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Curtin University
People and Culture

Superannuation

Contributions to a new or current staff member’s superannuation fund will be made by the staff member and the University at the contribution rates prescribed as follows:

 

 Employment Status  Contribution to UniSuper Fund Administrator
  Employee contribution  Employer contribution 
Continuing staff member on a 50% or more service fraction  0 - 7 %  17%, inclusive of Government Superannuation Guarantee (GSG) amount
Continuing staff member on less than a 50% service fraction    GSG amount
Fixed term staff member on a 50% or more service fraction and the term of the contract is 2 years or more  0 - 7 %  17% inclusive of GSG amount
Fixed term staff member on less than 50% service fraction and the term of the contract is 2 years or more    GSG amount
Fixed term staff member where the term of the contract is less than 2 years    GSG amount
Research only staff member (Academic)    Refer Clause 31.6
Research only staff member (General)    Refer Clause 31.6
Casual staff member    GSG amount

 

 

The UniSuper Plan types are:

Defined Benefit Plan (Default Plan)

The defined benefit plan guarantees that a certain benefit will be available when you retire. The benefits are calculated using a formula which is based on your salary average in the last three years of employment and the number of years you are a member in fund.

The benefit you receive upon retirement is determined by the plan, not by an account balance.

Accumulation 2

With the Accumulation 2 Plan, you have your own account to which you and the University make regular contributions. Expenses and tax are taken out and your account accumulates over time with investment earnings. The main benefits from the plan (if you retire or resign) are equal to the balance in your Member Accumulation Account. Your account balance depends on how your superannuation is invested and how well these investments perform over time. Therefore, how you invest your superannuation will affect your future financial security.

Accumulation 1 

With the Accumulation 1 Plan, you have your own account into which the University contributes the miminum superannuation guarantee payments as required under the Superannuation Guarantee Act. Expenses and tax are taken out and your account accumulation over time with investment earnings. The main benefits from the plan (if you retire or resign) are equal to the balance in you Member Accumlation Account. Your Account balance depends on how your superannuation is invested and how well these investments perform over time. You also have the option to purchase Insurance cover for Death and/or Total and Permanent Disablement and Income Protection.

As superannuation is the biggest salary benefit that an employee can gain from the University it is important that staff consider packaging their superannuation as part of their remuneration arrangements (refer to salary packaging). It may represent an ideal mechanism to build up retirement assets.

For more information about UniSuper and your super options, visit www.unisuper.com.au.

 

 

ATO Concessional Contribution Caps

Current information available on the ATO site.

visit www.ato.gov.au.