Human Resources
Human Resources
 |
UniSuper Accumulation Super 1(formerly known as APP)
Accumulation Super 1 is a superannuation account which accepts either employer Superannuation Guarantee (SG) or Award superannuation contributions. The University is required to contribute either a 9% Superannuation Guarantee payment or a 3% Award superannuation payment (as prescribed under The Tertiary Education Superannuation Scheme (TESS) Award 1988). Staff members are eligible for SG contributions if they earn more than $450 per month, are under the age of 70 years and the University does not contribute to any other super on behalf of the member. For staff who do not meet SG requirements, a UniSuper 3% Award contribution may be payable to academic staff who are paid a minimum of $2416, (from 1 January 2009),for each 6 month period, or to general staff who work a minimum of 100 hours for each 6 month period. UniSuper Defined Benefit Division and Accumulation Super 2 members receive contributions to an Accumulation Super 1 account for the 3% Award payment. Accumulation Super 1 provides members with an ultimate lump sum benefit that includes compulsory employer contributions plus any lump sum, voluntary contributions, and investment returns credited or debited to the account. An application to join UniSuper may be completed and signed by the staff member upon commencement of employment with the University. UniSuper's 'Welcome' for Accumulation Super (1) members (Product Disclosure Statement) is available from either UniSuper's web site, the employing school/centre business office or the Remuneration & Benefits Branch, Human Resources Division, Chancelry Building 10A. Accumulation Super 1 or 2 Voluntary Post-Tax or Pre-Tax Contributions It is possible for fixed term and continuing employees to make regular extra voluntary contributions to their Accumulation Super 1 or 2 accounts. The rate of contribution starts at $20.00 per fortnight increasing in multiples of $5 thereafter. These regular payments are made through the University payroll system. The University does not match or double any voluntary contributions made by staff members. A member of the Accumulation Super 1 or 2 may elect to pay extra voluntary contributions from pre-tax salary (also known as salary sacrifice). A total maximum pre-tax amount of 50% of gross salary, rounded to the nearest five dollar amount currently applies. This 50% cap relates to all combined pre-tax payments elected by the staff member. If a staff member salary sacrifices to their UniSuper Defined Benefit Division or Accumulation Super 2 accounts, at the set rate of 8.25%, then the maximum extra pre-tax contribution that can be made to either Accumulation Super 1 or 2 is the balance of 50%, i.e. 41.75%). An administration fee of $0.50 per pre-tax payment will be deducted from the staff members' salary each pay. For further information regarding salary sacrificing refer to Policies-Salary Sacrificing. Lump Sum Contributions Voluntary lump sum contributions towards super may be made by using BPay or by writing a cheque made payable to UniSuper Ltd. Rollovers into UniSuper Members may rollover superannuation benefits they have in any other super funds. The advantages are that superannuation will be consolidated, administration fees will be paid to only super fund and tracking super will be much easier. Government Co-Contributions Employees who make undeducted (after tax) voluntary contributions to super and earn at least 10% of income from employment as an employee may be eligible for a co-contribution from the government. For more information refer to the ATO web site. Insurance UniSuper members may be entitled to access insurance cover to protect theriselves and their families if injury or illness prevents them from working. Details of insurance cover can be found on UniSuper's web site.
|