Superannuation

General Superannuation Information for UNSW Employees

Superannuation contributions for University employees are normally made to UniSuper, the industry fund for the Tertiary sector, in accordance with the University's Trust Deed and Deed of Covenant with UniSuper. The level at which the employer and employee are required to contribute is set out in the Trust Deed and is further prescribed in the relevant Enterprise Agreement.
 
Appointments less than 2 years
The University will contribute the statutory 9.5% Superannuation Guarantee (SG) for all employees appointed on contracts of less than 2 years. The SG payments are made to UniSuper's Accumulation1 Super Plan (the default fund).

Employees appointed on contracts of less than 2 years are eligible to choose an alternate fund for the SG contributions under the Australian Government's superannuation choice of funds legislation and will be given a standard choice form on commencing employment with the University.
 
Appointments of 2 years or more
Employees appointed on contracts of 2 or more years will be automatically enrolled in UniSuper's Defined Benefit division (the default fund). The University will contribute a total of 17% of salary to UniSuper whilst the employee can contribute from 0 - 7% (post-tax) or 0 - 8.25% (pre-tax) of salary. For information about flexible contributions refer to UniSuper's contribution flexibility guide.

As these employees are being enrolled in a defined benefit superannuation scheme, the University is not obliged to offer the employees in this category a choice of fund under the relevant legislation. However, this does not prevent an employee in this category in the first 24 months from seeking to join the UniSuper Accumulation 2 scheme.
 
Casuals
UniSuper is the prescribed superannuation fund for casual staff in the University's current Enterprise Agreements. As such, choice of funds is not available to casual employees.
 
Existing members of State and Commonwealth schemes
On appointment to UNSW employees who are already members of either a State Superannuation scheme (SSS or SASS) or a Commonwealth Superannuation scheme (CSS or PSS) may continue their membership whilst employed at UNSW.
 
 

Financial Advice is Important

Please note: Staff of UNSW are not able to provide financial advice.  Therefore, if you require more information regarding the changes, and how they may affect your personal circumstances, you should seek advice from a financial planner.  A list of financial planners is available at http://www.fpa.asn.au/.
 
If you are a UniSuper Member, a new financial advice service is now available and will be able to provide both simple and comprehensive financial advice to members on a range of topics.  For further information about this service, you can:
 
If you are a State Super Member a financial service is also available. For further information go online to the State Super Financial Services website.
 

Reporting Superannuation for Employees

For the 2010 income year and all future years, super contributions made under a salary sacrifice arrangement or extra super contributions to a super fund for an employee, will need to be reported on the employee's payment summary. These contributions are called reportable employer super contributions. Reportable employer super contributions are not included in an employee's assessable income.