Superannuation policy

Please note that superannuation is a complex and diverse area which is subject to legislative changes. For further detail on any issues relating to your personal superannuation circumstances, please contact UniSuper on ph. 1800 331 685 or visit the UniSuper website. The University superannuation officer is Maggie Cheah.

Defined Benefit Division/Accumulation Super 2 (previously DBP/ICP)

All staff aged 21 or more but less than 60 years, who are appointed from recurrent funds on a full-time or 0.5 or more fraction, and who hold:

a continuing appointment;
an appointment for two or more years; or
who have been employed for five consecutive years as full-time, or 0.5 or more fraction of full-time. (Service from 1 January 1986 will count towards this requirement).

are required to apply for membership of UniSuper as a condition of their employment.

Research-only staff with twelve months continuous service are eligible to apply for membership on the same basis as continuing staff subject to the funding from other than recurrent funds.

Staff members not listed in the above categories are eligible to apply for membership, subject to the availability of funds to meet the employer contribution.

Where the grant that provides the funding in aspect of the staff member's employment also provides funds to support an employer contribution, a staff member may apply to join the UniSuper Defined Benefit Division/Accumulation Super 2. If a staff member is transferred to a grant without superannuation support, then the staff member and the University will cease contributing to the UniSuper Defined Benefit Division/Accumulation Super 2. A staff member is not entitled to withdraw his/her contributions from the scheme while remaining in the employ of the University even though the grant does not provide superannuation support and the staff member's and the employer contributions have ceased.

Members contribute at the rate of 7% of salary by automatic deduction from salary. The University contributes at the rate of 17% of the salaries for all its staff members who are contributing members. From 1 July 2006 UniSuper members can reduce their contributions to 4.45%, 4%, 3%, 2%, 1% or 0% by completing an “Application reduce member contributions” form available from the UniSuper website.

Staff in salary classifications HEW Level 5 and below may elect to contribute at 3.5% of salary for a corresponding reduction in employer contributions and benefits. Similarly, staff appointed as fractional time will be entitled to proportionate fractional benefits.

Defined Benefit Division (previously DBP)

Majority of the benefit is calculated using a predetermined formula. This formula is based on the staff member's superannuable salary, service fraction, age and years of membership in the Defined Benefit Division. In addition to this benefit, you may also receive a component of your benefit in accumulation form.

Accumulation Super 2 (previously ICP)

Staff can choose one of the seven investment strategies for superannuation. Employee and employer contributions are deposited into an account in the staff member's name. Any required expenses and tax are deducted and investment earnings are credited or debited to the staff member's account. Benefits are based on the balance in the staff member's account.

Accumulation Super 1 (previously APP)

The UniSuper Accumulation Super 1 is a scheme whereby the University meets the contributions required under the Superannuation Guarantee legislation. A member may elect to make additional regular voluntary contributions of a fixed amount from each pay.

Staff employed as continuing, fixed-term, part-time, temporary and (in certain instances) as casual are eligible for membership of UniSuper Accumulation Super 1.

Eligible casual staff are:

In respect of staff earning earn more than $450 per month - superannuation contributions equal to 9% of your salary.
Other casual staff may qualify for the 3% Casual Award Superannuation if they satisfy one of the following conditions:
- in respect of academic staff - earn at least $2,312 (indexed annually) in each half year (ending June/Dec).
- in respect of general staff - work at least 100 hours in each half year (ending June/Dec)

* threshold for year 2008

Employer contributions are made while staff members are receiving pay including:

periods of paid absence; and
while on 'WorkCover' provided the staff member is receiving 'make-up pay'.

Rolling over your other superannuation contributions

If you have contributions in other superannuation schemes from your previous employment and want to save on administrative fees, you may wish to consider rolling all your contributions into one scheme. For further advice on this, please contact the University superannuation officer.

Preservation of existing superannuation entitlements

Clause 27 (Superannuation) of the Monash University Enterprise Agreement (Academic and General staff) 2005 provides that the University will maintain the current superannuation employer contributions and arrangements for all current staff as of the date of certification of the Agreement.

Further information about UniSuper

The information provided here is only a general summary. A comprehensive guide to UniSuper funds is available at the UniSuper website.

Other superannuation schemes

Staff who are members of the State Superannuation New or Revised Schemes that are administered by the Government Superannuation Office can obtain information from the GSO connect website and members of VicSuper Beneficiary Account can obtain information from the VicSuper website.

Staff who are members of the A Scheme should direct their enquiries to Ms Kathy Innes (Kathleen.Innes@adm.monash.edu.au), Manager, Superannuation.

Health Super members can obtain information about their superannuation scheme from the Health Super website

MLC members (previously the Pharmaceutical Organisation 1975 Superannuation Fund) should direct their enquiries to Ms Maggie Cheah (Lay.Cheah@adm.monash.edu.au) , University Superannuation Officer.