Superannuation
Curtin provides superannuation benefits to its staff via the following schemes administrated by UniSuper Management Pty Ltd:
Award Plus Plan (formerly known as TESS)
All employees are included in the non-contributory Award Plus Plan (APP) unless you are currently a member of, or receiving a benefit from a State, Commonwealth or Tertiary Superannuation Scheme. You do not have to make any contributions to this scheme yourself and the University will contribute the equivalent of 9% of your salary into the scheme.
The APP can accept superannuation amounts from other schemes which an employee wishes to roll-over. However, all rollovers must remain in the APP until you leave the tertiary education sector.
Monies received by an employee as ‘Salary Supplementation’ or as ‘Payment of Additional Monies’ can be paid directly into the APP in pre-tax dollars. However, this must be part of a formalised salary sacrifice arrangement and agreed in advance of the work being performed. A ‘Salary Sacrifice Agreement (Additional Monies)’ must be completed for this purpose. A copy of this agreement can be downloaded at HR Forms.
UniSuper Defined Benefit Plan / Investment Choice Plan (formerly known as SSAU)
Staff who are continuing employees or on a fixed term contract with a duration of 2 years or more working 50% or more of as a service fraction must join the Superannuation Scheme for Australian Universities (SSAU). The normal contribution is 7% of gross basic salary (calculated at your substantive appointment salary). The University will contribute the equivalent of 14% of gross basic salary on your behalf.
[Note: Existing contributory members of the WA Government Employees’ Superannuation Board (GESB) are eligible to continue membership of that fund.]
The UniSuper Plan types are available:
Defined Benefit Plan (Default Plan)
The defined benefit plan guarantees that a certain benefit will be available when you retire. The benefits are calculated using a formula which is based on your salary average in the last three years of employment and the number of years you are a member in fund.
The benefit you receive upon retirement is determined by the plan, not by an account balance. For this reason, your contributions are invested as a single portfolio and used as required to pay benefits to members.
Investment Choice Plan
With the Investment Choice Plan, you have your own account to which you and the University make regular contributions. Expenses and tax are taken out and your account accumulates over time with investment earnings. The main benefits from the plan (if you retire or resign) are equal to the balance in your Member Accumulation Account. Your account balance depends on how your superannuation is invested and how well these investments perform over time. Therefore, how you invest your superannuation will affect your future financial security.
As superannuation is the biggest salary benefit that an employee can gain from the University it is important that staff consider packaging their superannuation as part of their remuneration arrangements (refer salary packaging). It may represent an ideal mechanism to build up retirement assets.
The Superannuation Office can be contacted on (08) 9266 2726 or (08) 9266 2725 where you can obtain Registration documents and discuss your superannuation membership details. Also refer to the Client Contact Details for an appropriate contact person.
