Industry fund members make early choice of fund

Nine months before choice of funds legislation comes into force, at least one industry fund has seen large numbers of fund members moving either to master funds or setting up their own self-managed funds. Tasplan, which covers 92,000 employees in various Tasmanian industries, has seen an escalation from hardly any withdrawals from its fund to 40 members a month, despite an investment performance which is showing crediting of between 12.7 per cent for its balanced portfolio option and 19 per cent for its equities option in the year to June 30. The fund's general manager, Neil Cassidy, said the triggers for the switches were not retirement, redundancy or job termination but rollovers to a self-managed super fund.