Tasmanian super funds seek insurer

The Tasmanian Treasury will soon start the search for an insurer to take over the mandates of two small public sector superannuation funds.

The State Fire Commission Superannuation Scheme (SFCSS) and the Tasmanian Ambulance Service Superannuation Scheme (TASSS) are expected to open tender this month.

The contract is to provide life and income protection insurance (death, permanent incapacity, terminal illness and temporary incapacity cover) for an eight-year period, expected to start July 2020.

Superannuation Commission (a branch of the department of Treasury and Finance) is the trustee of the Retirement Benefits Fund which has five sub-funds including SFCSS and TASSS.

Both funds are defined benefit schemes that are closed to new members.

SFCSS has 85 members and $33 million and the TASSS has $57 million and 116, according to annual reports ending June 2018.

The procurement is a covered procurement and is likely to be subject to the provisions of one, or several of the Free Trade Agreements, the Tasmanian Treasury said.

Read more: SFCSSTASSSmandatelife insurerdefined benefitState Fire Commission Superannuation Scheme
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