Policy

Superannuation - Policy

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1. Purpose and Objectives

This policy outlines the options for superannuation membership available to University staff.

2. Definitions, Terms, Acronyms

DBD – Defined Benefit Division

Enterprise AgreementThe University of Queensland Enterprise Agreement 2014 – 2017

UniSuper industry superannuation fund for the Australian higher education and research sector

3. Policy Scope/Coverage

This policy applies to all University staff.

4. Policy Statement

Under the Enterprise Agreement, and in line with a Deed of Covenant signed by the University and UniSuper, all new staff employed by the University are required to join UniSuper. In special circumstances, a current QSuper membership may be retained in lieu of joining UniSuper (refer to Section 6.4 of this policy). Existing staff, if moving to a new appointment within the University, will retain their current superannuation membership unless employer funding costs or their current plan determine otherwise.

5. UniSuper Schemes

5.1 UniSuper Defined Benefit Division/Accumulation 2

5.1.1 All staff, with the exception of apprentices and research staff (professional and academic), must join UniSuper DBD if their appointment is for two years or more and is not less than 50% of the equivalent full-time appointment. Members of UniSuper DBD may elect to transfer to UniSuper Accumulation 2 within twenty-four months of first joining UniSuper DBD.

5.1.2 Staff appointed at HEW Levels 1, 2 or 3 join UniSuper DBD as “half contributory” members. They may elect, at any stage, to become “full contributory” members of UniSuper. “Half contributory” members receive benefits at half the standard rate.

5.1.3 Research staff (professional and academic) must join UniSuper DBD/Accumulation 2 unless the appointment is:

  1. For less than 10 months, or
  2. Part-time and less than fifty percent of an equivalent full-time position, or
  3. The funding body does not accept responsibility for covering the cost of superannuation contributions.

As a minimum, the funding bodies will be responsible for compulsory superannuation payments, under Unisuper DBD/Accumulation 2, for staff employed using these funds. Where funding contracts determine, research staff should receive the full benefits of Unisuper (DBD/Accumulation 2). Conditions concerning UniSuper DBD /Accumulation 2, and salary packaging arrangements for superannuation contributions are identical to other academic or professional staff.

5.1.4 UniSuper DBD/Accumulation 2 provides normal retirement, early retirement, death in service, death in retirement, resignation and temporary incapacity or permanent disablement benefits. Further details are available from the University’s Employee Benefits Section.

5.2 UniSuper Accumulation 1

New staff and current staff (including casual staff) who are ineligible for UniSuper Defined Benefit Division/Accumulation 2, will join UniSuper Accumulation 1 scheme.

Members of the scheme are eligible for University superannuation contributions in line with the Superannuation Guarantee (Administration) legislation and the Tertiary Education Superannuation Scheme (TESS) Award. Details are available from the University’s Employee Benefits Section.

6. Queensland State Government Superannuation Schemes (QSuper)

6.1 The University contributes to the following schemes for staff who have membership of the following schemes:

  • QSuper Defined Benefit Plan;
  • QSuper (State Plan); or
  • QSuper Accumulation (Compulsory Contribution) plan.

6.2 For members of QSuper (State Plan), the University also makes compulsory contributions to a QSuper Accumulation account on the member’s behalf.

6.3 Contributions are set at the rate determined by the relevant scheme rules.

6.4 New staff may be offered the opportunity to continue their membership of the schemes listed under 6.1 rather than joining UniSuper. Prospective staff are encouraged to discuss this option prior to accepting an appointment with the University. Some information on this may be obtained through the University’s Employee Benefits Section. New staff who are offered the choice of continuing their QSuper arrangement or joining UniSuper are encouraged to seek independent financial advice about the options.

7. Closed Superannuation and Benefit Arrangements

The following arrangements are open to existing members and, in the case of the Staff Supplementary Benefits Scheme, their surviving spouse, however they are closed to new entrants:

  • The University of Queensland Superannuation Plan;
  • Staff Disability Scheme;
  • Staff Supplementary Benefits Scheme;
  • QSuper Accumulation Plan (previously known as GoSuper).
Custodians
Director, Human Resources
Ms Jane Banney

Forms

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Superannuation Salary Packaging Authority - Form

Superannuation Salary Packaging Authority - Form

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Description: 

This form is to be completed by employees who wish to salary package their superannuation.

Please read the guide to superannuation salary packaging before completing this form.

Custodians
Director, Human Resources
Ms Jane Banney
Custodians
Director, Human Resources
Ms Jane Banney
Custodians
Director, Human Resources
Ms Jane Banney