E4. Superannuation

E4.1 Introduction
E4.2 Policy statement
E4.3 Procedures
   E4.3.1 Preamble
   E4.3.2 Commencing employment
   E4.3.3 Reclassification to USQ Level 4
   E4.3.4 Ceasing employment
   E4.3.5 Superannuation schemes
   E4.3.6 Choice of superannuation fund
E4.4 Attachment 1: superannuation schemes

E4.1 Introduction

E4.2 Policy statement

The University supports superannuation schemes to provide employees with financial security through benefits paid at the conclusion of employment or in cases of extended illness or disability.

(Approved by Council June 1998)

E4.3 Procedures

E4.3.1 Preamble

QSuper (previously State Services Superannuation Fund)

Prior to 1 July 1991 all academic and general staff on continuing appointment or of a limited term where appointment was two years or greater were required to join the State Services Superannuation Fund (State Super).  Full time permanent wage employees had the opportunity to join after completing 12 months service.  All other eligible employees were also included into the GoSuper award scheme.

From 1 January 1991, the State Services Superannuation Fund was superseded by QSuper and the State Super members of staff were given the option of transferring to the new scheme.  All new academic and general staff on continuing appointment or of a limited term where appointment was two years or greater were required to join QSuper.  Full time permanent wage employees had the option to join QSuper after 12 months service.  All other eligible employees remained in or joined the GoSuper scheme.

UniSuper (previously SSAU)

On 1 July 1991 Council resolved that the UniSuper (previously SSAU) be established as the superannuation scheme for all new staff.  Existing staff who were members of the State Services Superannuation Fund were given an option to transfer to the UniSuper (previously SSAU) scheme as from 1 July  1991.  Employees electing not to take up this option would continue to be members of the State Services Superannuation Fund whilst they remain an employee at USQ.

The rights and benefits under the schemes operating within the University are governed at all times by the Trust Deed and Rules, and a member may refer to a copy of these from the HR Officer (Superannuation) in Human Resources.

All superannuation funds operating within the University are 'complying' funds in accordance with the requirements of the Occupational Superannuation Standards Act 1987 and/or the Superannuation Guarantee Charge Act 1992.

On 1 October 2000 the SSAU and TESS Superannuation schemes were merged.  SSAU is now entitled the UniSuper Defined Benefit Plan/Accumulation(2) Plan and TESS is now entitled the UniSuper Accumulation(1) Plan.

E4.3.2 Commencing Employment

E4.3.2(a) All new employees will be advised of the requirements for their superannuation scheme membership in the letter of offer or USQ appointment form.

E4.3.2(b) The HR Officer (Superannuation) will explain the details of the superannuation schemes and assist new members, as required, to complete the appropriate Membership Application Form.

E4.3.2(c) Eligible employees will, from the date of commencement, either:

• automatically contribute to the appropriate Superannuation Scheme in the case of 'contributory' scheme members, and/or
• receive University contributions to their 'non-contributory' scheme under the productivity award/Superannuation Guarantee Charge (SGC) requirements.

E4.3.3 Reclassification to USQ Level 4 (General Employees)

E4.3.3(a)  An employee whose position has been reclassified from USQ Levels 1, 2 or 3 to USQ Level 4 or above, and who had previously opted to pay superannuation contributions to UniSuper at the half contribution rate (ie. 3.5%) will now be required to contribute to UniSuper at the full rate of 7% of gross salary.

E4.3.3(b)  For employees whose position has been reclassified from USQ Levels 1, 2 or 3 to USQ Level 4 or above, and who had previously opted to pay contributions at the half contribution rate, the higher contribution rate commences from the effective date of the reclassification.  An adjusting amount deducted from the backpay would be calculated in the first pay fortnight the higher level of salary is paid.

E4.3.3(c)  For positions reclassified from USQ Level 3 to USQ Level 4, all reclassifications will take effect at Step 2 of the Level 4 classification range.

E4.3.4 Ceasing Employment

All employees ceasing employment with the University will receive advice on their superannuation benefits from the HR Officer (Superannuation)

E4.3.5 Superannuation Schemes

The default superannuation schemes currently operating for employees of the University are:

• UniSuper Defined Benefit/Accumulation(2) Plan
• UniSuper Accumulation(1) Plan
• QSuper Defined Benefit Plan
• QSuper State Plan
• QSuper Accumulation Plan

The matrix in Attachment 1 provides a summary of the key elements of each superannuation scheme.

E4.3.6  Choice of Superannuation Fund

E4.3.6(a) The University will exclusively utilise the superannuation providers used by the University as at the date of certification of the USQ Certified Agreement 2005-2008.  However, there will be an exception in the case of those employees who exercised the option to choose an alternative superannuation fund between 1 July 2005 and the date of certification of the USQ Certified Agreement 2005-2008.  In this instance, the University will continue to make contributions to their chosen funds under the employment agreement that was current at the time of their choice of fund.  

E4.4 Attachments

Attachment 1: Superannuation Schemes (PDF 26kb)