Superannuation for Deakin Staff

• Choice of fund:
• Important things to consider
• Where to go for help?
• Things to be aware of

UniSuper is the industry super fund dedicated to all who work in Australia's higher education and research sector.

UniSuper offers competitive fees, education and advisory services, flexible superannuation and pension products and a superior level of service from staff who understand your requirements.

New staff members join the Defined Benefit Division if they have the following employment status:

• Fixed - term contracts of more than 1 year with a time fraction of 50% or more; or
• Ongoing staff with a time fraction of 50% or more

Staff members in this category:

• Receive 17% employer contributions
• Have a period of 24 months from date of joining to decide whether to opt out of the Defined Benefit Division and join the Accumulation 2 division.
• You are required to contribute at a rate of 7% post tax (or 8.25% pre tax) to receive the full defined benefit entitlement. This can be reduced under contribution flexibility
• Receive inbuilt death and disablement insurance cover with an option to apply for additional cover.

New staff members join the Accumulation 1 category if they have the following employment status:

• Fixed-term contracts of 1 year or less
• Ongoing staff with time fraction of less than 50%
• Casual or sessional staff

Staff members in this category:

• Receive 9.25% employer contributions
• Full investment choice
• Optional death and disablement insurance cover

Choice of fund:

The Deakin University Enterprise Agreement (EA) specifies that UniSuper is the superannuation fund of choice for Deakin University. Under the Choice of Fund legislation, where the EA specifies a superannuation fund, staff are not eligible to have their super contributions paid to another superannuation fund.

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Important things to consider

• Defined Benefit vs Accumulation 2. You have 24 months from date of joining to decide to opt out of the Defined Benefit Division and join the Accumulation 2 Division
• Contribution levels. What is the right level for you? Should you exercise contribution flexibility? Should you make additional voluntary contributions?
• Investment Choice. You have control over the exposure to growth and defensive assets (investment option) for your accumulation accounts. Even if you are a Defined Benefit Division member you may still have an accumulation component.
• Insurance. You may be able to request higher levels of death and disablement insurance cover. If you do this on joining the plan the documentation is not as onerous as if you elect for higher cover at a later date. (Defined Benefit Division and Accumulation 2 Division members receive in-built death and disablement insurance cover automatically when joining the plan).

Where to go for help?

Refer to your Product Disclosure Statement to understand your options.

Visit the website for fact sheets, tutorials and general information on UniSuper and the Super Industry.

Log in to MemberOnline. UniSuper's secure section of the website where you can view your own account and details.

Register for UniSuper 101 or any of the available seminars or webinars to learn more.

Contact UniSuper on 1800 331 685

Things to be aware of

Government caps on contributions
The government imposes limits, called contribution caps, on the total amount of contributions that you can make to super in each financial year and still receive concessional tax treatment. If you exceed the caps you may pay a higher tax rate. Read more.

Work test - for those aged 65 and over
Under super law, UniSuper can only accept certain types of contributions from members who are aged 65 or over but less than 75, provided they have satisfied the Work test. To satisfy the 'Work test' in each year that a contribution is made by working at least 40 hours in a period of not more than 30 consecutive days in the financial year in which the contribution is made. Read more.

Salary sacrifice into superannuation

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