Human Resources

Employee Services and Recruitment

Superannuation

La Trobe University default superannuation fund

UniSuper is the default superannuation fund for La Trobe University. UniSuper is the industry super fund dedicated exclusively to all who work in Australia 's higher education and research sector. The fund is the resulted new entity of the merger of the Superannuation Scheme for Australian Universities (SSAU) and the Tertiary Education Superannuation Scheme (TESS) on 1 October 2000 . UniSuper was established for employees of Universities, to provide a superannuation scheme that was portable between Universities and met the retirement needs of University employees.

Back to List

La Trobe University and the choice of fund

In late June 2004, the Federal Government enacted new legislation dealing with choice of superannuation fund for Australian employees. The commencement date for the new legislation was 1 July 2005. For more information use this link to super choice website. http://www.superchoice.gov.au/

There are number of key exemptions, namely

• employees covered under a certified agreement or Australian Workplace Agreement (AWA) made under the Federal Workplace Relations Act 1996 or the Industrial Relations Act 1988.
• employees working in the public sector
• employees in the Defined Benefit Scheme

La Trobe University Enterprise Bargaining Agreement 2004-2008 specifies that UniSuper is the superannuation fund of choice for La Trobe University; therefore, employer contributions will be paid only into current employees accounts in UniSuper fund. New employees will be required to join UniSuper fund as a condition of employment.

Back to List

UniSuper Styles

UniSuper offers two main styles of super provided through the Defined Benefit Division and Accumulation Super.

Accumulation Super has different categories:

• Accumulation 1
• Accumulation 2
• Spouse Accounts

   

  Back to List

Difference between defined benefit and accumulation style

The key difference between defined benefit and accumulation-style super is the way benefits are calculated:

• Defined benefits are calculated (or defined) using a formula that includes your age, salary and years of membership. Defined benefits are typically not determined by investment performance.
• Accumulation super is kept in an account. All member and employer contributions are paid into this account and invested in one or more of member's chosen investment options. The super account balance accumulates over time with investment returns (which may be positive or negative). Member 's final benefit is the total of the account (minus fees and taxes) and depends on investment performance.

More information are available on UniSuper website http://www.unisuper.com.au/resources/faqs_3.cfm

Access to UniSuper styles is determined by individual employee's eligibility and employment status.

Back to List

Eligibility to UniSuper Defined Benefit Division/Accumulation 2 styles

Employees of the University with the following employment status are required initially to join UniSuper Defined Benefit Division. The University will contribute sums equivalent to 14 per cent of the superannuable salary to UniSuper Defined Benefit Division and 3 per cent of the superannuable salary to UniSuper Accumulation Super.

• Full time/Part time (continuing) with a service fraction of 50% or greater;
• Fixed term for a period of one year or more and with service fraction of 50% or more.

Employees will have the flexibility to make contributions of superannuable salary at certain defined levels between zero and 7 per cent. Should employees elect to contribute at a level less than 7 per cent, the University's 3 per cent contribution will be paid into the Defined Benefit Division rather than into the Accumulation Super.

Employees of the University with the following employment status may elect from the commencement of their employment to become a member, initially, of the UniSuper Defined Benefit Division. Contributions flexibility will also be available to these employees.

• Fixed term for a period of six months but less than twelve month with service fraction of 50% or greater.
• Full time/Part time with service fraction of 50% or greater (continuing or fixed term) aged 21 or under;
• Full time/Part time with service fraction of 50% or greater (continuing or fixed term) aged 60 or above.

Employees hold more than one position; it is the combination of all positions that is used for calculating the service fraction for the purpose of determining eligibility.

Back to List

Eligibility to UniSuper Accumulation 1 style

Employees with employment status as detailed below will be required to join UniSuper Accumulation 1 style, to which the University contributes a sum equivalent to 9 per cent of the superannuable salary.

• Part time (continuing/fixed term) with service fraction under 50%
• Full time/Part time fixed term under six month
• Casual employees earning $450 or more in a Calender month

   

  Back to List

Superannuation and Tax File Number Notification

Federal Government regulation requires that members must provide their tax file number to their superannuation fund(s).

If members do not provide their tax file number to the UniSuper superannuation fund, this could result in considerable financial and superannuation consequences such as:

• employer and/or before-tax member contributions received by UniSuper will be taxed at the highest marginal tax rate rather than the concessional rate of 15%;
• UniSuper will not be able to accept any personal after-tax contributions from members.

Members can provide their tax file number to UniSuper by obtaining 'Tax File Number Notification form' from UniSuper website www.unisuper.com.au

Back to List

Superannuation for Casual Staff

Under employment conditions of both La Trobe University Enterprise Bargaining Agreement 2004-2008 and the casual staff Australian Workplace Agreement, the employee will be required to join UniSuper Accumulation Super (1), to which the University contributes a sum equivalent to 9 per cent of the monthly superannuable earnings, subject to the income threshold of $450 per month being exceeded in accordance with the Superannuation Guarantee Contributions legislation. The 'Welcome Product Disclosure Statement for Accumulation super (1) members is available on the UniSuper website www.unisuper.com.au which provides full membership details.

When a casual staff member becomes eligible for employer superannuation contributions (SGC), the University will automatically create an account for the member within UniSuper superannuation fund and submit the required contributions in the member's UniSuper account. Casual staff members that hold an existing membership with UniSuper, the University will submit its contributions to the member's existing membership account in UniSuper.

UniSuper will send new members a 'Welcome Kit' to member's home address with all the membership details.

Federal Government regulation requires that members must provide their tax file number to their superannuation fund(s). Failure to do so could result in considerable financial and superannuation consequences, for more information Superannuation and Tax File Number Notification

Further Information
Suzanne Hanna
Superannuation Officer
Ph. 9479 1295

Back to List