- Who do I contact if I have a question about superannuation?
- Choice of Fund: Why can't I choose the superannuation fund where my contributions are paid?
- I am short-term or sessional staff member. How much superannuation is paid for me?
- Can I make extra contributions to UniSuper?
- Can I roll money over from other superannuation fund into UniSuper?
- Do I have Death and/or Disablement cover in UniSuper?
- What benefits can I get when I leave QUT?
- How do I claim my benefit when I leave QUT
Who do I contact if I have a question about superannuation?
- Martin Moore, Superannuation Officer, extension 84095, email super@qut.edu.au or m.moore@qut.edu.au
- Janette Napier, Assistant HR Officer (Superannuation), extension 84100, email ji.napier@qut.edu.au
Choice of Fund: Why can't I choose the superannuation fund where my contributions are paid?
There is currently no requirement for QUT to offer a choice of superannuation fund to its employees.
The Choice of Fund legislation came into effect on 1 July 2005. This legislation relates only to the superannuation payable under the Superannuation Guarantee (SG) Administration Act 1992. The (SG) legislation specifies that employer contributions of 9% of salary must be paid to a superannuation fund.
As part of the Choice of Fund; legislation, employers and employees are able to agree to continue existing superannuation arrangements through a particular fund. This needs to be nominated in an Enterprise Bargaining Agreement, Certified Agreement or Australian Workplace Agreement.
As this option has been taken at QUT, contributions for staff members will continue to be made to UniSuper until at least 1 July 2006.
I am short-term or sessional staff member. How much superannuation is paid for me?
Short-term or sessional staff members have superannuation contributions paid to UniSuper Accumulation 1. If a staff member earns $450 or more in a calendar month, QUT will pay the equivalent of the Super Guarantee (SG) contribution to UniSuper. This is currently the equivalent of 9 % of gross salary.
While the Tertiary Education Superannuation Scheme Award (1988) remains in place, a 3% safety net threshold is also used to calculate possible contributions. This threshold applies in the following circumstances:-
- For Academic Staff: If the staff member earns more than $2010 (2005 figure) in a specified six month period (i.e. 1 Jan to 30 June and 1 July to 31 Dec)
- For Professional Staff: If the staff member works more than 100 hours in a specified six month period (i.e. 1 Jan to 30 June and 1 July to 31 Dec)
QUT calculates a contribution of 3% of the six monthly earnings amount. If it is less than the combined SG contribution paid for the same six month period, QUT will pay the difference.
Can I make extra contributions to UniSuper?
Members of UniSuper may contribute voluntary contributions to the Accumulation plan. The level of contributions may be expressed as % of your salary or a $ amount. These extra contributions will be invested along with the contributions made by QUT.
These contributions which will be invested in the investment strategy of your choice or the same investment strategy as other contributions made by you or on your behalf.
If you wish to make additional contributions to UniSuper you should email the Superannuation Officer. Additional contributions will commence from the next available pay period.
Can I roll money over from other superannuation fund into UniSuper?
Yes, you can rollover money from another superannuation fund to the UniSuper Accumulation plan.
To organise a rollover from another fund to UniSuper you can approach the individual funds concerned and ask them for a withdrawal application. Alternatively, you can complete a Rollover form available from the Superannuation Officer or the UniSuper website. This form should be completed and returned to UniSuper who will then organise the rollover for you.
Do I have Death and/or Disablement cover in UniSuper?
If you are a member of the Defined Benefit division or Accumulation 2, Death and Disablement cover is inclusive of membership. The cost of the cover is met by the contributions made by you and QUT.
The level of the death cover in the Defined Benefit plan is dependent on your years of service and your age. In the Accumulation 2 plan the cover is dependent on the balance in your account and your age.
The disablement cover is in pension form and is generally 60% of your Benefit Salary. It is payable if your meet the specific Trust Deed definition for Permanent Disablement or Temporary Incapacity. A Permanent Disablement benefit is payable through to Age 65. A Temporary Incapacity benefit is payable for up to two years for any one injury or illness.
If you are a member in Accumulation 1, Death and Disablement cover is provided in lump sum form only and premiums are deducted from your account. All new members receive one unit of cover automatically. You can increase or opt out of this cover if you wish.
Further information is available from the Superannuation Officer.
What benefits can I get when I leave QUT?
When you leave QUT and are not retiring from the workforce permanently (i.e. you are under age 55), your UniSuper benefits may be divided into two components. These are the Preserved Component and the Non-Preserved Component.
The Preserved Component refers to an amount of your benefit that must be kept in a superannuation fund until you reach retirement age (age 55 or older) and you retire permanently from the workforce. It is made up of: -
- employer contributions
- salary sacrifice contributions
- earnings on employer and salary sacrifice contributions
- member contributions (undeducted contributions) made from 1 July 1999
- earnings on member contributions from 1 July 1999
The Preserved Component can only be taken as cash, under age 55, in exceptional circumstances. Contact the Superannuation Officer for more details.
The Non-Preserved Component is an amount that can be taken as cash when you leave UniSuper before age 55. This component is made up of member contributions (undeducted contributions) made before 1 July 1999.
If you rolled money into UniSuper from another superannuation fund, the amount rolled over may contain a preserved component and/or a non preserved component.
If you are over 55 years of age and retiring from the workforce permanently, you can take your superannuation as a lump sum, a pension or a combination of the two. UniSuper has several pension products available exclusively to UniSuper members. See the UniSuper website for further information.
How do I claim my benefit when I leave QUT?
If you are a member of the UniSuper Accumulation 1, you will need to contact the Superannuation Officer and confirm your address for dispatch of your final benefit statement. This benefit statement will tell you how much you have in the scheme as at your final day. You should use this statement to indicate to UniSuper where you would like to rollover your benefit.
If you are a member of UniSuper Accumulation 2 or the Defined Benefit division your final benefit statements will be automatically sent to your last recorded postal address. You should ensure both Human Resources and UniSuper have your correct address recorded.
If you are taking up employment with another participating tertiary education employer you may transfer your UniSuper account directly to that institution. Be sure to let the Superannuation Officer know, before your final day, if this is the case.