B/7.11 Superannuation
Contact Officer | Superannuation Officer |
Approval Date | 03/07/2017 |
Approval Authority | Vice-Chancellor and President |
Date of Next Review | 01/07/2020 |
7.11.1 Purpose
7.11.2 Application
7.11.3 Roles and responsibilities
7.11.4 Maximum coverage
7.11.5 Minimum coverage
7.11.6 Closed QSuper Superannuation Funds
7.11.7 Choice of fund
7.11.8 Covid-19 Schedule
7.11.9 Definitions
Related Documents
Modification History
7.11.1 Purpose
QUT 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.
7.11.2 Application
This policy applies to all eligible staff, as set out in legislation, industrial agreements, employment contracts and superannuation scheme conditions.
7.11.3 Roles and responsibilities
Position |
Responsibility |
|---|---|
|
Superannuation Officer |
|
|
Manager, Payroll Services |
|
| Manager, Financial and Capital Management |
|
| Executive Director, Human Resources |
|
7.11.4 Maximum coverage
All staff members, employed since 5 January 2006, who have an appointment of 12 months or more are eligible for maximum superannuation coverage.
The maximum superannuation coverage for staff members in UniSuper 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 contribution rate.
A staff member who is not normally eligible may apply for maximum coverage, provided that the staff member's position is funded from external sources and provides for maximum coverage.
7.11.5 Minimum coverage
Staff 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 as required by the applicable legislation, currently the Superannuation Guarantee Administration Act 1992 (Cth). The applicable level of the Superannuation Guarantee (SG) contribution is calculated on ordinary times earnings and a charge percentage set out in the legislation.
The University has chosen to extend the Superannuation Guarantee contributions to staff members who are under 18 years of age and/or who earn a salary or wage of less than $450 in a calendar month. The University does not apply the Superannuation Guarantee maximum contributions base.
7.11.6 Closed QSuper Superannuation Funds
The following superannuation funds are not available for membership for all new or existing staff appointed after 3 September 1990 (academic staff) and 1 July 1991 (professional staff):
- QSuper Defined Benefit Plan
- QSuper Accumulation Plan
- QSuper State Plan
The University maintains contributions to these funds for staff members appointed prior to these dates. Depending on the plan, contributions of up to 14.65% are arranged for members.
7.11.7 Choice of fund
Under QUT's enterprise agreements for academic and professional staff, UniSuper is the nominated superannuation fund. As UniSuper is specified in a workplace agreement, QUT is not required to offer a choice of fund to staff covered by these agreements.
7.11.8 Covid-19 Schedule
Where any measure of the COVID-19 Schedule to the Enterprise Agreements would result in a reduction in employer superannuation contributions that would otherwise be paid to the staff member if the Schedule was not in effect, the University will continue to make contributions as if the Schedule had never come into operation.
Subject to the Rules of the superannuation fund, a staff member who is a member of a defined benefit scheme will continue to make contributions in alignment with the contributions made by the University.
7.11.9 Definitions
UniSuper is the industry superannuation fund for the Australian higher education and research sector.
QSuper is the Queensland State Government superannuation scheme.
Related Documents
Superannuation Guarantee Administration Act 1992
QUT Superannuation information (QUT staff access only)
UniSuper website
QSuper websiteModification History
|
Date |
Sections |
Source |
Details |
| 20.08.20 | B/7.11.8 | Associate Director, Human Resources (Workplace Relations) | New section to reflect the Enterprise Agreement Variations |
| 03.07.17 | All | Vice-Chancellor | Periodic review - policy modernised and approval authority changed to Vice-Chancellor |
| 30.04.15 | All | Human Resources Director | Policy updated in accordance with current legislation |
| 13.05.14 | All | Registrar | Revised policy to reflect current industrial instrument |
16.12.10 |
All |
Registrar |
Periodic review - Policy revised to reflect current industrial instrument |
|
24.08.06 |
B/7.11.2 |
Registrar |
Policy updated to reflect changes advised by UniSuper relating to member contributions |
|
24.05.06 |
All |
Registrar |
Policy updated in accordance with current legislation |