27. SUPERANNUATION

The University will maintain the current employer contributions and arrangements for superannuation that were in effect as at 22 November 2005, including UniSuper as the required recipient fund, except that:

     (a) the University may exercise its options under the Deed of Covenant for the 5% flexibility in coverage and contribution level;

     (b) eligible staff members will be entitled to 9% employer contribution to the Accumulation 1 in accordance with existing University policy.  These contributions will be consistent with Division D of the UniSuper Trust Deed;

     (c) subject to paragraph (d) below, fixed-term research-only staff with at least 12 months’ continuous service will be eligible to apply for membership of UniSuper Defined Benefit Division/Accumulation 2 on the same basis as continuing staff subject to the University being satisfied that full and adequate provision is included in the funding arrangements for the position such that the full employer contribution can be met from other than recurrent funds of the University;

     (d)  fixed-term research-only staff who, following 29 January 2010 have reached the years of continuous service shown in the table below, will be eligible to apply for membership of UniSuper Defined Benefit Division/Accumulation 2 on the same basis as continuing staff without the requirement for full and adequate provision from other than recurrent funds:

Table G