to speak

to a staff member

Face-to-face meetings with

Superannuation Consultants and

Financial Planners will continue to

be available to members in Hobart,

Launceston and around Tasmania.

What will happen to RBF’s

workplace service

The move to outsource our

administration will not affect the RBF

Business Relationship Officers. Based

in Hobart and Launceston, they will

continue to deliver services at your

workplace such as individual meetings

and group presentations and will

continue to assist with your queries.

Will the RBF head office stay at

39 Sandy Bay Road

RBF owns the building at 39 Sandy

Bay Road and we have no plans to

move. However, accommodation

arrangements in both Hobart and

Launceston will be assessed in the best

interests of members between now and

the end of the financial year.

Can I continue to contact RBF

in the same way

The Mercer call centre in Melbourne

will provide telephone support to

RBF members about their accounts.

Operators will be trained in RBF

schemes and will have access to

state-of-the-art Information Technology

support to respond quickly and

accurately to member queries about

their accounts.

The RBF postal address will not change.

Will anyone at RBF lose

their jobs as a result of the

outsourcing

Yes, some employees will be made

redundant. Employees were advised

of job losses at RBF earlier this year

but we are pleased to say that most

have committed to stay with RBF until

the transition to Mercer in order to

maintain business as usual services

to our members. There may also be

opportunities for RBF employees in a

Mercer Hobart office after the transition

is completed.

Who will be running RBF

RBF is, and will continue to be governed

by a Tasmanian Board of Trustees,

responsible for administering the fund

in the best interests of members and in

accordance with the relevant legislation.

The Board consists of seven people,

two elected by the members of RBF,

three nominated by the Tasmanian

Government, one nominated by Unions

Tasmania and the President, who is

nominated by the Government with the

agreement of Unions Tasmania.

When will the switch to Mercer

take place

The transition to Mercer will begin in

early May 2011 and be completed by

30 June 2011.

Who do I call if I would like

more information

Call RBF on 1800 622 631

Who is your beneficiary

If you die before you retire your Death Benefit will be paid to

your surviving partner or registered carer, unless you have

registered a valid election with RBF to have all or part of your

benefit paid to your estate.

Therefore, it is extremely important to register any changes in

your relationship status with RBF.

For more information, or to make an election, download

the ‘Who will receive my RBF Death Benefit’ brochure

from www.rbf.com.au

If your relationship status has changed, call us on

1800 622 631 or download the ‘Personal details

change form’ from www.rbf.com.au


RBF Member News December 2010 5

Building relationships

from the beginning

Member profile

Emily is a grade two teacher at

Lansdowne Crescent Primary School.

Emily was born in Hobart, but as a

child she spent time on the North West

coast of Tasmania, before returning to

Hobart to continue her education.

Before joining RBF two years ago,

Emily hadn’t heard much about

superannuation. She had contributed

small amounts to another fund whilst

working part time throughout her

studies, but because she was young,

Emily never really considered her

superannuation as an important issue.

“When I was thinking about joining

RBF, I spoke with colleagues, friends

and family, and everyone said that

RBF is a trustworthy fund,” Emily said.

“A member of my family even said

that they wished they were a RBF

member because of how the fund

has performed over recent years in

comparison to other funds.”

“That really helped me to make

my decision, and I haven’t been

disappointed,” she said.

Part of the personal service that Emily

has received as a member of RBF has

included a visit to her workplace by

Phil Claxton, one of RBF’s Business

Relationship Officers.

“Before Phil came to my school I knew

my money was going somewhere, but

I didn’t really think about it. No other

company has actually spoken to me,

no one else has visited my workplace.

Your super provider is like a bank.

You’ve got to trust who’s looking after

your money,” she said.

As a young person Emily hadn’t

considered that extra contributions

were really applicable to her. After Phil’s

presentation, Emily realised that the

cost of living is increasing dramatically.

“By the time I’m retired, I’ll need that

money more than ever,” she said.

“Phil spoke to me about salary

sacrificing and he worked with me

until we found a point where I broke

even with my take home pay. I thought,

what’s the harm”

“We don’t get taught about

superannuation at school, so generally

young people are unaware of the

need for it. Thankfully I have had

people looking out for me so I have

that peace of mind.”

Since speaking to Phil, Emily has

made an appointment to speak to

one of RBF’s Superannuation

Consultants to make sure that her

extra contributions are enough

to ensure her ultimate lifestyle in

retirement.

It is never too early

to think about the

future, and I feel very

assured knowing that

RBF are doing all

that they can

to secure mine.

Emily (Teacher), RBF member

SuperNews

Have your circumstances changed

SuperNews is an electronic quarterly

newsletter that provides up to date

superannuation and market news, as

well as newsflashes about important

events. SuperNews is a free

subscription service offered by RBF.

To subscribe, log in to the secure

Member section of www.rbf.com.au

and click on the subscription link in

the left hand menu.

Did you recently:

marry

start or end a defacto relationship

divorce

change jobs

change your name

All of these circumstances and more

can affect your superannuation.

It is extremely important that you let

us know as soon as possible if any

of your circumstances change. Do not

assume that your employer will pass

on any changes to RBF.

Call us on 1800 622 631 or download

the ‘Personal details change form’

from www.rbf.com.au


6 RBF Member News December 2010

Market update

Macro news drives

market sentiment –

up, down, up!

The September quarter kicked off with

an increase in investor risk appetite.

This was in part driven by strong profit

announcements in the US and better

than expected news on the health of

European banks. But this confidence

soon changed in response to broad

economic concerns following weak

data coming out of the US, particularly

housing starts. In September, these

concerns began to subside following

a strong stand being taken by the US

authorities, and relief that all seemed

well in China.

On the domestic front, good economic

growth data had a positive impact on

market confidence, and the finalisation

of the Australian Federal Election result

provided some stability to previously

uncertain political outcomes. It was a

very strong quarter for the Australian

Dollar, which ended September at US

0.97 cents.

Australian shares returned 8% for

the September quarter despite the

Telecommunications sector down

14% over the quarter, due to the

negative performance of Telstra, which

was impacted by the uncertainty

surrounding the National Broadband

Network. Listed Property Trusts

delivered a solid 4% over the quarter.

Global share markets in local currency

terms ended the quarter up 10%, but

a very strong Australian dollar saw the

returns to Australian investors down 1%.

Interest rates

Interest rates on overseas Government

bonds finished the quarter lower,

following a policy statement from the

Federal Reserve that led investors to

believe that the central bank would

continue to keep interest rates low

– close to zero. In contrast, interest

rates in Australia remained unchanged

due to the relative strength of the

Australian economy. Contrary to

market expectation, the Reserve Bank

of Australia kept cash rates on hold.

Looking forward

As has been the case for many

months, investors appear to react to

short term macro announcements with

little confidence in the longer term.

While sentiment has been positive

of late, concerns remain around the

excessive levels of Government debt,

as well as the problems facing the

US labour and housing markets.

The strong domestic economy has

led to the market expectation of future

interest rate rises by the Reserve Bank.

This, along with rising commodity

prices, continued to support the value

of the Australian Dollar.

In this market, there seems to be a

number of market distortions which

offer opportunities for long term

investors, provided they can ride

the waves of positive and negative

sentiment. This is the strategy that is

adopted by the Board.

Market Performance – September 2010

Performance

(income and capital gain or loss %)

3 months 12 months

Australian Shares (S&P/ASX 300 Accumulation) 8.3 0.7

International Shares (MSCI AC World ex-Aust) -0.4 -0.7

International Shares (MSCI AC World ex-Aust) hedged 10.2 10.4

Unlisted Property 1.3 2.2

Listed Property Trusts 3.8 -4.5

Global Bonds (Barclays Global Aggregate (Hedged)) 3.5 11.0

Australian Bonds (UBS Composite Index) 1.3 7.3

Cash (UBS Bank Bills) 1.2 4.3

Appreciation of $A against $US 14.6 9.7

Market Commentary JANA Investment Advisers Pty Ltd ABN 97006 717 568 and reproduced with kind permission.

Past performance is not a reliable indicator of future performance.


RBF Member News December 2010 7

Our Financial Planner

highlighted options

for our consideration

that otherwise would

not have been part of

our thinking.

John (Retiree) and Robyn (Manager),

RBF members

Investment returns to 31 October 2010

RBF Investment Account and

RBF-TAS SG Account

Member Investment

Choice option

Diversified options:

RBF Long Term

Growth

RBF Actively

Managed (default)

RBF Socially

Responsible

Investments

RBF Moderate

Growth**

RBF Conservative

Growth

Asset class

options:

RBF Australian

Shares

RBF International

Shares

RBF Property &

Alternatives

1 month

%

12 months

%

2009-10*

%

2.11 5.95 11.70

1.62 6.88 9.94

1.28 5.85 11.26

1.16 n/a n/a

0.91 8.01 10.41

2.63 3.75 15.91

2.81 8.35 12.24

0.19 5.68 -0.72

RBF Fixed Interest 0.26 10.36 10.13

RBF Cash 0.34 3.77 3.27

* These figures apply to the financial year ending 30 June 2010.

** This option opened on 18 August 2010.

Past performance is not a reliable indicator of future performance.

RBF Allocated Pension and

RBF Term Allocated Pension

Member Investment

Choice option

Diversified options:

RBF Long Term

Growth

RBF Actively

Managed (default)

RBF Socially

Responsible

Investments

RBF Moderate

Growth**

RBF Conservative

Growth

Asset class

options:

RBF Australian

Shares

RBF International

Shares

RBF Property &

Alternatives

1 month

%

12 months

%

2009-10*

%

2.22 7.86 12.85

1.73 8.18 10.51

1.39 7.02 11.11

1.29 n/a n/a

1.03 9.40 11.09

2.72 6.34 17.86

3.12 9.25 11.49

0.21 6.57 -0.47

RBF Fixed Interest 0.31 12.29 12.01

RBF Cash 0.40 4.45 3.86

* These figures apply to the financial year ending 30 June 2010.

** This option opened on 18 August 2010.

Past performance is not a reliable indicator of future performance.


8 RBF Member News December 2010

Investment returns for closed

options to 31 October 2010

The following investment options were closed to further investments on 18 August 2010

and removed from the list of Member Investment Choices on 5 November 2010. For

more information, see the ‘Important Changes to Member Investment Choice’ article

on the home page of www.rbf.com.au, or refer to your September ‘Member News’.

RBF Investment Account and RBF-TAS SG Account

Member Investment Choice option

1 month

%

12 months

%

2009-10*

%

Diversified options:

RBF Diversified Growth 1.68 7.29 12.63

Manager specific options:

State Street Balanced Index 1.57 6.94 13.83

State Street Australian Shares Index 2.56 5.81 16.16

Maple-Brown Abbott Balanced 1.78 3.78 11.63

Maple-Brown Abbott Aust Shares 2.53 2.62 17.32

*These figures apply to the financial year ending 30 June 2010.

Past performance is not a reliable indicator of future performance.

RBF Allocated Pension and RBF Term Allocated Pension

Member Investment Choice option

1 month

%

12 months

%

2009-10 *

%

Diversified options:

RBF Diversified Growth 1.82 8.82 13.13

Manager specific options:

State Street Balanced Index 1.71 8.35 13.73

State Street Australian Shares Index 2.69 9.06 16.70

Maple-Brown Abbott Balanced 1.94 5.44 11.39

Maple-Brown Abbott Aust Shares 2.66 4.97 17.97

*These figures apply to the financial year ending 30 June 2010.

Past performance is not a reliable indicator of future performance.

RBF look after you

from the moment you

walk in the door.

Josh (Apprentice mechanical fitter),

RBF member

Disclaimer

The RBF Board is the trustee of the RBF. Any general

advice contained within this newsletter has been

prepared without taking into account your objectives,

financial situation or needs. Because of that, you

should, before acting on that advice, consider

whether it is appropriate for you, having regard for

your objectives, financial situation and needs.

Before you make a decision whether to hold an

RBF product, obtain a copy of the relevant RBF

documentation, available at www.rbf.com.au,

and read it carefully. You should also consider

talking to a financial adviser.

This newsletter was current at the time of publication

but is subject to change without notice. If there are

any mistakes or omissions in the information, we

reserve the right to correct those errors or omissions.

The governing rules of RBF prevail over any

misstatement in this newsletter.

Holiday office hours

Contacting RBF

This year RBF staff will be having

a well deserved break over the

festive season.

The RBF offices in Hobart and

Launceston will close at 12 noon on

24 December, and will reopen at

8:30am, 4 January 2011.

During this time, you can still access

your account summaries after logging

in at www.rbf.com.au

If you haven’t registered for member

access to the secure part of the site,

please do so by 20 December to

ensure your access is approved

before the festive break.

We hope that you and your

family have a wonderful

holiday period, and we’ll

see you in 2011.

Visit:

Email:

www.rbf.com.au

super@rbf.com.au

Phone: 1800 622 631

Fax: (03) 6233 3357

Write: Reply Paid 446

Hobart TAS 7001

Office:

39 Sandy Bay Road, Hobart

Level 1, 87 George Street,

Launceston

101561

AL/N/00102 (V12-11/10)

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