Superannuation
Superannuation contributions became compulsory for employers in 1986 with the introduction of an award rate of 3%. Superannuation Guarantee contributions were introduced on 1 July 1992 and are currently set at 9%.
Superannuation Funds
Super SA (http://www.supersa.sa.gov.au)
- Pension Scheme - this has been closed to new members since 31 May 1986
- Lump Sum Scheme - this has been closed to new members since 3 May 1994
UniSuper (http://www.unisuper.com.au)
UniSuper is the industry superannuation fund for Australia's higher education and research sector. Membership of UniSuper is a condition of employment as determined by the relevant Collective Agreement and the staff member's Employment Agreement with the University.
UniSuper Plans:
- Defined Benefit Division
- Accumulation 1
- Accumulation 2
Joining criteria and contribution rates
The UniSuper superannuation fund that employees are required to join will depend on the following criteria:
Defined Benefit Division / Accumulation 2 (DBD / Accum2)
-
Commenced employment after 1 January 1992
-
Non-casual employment
-
Recurrent funded position
-
Service fraction 0.5 or greater
-
Continuing position or continuous non-casual contracts of more than 18 months
-
Classification HEO3 or above
NB: Optional membership may be available to different categories of employees and employment contracts that do not meet the above criteria. Optional membership is also available to staff employed under the Security and Grounds Staff Enterprise Agreement 2005. Please contact the University Superannuation Officer for further details.
Contributions rates
-
Member - 7% of post tax salary or 8.25% of pre-tax salary (salary sacrifice)
-
University - 14% of salary to the DBD / Accum2
-
University - 3% of salary to Accum1
Variation to contributions
Members have the option under Contribution Flexibility to nominate the percentage they wish to pay. If you would like further information on contribution flexibility please refer to the UniSuper website.
-
Members on a salary classification HEO1-4 have the option to apply for half contribution membership at 3.5% of salary in lieu of 7% of salary. For further information please contact the University Superannuation Officer.
Accumulation 1 (Accum1)
-
Continuing or fixed term employment contracts that do not meet the criteria for membership to the DBD / Accum2
-
Casual staff
Contribution rates
-
University - 9% for Casual staff and staff that do not satisfy the membership criteria for the DBD / Accum2, or
-
University - 3% for staff who qualify for UniSuper Award payments
-
University - 3% for members of the DBD / Accum 2 who have not elected contribution flexibility
Can I make voluntary contributions to superannuation?
Members of UniSuper or Super SA have the option to make additional voluntary contributions to their superannuation at any time. Further information is available by contacting the University Superannuation Officer or from the following links.
Salary sacrifice
The University offers staff members the opportunity to salary sacrifice superannuation contributions into some superannuation funds. Salary sacrifice is also referred to as pre tax or before tax contributions.
Salary sacrifice contributions can only be made prospectively, ie. in respect of earnings for work not yet undertaken, and will only be effective once the form is received and accepted by Payroll.
Personal superannuation contributions are currently exempt from fringe benefits tax however they will be included in the Reportable Employer Superannuation Contributions (RESC) figure reported on the Annual Payment Summary. Salary sacrifice contributions will also count towards your Concession Contribution Cap.
Salary sacrifice contributions also count towards your Concession Contribution Cap limit, which also includes employer contributions paid on your behalf. These contributions receive concessional tax treatment when received by the fund. Contributions in excess of this limit will incur additional tax. For information regarding your Concessional Contribution Cap including your current position and if you are likely to exceed the limit, please contact UniSuper, as the University cannot monitor this or provide this information.
For further information please refer to the following links:
General information:
Australian Taxation Office (ATO)
UniSuper (Salary sacrifice
calculator)
Super SA (Salary sacrifice
calculator)
University Salary Sacrifice Guidelines, Agreements and Forms:
www.unisa.edu.au/hrm/employment/remuneration/sacrifice/default.asp
(Guidelines)
www.unisa.edu.au/hrm/employment/remuneration/sacrifice/super.asp
(Agreements and Forms)
Flexible work arrangements / leave without pay / reduction in service fraction
Participating in a flexible work arrangement, periods of leave without pay or a reduction to your service fraction could impact on your superannuation benefit including your insurance cover.
To explore your options, please contact the University Superannuation Officer or your superannuation fund.
Government Co-Contribution Scheme
The Superannuation Co-Contribution Scheme is a Government incentive to assist eligible individuals to save for their future. For further information, please refer to the ATO web and your relevant superannuation fund.
Co-Contribution Brochure - who is eligible and what do I need to do?
Co-Contribution Calculator - how much do I need to contribute and how
much will I get?
UniSuper
Super SA
Absence from work due to injury or illness
If you have been or will be absent from work due to an injury or illness for more than 3 months over a 12 month period, or if you resign from employment due to injury or illness, you may be eligible to submit a claim for temporary or permanent disablement cover through your superannuation fund.
To find out if you have insurance cover, please check your superannuation Benefit Statement. For more information, please refer to your superannuation fund or contact the University Superannuation Officer.
What do I need to do when I resign or retire?
On termination of employment the Payroll office will be notified of the effective end date. Once your final pay has been processed, the Superannuation Officer will then notify the appropriate fund.
UniSuper will send the appropriate paperwork to your home address for you to complete and return to UniSuper with your payment instructions.
Super SA members are responsible for requesting a form to be sent to them directly from Super SA or by downloading the form from Super SA.
Transition to retirement
On 1 July 2005 the Government passed the Transition to Retirement legislation.
The transition to retirement measure allows individuals who have reached their preservation age, to access their superannuation benefits without haveing to retire or leave their job. The availability of this arrangement is dependent on each superannuation fund.
Further information can be obtained from your superannuation fund website or the ATO.
What if I transfer to another University?
If you resign and commence employment with another Australian University, your UniSuper benefit can be transferred to your new employer without you having to complete any forms. Please contact your University Superannuation Officer to arrange this for you.
Can I rollover my superannuation from another fund?
If you have superannuation benefits in other superannuation funds, you may be able to transfer these benefits to your current superannuation fund.
Should you require a Rollover form or further information please refer to your superannuation fund website.
Portability
Employees in an accumulation fund (such as the Accumulation Division of UniSuper) can elect to transfer a portion of their superannuation from one fund to another. So while choice of fund is not currently offered to employees, members can elect to roll out superannuation contributions from UniSuper into another fund once every twelve months.
Members who wish to participate in this arrangement need to be aware that UniSuper require at least $5,000 to remain in the member's account after portability. Further information is available at the following link: UniSuper
Can I access my superannuation details over the internet?
UniSuper
By registering on the UniSuper website, you can access your current superannuation account balances, view contribution details and update your address and beneficiary details on a secure site. To register, you will need your UniSuper membership number and your Payroll Employee ID number (referred to as a "registration number").
Log on to UniSuper click on "Register for a Login" and follow the prompts to enable this.
Super SA
If you have recently moved house, changed postal, email or phone details you can easily update your details online, so that your Annual Statement and other important superannuation information will be delivered to you.
The secure member area of this website lets you access all your personal information to keep track of your account and contact details.
Log on to Super SA and use the secure access panel to sign in - you will need your Super ID and password.
If you have not signed in to the secure member area before, you will need to click on 'Member register'.
Superannuation statements
UniSuper
Statements are distributed to your home address for the 6 month period (30 June and 31 December) in March/April and September/October each year.
Super SA
Each year you will receive an Annual Statement showing your entitlements in the fund at 30 June of that year. You can sign in to the secure member area of this website to view your latest Annual Statement online any time.
Superannuation Seminars
Superannuation seminars are held regularly throughout the year covering a variety of superannuation topics. To find out more about seminar topics or to reserve your place at a seminar, please refer to your superannuation website.
Superannuation Announcements
Update bulletins providing information on the announcements and events effecting superannuation and UniSuper
- Special employer bulletin - 12 May 2010 (PDF 150kb)
UniSuper Consultative Committee
The functions of the UniSuper Consultative Committee are to:
a. advise and make recommendations to the Trustee:
- on matters of difficulty in the implementation or application of the Trust Deed*;
- on matters concerning the provisions of the Trust Deed*;
- on any other matters on which the Trustee requires advice; and
b. consider, and if thought fit, to give its consent in any matter requiring its consent in terms of the Trust Deed*.
*The Trust Deed is a legal document that outlines the Fund's rules. This can be downloaded from the UniSuper website.
The current University of South Australia members of the Committee are:
University appointees
Greg Charnley, Manager: Remuneration - Human Resources Unit
Paul Beard, Executive Director & Vice President: Finance & Resources
Elected Academic staff representative
Professor David Corkindale - Professor of Marketing Management
Elected Professional/General staff representative
Mr John Sibly - Student Services Advisor
Reportable Employer Superannuation Contributions (RESC)
From 1 July 2009 the Federal Government introduced new legislation that deals with Reportable Employer Superannuation Contribution (RESC). Under this legislation, employers are required to report on the Payment Summary any superannuation contributions made by the employer where those contributions exceed the minimum requirement, and where the employee has, or had, the opportunity to influence the rate or amount of contribution.
Although your RESC amount will show on your Payment Summary in addition to your gross taxable salary, it is not included in the calculation of your income tax. However, they will be used to determine your entitlement to certain income-tested concessions and/or your liability to certain income-tested liabilities (e.g. Centre Link benefits, Medicare threshold).
For more information, regarding (RESC) please refer to the ATO website.
Fund Membership Eligibility by employment categories:
Superannuation for staff employed by the University are determined by the Deed of Covenant between University and UniSuper, the relevant Collective Agreement and the Employment Contract. Based on the categories of employment (detailed below) employees will default to either the Accumulation 1 or Accumulation 2/Defined Benefit Division. Accumulation 1 attracts 9% employer contributions; Accumulation 2/Defined Benefit Division attracts 17% employer contributions and 7% employee contributions.
Categories of employees with compulsory Accumulation 1 membership
- Casuals; or
- Contract less than 6 months; or
- Service fraction of less than 0.5
Categories of employees with optional Accumulation 2/Defined Benefit Division membership and provisions
- Employed from a recurrent cost centre with a service fraction 0.5 or
greater:
- Employees classified at HEO 2 (including Grounds, Tradespersons and Security Staff)and below; or
- Commenced continuous employment prior to 1 January 1992; or
- Employees whose contract of employment is between 6 and 18 months in duration. (Please note that after 18 months membership is compulsory)
- Employed from a non-recurrent funded cost centre where funding is
made available with a service fraction 0.5 or greater:
- Commenced continuing employment after 1/1/92 or employed on an accumulative fixed term contract/s for 6 months or greater
Categories of employees with compulsory Accumulation 2/Defined Benefit Division membership
- Non-Casual; and
- Recurrent funded cost centre; and
- Service Fraction 0.5 or greater; and
- Commenced continuing employment after 1/1/92 or employed on an accumulative fixed term contract/s for 18 months or greater
Queries regarding RESC?
Due to the complexity of RESC, enquiries must be emailed to superannuation@unisa.edu.au. An email response will be provided as soon as possible.
Contacts
University Superannuation Officer
John Raftery
Level 3, 101 Currie Street
City West
Internal - 21637
External - (08) 8302 1637
Fax - (08) 8302 1812
Email:
Superannuation@unisa.edu.au
UniSuper
Level 37, 385 Bourke Street
Melbourne VIC 3000
1800 331 685
www.unisuper.com.au
Super SA
GPO 48
Adelaide SA 5001
1300 369 315
www.supersa.sa.gov.au
Useful links:
Australian Taxation Office (ATO)
Association of Super Funds of
Australia (ASFA)