Choice of fund - What it will mean to you?

The only University staff who are eligible to access the "Choice of Fund" arrangements are TAFE teachers who are members of the VicSuper Scheme. For more information on this new "Choice of Fund" legislation and how it effects you please click here.

General Superannuation Information

A number of superannuation schemes operate at the University of Ballarat.  These differ depending on whether a staff member's position is funded by Higher Education or TAFE.

Higher Education Funded Postions

Academic and Higher Education funded General Staff are required to become members of UniSuper (click here to link to the UniSuper website).

Full-time or fractional Academic staff and Higher Education funded General staff who are employed for a fraction of time not less than 0.5; and employed on a continuing basis or employed on a fixed-term contract of employment of 10 months or more in duration are normally required to seek to join Unisuper, Defined Benefit Division and Accumulation Super (2).  Normally membership to the Unisuper, Defined Benefit Division and Accumulation Super (2) is not available to temporary employees or to staff members under 21 years of age.  New staff members will be required to complete a Unisuper Registration Form.  New appointees should read the supplied superannuation membership booklet and any specific enquiries should be directed to the Manager, Payroll and Systems.

The UniSuper scheme makes provision for payment of a pension or lump sum on retirement and also, where appropriate, for early (ill health) retirement and dependent's benefits.  Employees are required to contribute to UniSuper 7% of salary and the University makes an employer contribution of 14%.  A further 3% of salary is put aside by the University as an employer under the Accumulation Super (2).  Accumulation Super (1) applies to those staff members not granted entry into Unisuper, Defined Benefit Division and Accumulation Super (2) and it remains a compulsory, non-contributory scheme. Contribution flexibility is avaliable to employees in the Unisuper, Defined Benefit Division and Accumulation Super (2) scheme however employees are advised to seek financial advice before entering into these arrangements. Employees wishing to undertake contribution flexibility should read the Contribution Flexibility Guide which can be found at http://www.unisuper.com.au/superannuation/index.cfm for further information.  It applies to most Higher Education funded casual and sessional staff members except those occupying very short term casual appointments, the University will allocate a 9% employer contribution.

TAFE Funded Postions

TAFE funded General staff and TAFE Teachers are required to join the Victorian State Superannuation Schemes (click here to link to the VicSuper website). The VicSuper Scheme applies for statutory superannuation cover.  The University, as employer, contributes 9% to this scheme for TAFE Teachers and for TAFE funded General staff the contribution is 11%.  This scheme may also apply to some existing University staff.

Further Information

Salary packaging/sacrificing arrangements may also be available for staff members making superannuation contributions.

Specific enquiries regarding superannuation schemes should be addressed to the Manager, Payroll and Systems, phone (03) 5327 9517 or send an email to Glenn Bench.