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B/7.11 Superannuation |
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7.11.1 Provision of superannuation coverage 7.11.1 Provision of superannuation coverage
QUT provides superannuation coverage for staff members through membership of UniSuper. This policy
provides information concerning legislative requirements, employment and scheme conditions.
7.11.2 Maximum CoverageAll staff members who have an appointment of 12 months or more are eligible for maximum superannuation coverage. The maximum superannuation coverage requires that QUT contribute the equivalent of 17% of gross salary. Staff members can choose a contribution rate of between 0% and 7% of gross salary subject to the UniSuper Trust Deed, with 7% of gross salary being the default rate. Inclusion in Maximum Coverage Inclusion in maximum coverage can be sought by a staff member who does not otherwise qualify for maximum coverage, provided that the following criteria can be met:
Further details are available on the Human Resources Department website. 7.11.3 Minimum CoverageStaff members who do not qualify for maximum superannuation coverage are provided minimum superannuation coverage. Minimum superannuation coverage requires that QUT pays the equivalent of the contribution required to be paid under the Superannuation Guarantee Administration Act 1992 (Cwth). The current level of the Superannuation Guarantee contribution is the equivalent of 9% of gross salary. Employer contributions are only paid if the staff member is paid a salary of $450 or more in a calendar month. It is not compulsory for staff members with minimum superannuation coverage to contribute to UniSuper. They may make voluntary contributions if they wish. 7.11.4 TESS Safety NetThe Tertiary Education Superannuation Scheme (TESS) Award 1988 establishes a " safety net " for those staff who do not meet the criteria for the Superannuation Guarantee payments outlined in B/7.11.3. Further details are available on the Human Resources Department website. 7.11.5 Closed QSuper Superannuation FundsThere are several superannuation plans of which some staff are members, that are closed to all academic staff appointed after 3 September 1990 and professional staff appointed after 1 July 1991. These are the Queensland Government superannuation plans referred to as:
Further information regarding these superannuation plans is available from the QSuper website. Related DocumentsUniSuper website: www.unisuper.com.au QSuper website: www.qsuper.qld.gov.au Modification History
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