We provide generous superannuation arrangements for our employees. Due to historical changes in scheme eligibility conditions, superannuation membership of either UniSuper or QSuper applies (discussed in further detail below). QSuper was closed to new employees from 1991. Since 1991, all new employees have joined UniSuper.
Scheme Membership Details:
UniSuper
UniSuper consists of three Plans:
- Defined Benefit Division (previously known as Defined Benefit Plan)
- Accumulation Super2 (previously known as Investment Choice Plan)
- Accumulation Super1 (previously known as Award Plus Plan)
UniSuper Defined Benefit Division membership eligibility is based on appointments of two years or more. The Defined Benefit Plan commenced in 1983. The Investment Choice Plan (now Accumulation Super2 commenced in 1998. Eligible members join the Defined Benefit Division on commencement of employment and have twelve months to choose between the Defined Benefit Division and the Accumulation Super2.
Defined Benefit Division/Accumulation Super2 membership requires an employee contribution of 7% and a University contribution of 14% of salary. General staff on HEW Levels 3 and below have the option of half-contribution rates (ie 3.5% by the employee and 7% by the University).
Benefits under the Defined Benefit Division are determined by final salary, years of membership and 'lump sum' and 'pension' factors.
UniSuper introduced the Investment Choice Plan (now known as Accumulation Super2 1 July 1998. This plan offers members a choice of seven investment strategies. This major change in UniSuper's structure came about due to proposed 'Member Choice’ federal legislation, which gives employees a greater role and flexibility in determining their financial future.
Benefits under the Accumulation Super2 are determined by investment performance.
It should be noted that once a member has transferred to the Accumulation Super2, it is not possible to transfer back to the Defined Benefit Division.
Defined Benefit Division/Accumulation Super2 members are also members of the Accumulation Super1 (previously known as APP), to which the University contributes 3% based of the member’s salary. The APP (now Accumulation Super1 commenced in 1988, when superannuation was first mandated through the Industrial Award system.
Membership of the Accumulation Super1 also applies to employees whose appointments are for less than two years – these employees are covered under the 'Superannuation Guarantee' legislation, which requires the University to contribute 9% of the employee's salary) to Accumulation Super1. Casual employees who earn more than $450 a month also qualify for the 9% contribution to Accumulation Super1.
UniSuper members are able to obtain further details on UniSuper's website: UniSuper
Flexible Contributions
For staff members on continuing appointments, or fixed-term appointments of two years or more, the standard rate of member contributions is 7% of base salary. Under UniSuper’s contribution flexibility program which comes into effect on 1 July 2006 a staff member is able to reduce their member contributions to 4.45%, 4.00%, 3.00%, 2.00%, 1.00% or down to 0%.
Reducing member contributions is a significant decision that may affect the amount of money an individual has to live on in retirement and may result in the loss of certain insurance cover. It is strongly recommended that a staff member thoroughly assesses their retirement income goals before they make a decision. Under the Financial Services Reform Act, University staff are not permitted to provide superannuation advice.
A Net Pay Calculator is available for staff to calculate the impact reduced contributions will have on their net pay.
In order to reduce contributions:
- Read the UniSuper Fact Sheet Contribution Flexibility for Defined Benefit and Accumulation 2 members receiving 17% employer contributions (From their site select the Superannuation tab, then Publications and Forms)
- Read pages 19 and 20 of the Product Disclosure Statement Welcome. Product Disclosure Statement For Defined Benefit Division and Accumulation Super2 (From their site select the Superannuation tab, then Publications and Forms)
- Review the Online Contribution Flexibility Guide
- Complete the Application Form and forward to Human Resource Services, Office of Human Resource Management, Bray Centre, Nathan.
QSuper
QSuper consists of three plans, all of which have been ‘closed' to new employees in the Tertiary Sector since 1991. QSuper is administered by the Government Superannuation Office. The three plans are:
- QSuper Defined Benefit Plan
- QSuper Accumulation Plan
- QSuper State Plan
The QSuper Defined Benefit Plan commenced in 1991. The Scheme requires members to contribute between 2% and 5% of their salary. The University contributes 2.55 times the employee’s contribution. Membership of QSuper is largely made up of General staff (who were not eligible for UniSuper membership prior to 1991) and Academic staff who joined the University through the amalgamation process in the early 1990's.
In 2000, QSuper introduced member investment choice through the Accumulation Plan, which has four investment strategies. Defined Benefit members are able to transfer to the Accumulation Plan at any time.
The QSuper State Plan commenced in 1972 and preceded the QSuper Defined Benefit Plan. Only a small number of staff remains in this Plan. Members of the QSuper State Plan are also members of the 3% Award plan - the QSuper Accumulation Plan is the vehicle for these contributions.
QSuper members are able to obtain further details on QSuper's website:
Both UniSuper and QSuper websites have interactive features (such as benefit calculators, benefit updates and projections) available to members.
Staff with enquiries on superannuation matters may call on the following telephone numbers:
- University Superannuation Office: (07) 3735 6647 or (07) 3735 7667
- UniSuper: 1800 331 685
- QSuper: 1300 360 750
Choice of Fund
We are committed to offering flexibility in superannuation arrangements for staff members. With the ‘Choice of Fund’ legislation taking effect from 1 July 2005, the University is offering choice of fund to eligible employees covered by the General Staff Enterprise Agreement 2009 - 2012.
Choice of superannuation fund is a law that gives many employees the right to choose which superannuation fund will receive their employer Super Guarantee contributions. The ‘choice’ legislation requires the employer to pay the 9% Superannuation Guarantee contribution to the employee’s chosen fund. This important legislative change is recognised as an opportunity for individuals to take an interest in, and ownership of their superannuation and financial planning for their future.
Eligibility
Existing general staff as at 1 July 2005, and new staff from 1 July 2005, who are members of:
- the UniSuper Defined Benefit Division/Accumulation 2 super
- the UniSuper Accumulation 1 super plan (9% Superannuation Guarantee contributions only) are eligible to exercise choice
The legislation prescribes certain exemptions from offering choice for employers. The exemptions that currently apply to Griffith University Staff are:
- staff covered by the Academic Staff Certified Enterprise Agreement 2009 - 2012
- staff who are members of QSuper
- staff who are members of the UniSuper Defined Benefit Division
- staff who are covered by Common Law contract which specifies a super fund
Comparing super funds
There are a number of important issues to be considered by staff before making a decision on which fund best suits their needs. The University strongly recommends that staff obtain financial advice prior to making any decision in relation to choice of fund.
Super funds are required to provide a Product Disclosure Statement on request. Further information about 'Choosing a super fund' can be found at the Tax Office website:
Some important issues to consider when comparing super funds are:
- Check existing employer contributions, fund benefits and services;
- Check existing insurance and income protection cover;
- How much are the fees, charges and commissions?
- How have the fund’s investments performed over the last 5 years or longer?