- Non-contributory Superannuation
- Contributory Superannuation
- Superannuation Contacts
- Salary Sacrificing Superannuation Contributions
There are two types of superannuation available at Southern Cross University:
- 'Non-contributory superannuation', where only the University makes contributions to UniSuper on the employee's behalf; and
- 'Contributory superannuation' where both the University and the employee normally contribute to an approved scheme.
From 1 July 1988, all employees became entitled to an award superannuation benefit of 3% of basic salary (3% basic benefit), funded by the University.
From 1 July 1992, employees who are not contributory members of a University approved superannuation scheme are entitled to a minimum level of Superannuation Guarantee, funded by the University, under the provisions of the Commonwealth's Superannuation Guarantee (Administration) Act 1992. The current Superannuation Guarantee contribution of 9% is inclusive of the 3% basic benefit.
From 1 July 2008, the Superannuation Guarantee contribution of 9% is based on Ordinary Time Earnings rather than basic salary. In addition to basic salary, Ordinary Time Earnings may include payments such as:
- Allowances (other than those for reimbursement of expenses such as travel);
- Over award payments; and
- Shift loadings.
Further details on Ordinary Times Earnings can be obtained from the Australian Taxation Office website.
In addition to the 3% basic benefit mentioned above, eligible employees are required to become members of an approved fund to which both the University and the employee normally contribute a percentage of the employee's salary.
An 'eligible employee' is:
- Appointed on a continuing (tenured or probationary) basis, or for a fixed-term of eighteen months or more; and
- Employed full-time, or on a part-time basis of 50% or more; and
- Occupies a position which is funded from operating funds provided to the University or from grants which provide the University with the full cost of employer superannuation contributions.
Eligible new employees are required to become contributory members of UniSuper, unless they are already members of either the State Superannuation Scheme (SSS) or the State Authorities Superannuation Scheme (SASS) and elect to continue their membership on appointment.
Optional contributory UniSuper membership is offered to eligible employees where funding arrangements have been met and when the following circumstances exist:
- A fixed-term contract of employment that, when combined with previous fixed-term contracts, would give an employee eighteen months or more continuous service; and/or
- A part-time employee has an appointment of less than 50%.
Academic employees, and professional employees appointed at or promoted to HEW 4 and above, contribute at the standard level of 7% of their salary but may elect to reduce their superannuation contributions as part of UniSuper's contribution flexibility program. The University makes its "employer contribution" of 14% of the employee's salary directly into the employee's Accumulation account.
Professional employees with a classification of HEW 1, 2 or 3 are required to make superannuation contributions at half the standard level of employee contributions. This level is fixed by UniSuper and is currently 3.5% of annual salary. The University makes its 'employer contribution' at the half rate of 7% of the employee's salary directly into the employee's Accumulation account. Employees in this category have the option to contribute at the standard level of 7%, and the University's contribution in this instance would be 14%.
Employees are encouraged to seek independent financial advice when considering their options. Further information on UniSuper's contribution flexibility program is available from UniSuper's Website.
Eligible employees who are already members of these schemes at the time of their appointment to the University may choose to continue their existing membership.
These state superannuation schemes are closed to new members.
Each superannuation scheme provides an advisory service to assist members, and the contacts are:
- State Superannuation Scheme (SSS): Phone 1300 130096
- State Authorities Superannuation Scheme (SASS): Phone 1300 130097
- UniSuper : Phone 1800 331685
Updated: 24 October 2012