University of Ballarat
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Superannuation
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. Find out more about the "Choice of Fund" legislation and how it affects you.
General Superannuation information
A number of superannuation schemes operate at the University of Ballarat. These differ depending on the staff member's classification and whether a staff member's position is funded by Higher Education or TAFE.
Important updates
** New Concessional Contribution Caps/Recent Budget Changes may mean you pay more tax on your super **
- Fact sheet: Understanding how the concessional contribution cap applies to NEW DBD members (pdf, 92kb)
- Fact sheet: Understanding how the concessional contribution cap applies to EXISTING (as at 12 May 2009) DBD members (pdf, 121kb)
- Fact sheet: Understanding how the concessional contribution cap applies to Accumulation 2 members (pdf, 104kb)
Higher Education funded positions
Academic and Higher Education funded General Staff are required to become members of UniSuper.
Full-time or fractional Academic staff, and full-time or fractional Higher Education funded General staff, who are 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 staff members under 21 years of age, or for staff on fixed-term appointments of less than 10 months.
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 (1). 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. It applies to some short fixed-term contract staff members and to most casual and sessional staff members (except those occupying very short term casual appointments) for whom the University will allocate a 9% employer contribution.
Contribution flexibility is available 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 Fact Sheet: Contribution Flexibility (pdf, 141kb) guide.
TAFE funded positions
TAFE Teachers are required to join the Victorian State Superannuation Schemes. The VicSuper Scheme applies for statutory superannuation cover. The University, as employer, contributes 9% to this scheme for TAFE Teachers. TAFE Teachers are eligible to nominate another fund of their choice however the employer contribution remains at 9%.
Full-time and part-time TAFE General Staff who are currently members of "VicSuper", and new TAFE General Staff, may, from 18 January 2009, elect to join either UniSuper (as provided above), subject to eligibility criteria and legal obligations being met, or VicSuper. The University, as employer, contributes 11% to VicSuper for full-time and part-time TAFE General Staff.
Current Staff "New Scheme" members
Staff members (other than TAFE Teachers) who are currently members of the now closed State Government "New Scheme" may, from 18 January 2009, choose to transfer their superannuation membership to UniSuper (as provided above), subject to eligibility and legal obligations being met.
Further information
Salary packaging/sacrificing arrangements may also be available for staff members making superannuation contributions.