UniSuper Contribution Rates

Employer Contributions

The University contributes 17% of your superannuation salary into UniSuper for both academic and general staff with the following exceptions:

• Existing State Super – contributions paid into State Super plans
• Pre 1991 general staff who elected not to contribute into UniSuper or State Super
• Part-time staff members with a service fraction of less than 10%
• Casual staff members

Optional Categories:

• General staff who are classified as HEO 1 – HEO 4
• Fixed-term staff members who are appointed for less than 2 years
• Staff members aged over 70
• Staff members aged 75 and over
• Transition to retirement

Allocation
The 17% employer contribution is allocated as follows:

• 14% - Division B Defined Benefits (or Division C for those members who have opted out of Defined Benefits)
• 3% - Division D Accumulation (formerly 3% 1988 Accord alternatively known as TESS – Tertiary Education Superannuation Scheme).

Investment Choice
Whether you have elected Defined Benefits or not, you still have a component of your superannuation for which you need to make an investment choice. There are a number of investment options with the UniSuper plan which are detailed on the UniSuper website under Investments.

If you do not make a selection, UniSuper will invest your accumulation account in the balanced investment option.

Categories

Pre 1991 general staff who elected not to contribute into UniSuper

In 1991, general staff, not members of a State Super plan, were given the option to contribute into UniSuper (prior to this date the plan only covered Academic staff). At that time, a number of general staff elected not to make contributions to superannuation and their membership of UniSuper continues to be covered by the 9% employer contribution which is paid into Division D.

General staff members who would like to reconsider their member contributions can elect to join the Defined Benefit Division or the alternate Accumulation (2) Division C.

Part-time staff members

If you are a part-time staff member with a service fraction of less than 10%, employer contributions of 9% are paid into the Accumulation Division D, no member contributions.


Casual staff members

If you work with the University on a casual basis and your monthly salary exceeds the legislative threshold, your employer contributions of 9% are paid into the Accumulation Division D, no member contributions.

Welcome. Product disclosure statement for Accumulation Super (1) members

General Staff who are classified as HEO 1 – HEO 4

General staff members classified HEO 1- 4 have the option to contribute into UniSuper as follows:

• HEO 1 & 2 have member contribution options of 0%, 3.5% or 7% with respective employer contributions of 9%, 10% (7% default into Division B Defined Benefit & 3% accumulation into Division D) and 17% (14% default into Division B Defined Benefit & 3% accumulation into Division D).
• HEO 3 & 4 have member contribution options of 3.5% or 7% with respective employer contributions of 10% (7% default into Division B Defined Benefit & 3% accumulation into Division D) and 17% (14% default into Division B Defined Benefit & 3% accumulation into Division D).

Those new employees over 65 years can only join the Accumulation 1 Fund.

Member Booklet
It is important that you complete the correct application form for your personal situation:

Welcome. Product disclosure statement for Accumulation Super (1) members
If you elect 0% member contribution.

Welcome. Product disclosure statement for Defined Benefit Division and Accumulation Super (2) members and supplementary PDS
If you elect 7% or 3.5% member contribution.

Fixed-term staff members who are appointed for less than 2 years

The following superannuation contributions apply for staff members employed on a fixed-term contract of less than two years:

• Fixed-term contracts over 12 months but less than two years. Staff Members who have employer contributions of 9% which is paid into the UniSuper Accumulation Division D fund on behalf of the member. Any additional voluntary (member) contributions are also paid into the Accumulation Division D fund;
  Staff members who have an employer contribution of 17% which is paid into the member’s UniSuper account as follows: 14% default paid into Defined Benefit Division B and 3% accumulation into Division D. In addition the member default is 7% on top of the 17% already paid and this is paid into the Defined Benefit Division B fund. The member may choose to either reduce the 7% or opt out of making this contribution within the first 12 months of the fund commencement.
• Fixed-term contracts of less than 12 months. Employer contributions of 9%, no member contributions available.

Those new employees over 65 years can only join the Accumulation Fund.

Member Booklet
Staff members employed on a fixed term contract between 12 months and 2 years must make sure they complete the correct application form.

Welcome. Product disclosure statement for Accumulation Super (1) members
If you elect 0% member contribution.

Welcome. Product disclosure statement for Defined Benefit Division and Accumulation Super (2) members and supplementary PDS
If you elect 7% member contribution.

Staff members aged over 70

Government legislation prescribes different superannuation provisions for individuals aged over 70. However, the University allows the staff member to continue to receive 9% or 17% and also make member contributions.


Staff members aged 75 and over

From aged 75 onwards member contributions can no longer be received by the fund.


Transition to retirement

Members receiving the transition to retirement pension will continue to receive 17% paid into their Accumulation 1 fund and can no longer make member contributions.

UniSuper Guide to Pensions and supplementary PDS

If you require a hardcopy booklet please Contact the HR Service Centre