Superannuation is a compulsory accumulation of employer/employee contributions to provide funding for your retirement, or permanent or temporary disablement. It is a form of long-term saving and investment to provide you with a pension or lump-sum payment on retirement. These arrangements have significant taxation benefits.
Other than casual staff, all new staff employed by The University of Queensland automatically become members of UniSuper, the superannuation fund for Australia's higher education sector and one of Australia's largest superannuation funds.
Depending on the conditions of appointment, The University of Queensland will pay either a 9% or 17% (of each employee salary) contribution to UniSuper on behalf of every staff member.
All staff become members of the UniSuper Award Plus Plan (APP), which requires no member contributions, and eligible staff must also initially join the UniSuper Defined Benefit Plan (DBP). Once established in the UniSuper DBP, a member may elect to transfer to the UniSuper Investment Choice Plan (ICP). Membership of UniSuper DBP or UniSuper ICP requires a member contribution of either 7% of salary (after tax) or 8.25% of salary before tax, ie, salary packaging.
Eligibility for UniSuper Defined Benefit Plan (DBP) or the UniSuper Investment Choice Plan (ICP):
- Academic and general staff
All academic and general staff (other than apprentices) employed for more than two years and at no less than 50% equivalent full-time must initially join the UniSuper Defined Benefit Plan. Later, they may choose to transfer to the UniSuper Investment Choice Plan.
Academic and general staff with an appointment of less than two years, apprentices, or those employed for less than 50% equivalent full-time, will become members of the UniSuper Award Plus Plan, to which the University pays a contribution of 9%. Member contributions to this plan are not compulsory, but it is possible to make regular voluntary contributions (either as "after tax" or as "pre-tax salary packaged contributions") as well as lump sum contributions.
- Research staff
Research staff employed for longer than 10 months, at no less than 50% equivalent full-time and where there are funds available, must initially join the UniSuper Defined Benefit Plan. Later, they may choose to transfer to the UniSuper Investment Choice Plan.
Research staff with an appointment of less than 10 months, or employed for less than 50% equivalent full-time, will become members of the UniSuper Award Plus Plan, to which the University pays a contribution of 9%. Likewise, where there are insufficient funds to cover membership of the Defined Benefit Plan (DBP) or the Investment Choice Plan (ICP), research staff will become members of the UniSuper Award Plus Plan, to which the University will pay a contribution of 9%. Member contributions to this plan are not compulsory, but it is possible to make regular voluntary contributions (either as "after tax" or as "pre-tax salary packaged contributions" as well as lump sum contributions).
- Casual staff
Staff with casual appointments earning less than $450 per month will join the UniSuper Award Plus Plan, with an employer contribution of 3% of salary, provided that the staff member earns more than $1,840 each six-month period ending June 30 or December 31. If earnings exceed $450 per month, the University will pay a contribution of 9%.
UniSuper DBP/ICP benefits:
- retirement benefits after age 55
- resignation
- benefits in the event of death-in-service, and
- disability/temporary incapacity cover.
Superannuation in Australia
Generally, superannuation benefits must be preserved in funds until preservation age (a prescribed retirement age, not less than 55).
However, if a staff member from overseas enters Australia on a temporary residency visa, and subsequently leaves Australia permanently, superannuation benefits can be released following the provision of proof of permanent departure.
For more information about UniSuper, its products, services, and investment performance, please visit the : UniSuper website