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Tasmania Public Sector Superannuation Commission
The Tasmania Public Sector Superannuation Commission traces its roots to 1904, when the state established one of Australia's earliest public-sector pension...
Tasmania Public Sector Superannuation Commission
The Tasmania Public Sector Superannuation Commission traces its roots to 1904, when the state established one of Australia's earliest public-sector pension arrangements. Today the Commission operates as a branch within the Tasmanian Department of Treasury and Finance, with the sole Superannuation Commissioner appointed by and reporting directly to the State Treasurer. Evelyn Horton assumed the Commissioner role in October 2020, overseeing the legacy defined-benefit obligations of the Retirement Benefits Fund (RBF), which closed to new members in 1999 and shifted its accumulation business to Tasplan (now Spirit Super) in 2017. The Commission's investment portfolio spans Australian equities, global equities, fixed income, property, and alternative assets, with an allocation shaped by the long-dated liability profile of a maturing defined-benefit pool. Direct property holdings include 21 Kirksway Place in Hobart, a commercial asset held on the Commission's balance sheet. The fund accesses alternatives through vehicles such as the JANA Tailored Trust, reflecting a manager-of-managers approach. JANA Investment Advisers serves as the primary asset consultant, advising both the Commission and Spirit Super, creating an unusual continuity of investment thinking across Tasmania's bifurcated public-sector retirement system. The Office of the Superannuation Commission maintains offices in Launceston and Hobart, with professional staffing embedded within the Treasury department rather than a standalone investment office. The Commission does not publicly disclose total assets under management, though the closed RBF pool represents a multi-billion-dollar liability stream. The relationship with Spirit Super — which absorbed the accumulation members — means the Commission now functions primarily as a runoff vehicle for legacy defined-benefit promises, with cash flows calibrated to an aging membership base. JANA's advisory mandate provides the Commission with institutional-grade manager selection and asset allocation capabilities that would be difficult to replicate in-house at its scale. The Commission's structural differentiator is its position as a closed defined-benefit runoff vehicle embedded within a state treasury — an architecture that prioritizes liability matching and capital preservation over growth. Unlike open public-sector funds that compete for members and manage accumulation flows, the Commission operates with a finite, declining participant pool and a mandate focused on certainty of benefit payment. The appointment of a single Commissioner, rather than a board, concentrates fiduciary accountability in one statutory officer who reports to the Treasurer, a governance model distinct from the trustee-board structure common among Australian superannuation funds.
General information
Firm type
Pension Fund
Year founded
1904
Location
Region
Oceania
Country
Australia
City
Launceston
Corporate office
Launceston, Tasmania, Australia
Additional offices
Hobart, Tasmania, Australia
Principals
Evelyn Horton
Superannuation Commissioner
Sector focus
Frequently asked questions
Who runs investment decisions at the Tasmania Public Sector Superannuation Commission?
The sole Superannuation Commissioner, Evelyn Horton (appointed October 2020), holds statutory responsibility for the Commission's investment decisions. Day-to-day asset allocation and manager selection are executed with the support of JANA Investment Advisers, the Commission's primary asset consultant. The Commissioner operates within the Tasmanian Department of Treasury and Finance and reports directly to the State Treasurer.
How is the Commission structured relative to Tasmania's broader superannuation system?
The Commission is a branch within the Tasmanian Department of Treasury and Finance, not an independent trustee entity. It manages the Retirement Benefits Fund (RBF), a defined-benefit plan that closed to new members in 1999. In 2017, the accumulation membership of RBF transferred to Tasplan, which subsequently merged into Spirit Super, leaving the Commission focused solely on legacy defined-benefit obligations.
Does the Commission participate in fund commitments or only direct investments?
The Commission accesses alternatives through pooled vehicles managed by external fund managers, including the JANA Tailored Trust, rather than making direct fund commitments independently. JANA Investment Advisers constructs and monitors the manager lineup, reflecting an implemented-consulting model. The Commission holds some direct assets, notably the commercial property at 21 Kirksway Place in Hobart.
What is the Commission's relationship with JANA and Spirit Super?
JANA Investment Advisers serves as the primary investment consultant to both the Commission and Spirit Super, the fund that absorbed RBF's accumulation members. This dual advisory role — established through the 2017 transfer of RBF's accumulation business — creates continuity in investment philosophy across Tasmania's legacy defined-benefit and active accumulation pools, though the two entities maintain separate governance and member bases.
What investment stages or asset classes does the Commission typically target?
The Commission targets a diversified multi-asset portfolio focused on Australian and global equities, fixed income, property, and alternative assets. As a closed defined-benefit runoff vehicle with a maturing membership, the portfolio skews toward liability-matching strategies and capital preservation rather than aggressive growth. Direct property holdings and the JANA Tailored Trust represent known positions within the alternatives allocation.
How is the Commission governed, and who appoints the Commissioner?
The Superannuation Commissioner is a statutory officer appointed by and reporting directly to the Treasurer of Tasmania. The current Treasurer is Eric Abetz. This governance model concentrates fiduciary accountability in a single officeholder, distinct from the trustee-board structure typical of Australian superannuation funds. The Commission operates within the Treasury department rather than as a standalone statutory authority.
Does the Commission maintain any philanthropic structures or separate investment vehicles?
The Commission does not maintain philanthropic structures. Its sole mandate is the administration and investment management of the legacy defined-benefit obligations of the Retirement Benefits Fund. The Commission is affiliated with Women in Super through its advisory relationship with JANA, but this is a professional network connection rather than a direct philanthropic commitment.
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