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Superannuation Policy

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Section 1 - Purpose

(1) The University provides superannuation coverage for staff members through membership of the UniSuper fund, except as set out in the relevant industrial agreements, legislation or employment contracts.

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Section 2 - Application

(2) This Policy applies to all eligible staff, as set out in legislation, industrial agreements, employment contracts and superannuation scheme conditions.

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Section 3 - Roles and Responsibilities

Position
Responsibility
Senior Manager, Rewards, Workforce Insights, and Insurance
Oversees QUT’s superannuation obligation.
Remuneration and Benefits Specialist (Superannuation)
Administers QUT's superannuation obligations.
Vice-President (People) and Chief People Officer
Ensures that QUT complies with its obligations under superannuation legislation (Superannuation Guarantee (Administration) Act 1992) and certified industrial instruments.
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Section 4 - Employer Contributions

(3) There are several employer superannuation contribution arrangements.

(4) The University will provide 17% employer superannuation contributions to ongoing and fixed-term staff member, subject to the terms of the staff members’ superannuation fund and any associated trust deed.

(5) If a staff member has chosen a superannuation fund which does not accept a 17% employer superannuation contribution, the University will pay the highest allowable contribution up to 17%.

(6) All sessional and casual staff receive employer contributions as required by the applicable legislation, currently the Superannuation Guarantee (Administration) Act 1992(Cth) (SGAA). The level of the Superannuation Guarantee (SG) contribution is calculated on ordinary times earnings and a percentage set out in the Superannuation (State Public Sector) Act 1990.

(7) The University has chosen to extend the Superannuation Guarantee contributions to staff members who are under 18 years of age.

(8) The University only applies the Superannuation Guarantee Maximum Contributions Base (MCB) to Senior Staff and only if requested.

Employer Contributions to Fund of Choice

(9) The University is required to comply with the SGAA for superannuation guarantee contributions.

(10) The University will administer a choice of superannuation fund for Superannuation Guarantee Contributions and the 17% employer superannuation contribution as required pursuant to the SGAA.

(11) The SGAA precludes a staff member that is a member of a defined benefit (e.g. the UniSuper Defined Benefit Plan and QSuper Defined Benefit Plan) from a choice of superannuation fund.

(12) Existing UniSuper Defined Benefit Members as at their commencement date with QUT, and who are receiving 17% employer contributions, will need to remain members of the UniSuper Defined Benefit Plan, as per the UniSuper Trust Deed.

Superannuation Stapling for new Staff Members

(13) For the benefit of the below a stapled fund is a fund that is defined by the Australian Taxation Office (ATO) (Taxation Administration Act 1953).

(14) For all staff members appointed on or after 1 Nov 2021, the University offers a choice of superannuation fund pursuant to the SGAA.

(15) In the event the staff member chooses a superannuation fund, the University will be required, pursuant to the SGAA, to pay the employer contributions to the staff member’s fund of choice.

(16) In the event the staff member does not choose a superannuation fund and:

  1. a stapled fund is identified by the ATO – the University will be required to pay the employer contributions to the staff member’s stapled fund pursuant to the SGAA; or
  2. no stapled fund is identified by the ATO – the University will pay the employer contributions to the University’s nominated default superannuation plan, UniSuper Accumulation 1 Plan.

17% Employer Contributions to UniSuper (Defined Benefit, Accumulation 2 or Accumulation 1)

(17) In the event there is no choice made and no stapled fund identified by the ATO, the University will pay the 17% employer contribution to the UniSuper Accumulation 1 Plan as the University's default superannuation plan.

(18) Once a member of UniSuper Accumulation 1, staff members receiving 17% employer contributions can then elect to join the UniSuper Defined Benefit Plan within a period specified by the UniSuper Trust Deed.

(19) The UniSuper Trust Deed allows Defined Benefit members to elect to transfer to the UniSuper Accumulation 2 Plan within 24 months of commencement in the Defined Benefit Plan.

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Section 5 - QSuper Superannuation Funds

(20) The University pays 17% employer contributions to the following superannuation funds for some staff appointed before 3 September 1990 (academic staff) or 1 July 1991 (professional staff):

  1. QSuper Defined Benefit Plan;
  2. QSuper Accumulation Plan; and
  3. QSuper State Plan
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Section 6 - Exceptions to Policy

(21) The Vice-President (People) and Chief People Officer is authorised to approve variations to this Policy in exceptional circumstances. Any such variation will be recorded by Human Resources.

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Section 7 - Definitions

Term Definition
UniSuper Is the industry superannuation fund for the Australian higher education and research sector.