It's never too early to start thinking about superannuation. Learn about your super options and how we can help.
UniSuper is the prescribed superannuation fund for Macquarie University employees. Unless you are a current member of State Superannuation Fund (SSF) or State Authorities Superannuation Scheme (SASS), all employer superannuation contributions are paid to UniSuper. You will not be able to choose your own superannuation fund.
Starting with UniSuper
If you start receiving the Superannuation Guarantee of 9.5 per cent, you will have a UniSuper Accumulation 1 account. If you start receiving 17 per cent superannuation, you will automatically go into the Defined Benefit Division.
Defined Benefit Division members have a choice to stay in the Defined Benefit Division or to switch to an Accumulation 2 account. You will have 24 months to decide which account is best for you. If you don’t make a choice within 24 months, you will stay in the Defined Benefit Division and won’t be able to switch later.
To discuss your options make an appointment online with Andrew Syarief, our UniSuper on-campus consultant. If you decide to switch from the Defined Benefit Division to Accumulation 2, complete the Transferring from the Defined Benefit Division to Accumulation 2 form and submit to UniSuper.
The amount of superannuation Macquarie University contributes on your behalf will depend on the type and length of your employment. Superannuation is calculated on Ordinary Time Earnings.
Continuing or fixed-term employment 2 years or longer
17% employer contribution.
In addition to employer contributions, Defined Benefit Division members will make standard member contributions of up to 7% of their after-tax salary.
Fixed-term employment less than 2 years
9.5% employer contribution (Superannuation Guarantee).
9.5% if ordinary times earnings are $450 or more per calendar month, or
9.5% paid 6 monthly if ordinary times earnings are less than $450 per calendar month but more than $2546 (or the amount notified by UniSuper each year) in either of the 6 month periods between 1 January and 30 June or 1 July and 31 December each year.
Standard member contributions
In addition to employer contributions, Defined Benefit Division members will make contributions of up to 7 per cent of their after-tax salary. These are known as standard member contributions.
The members default arrangement is to contribute a standard member contribution of 7 per cent of after tax salary. This is in addition to the employer contribution of 17 per cent. You are able to salary sacrifice your standard member contribution, in which case the standard member contribution will be 8.25 per cent.
Reducing your standard member contribution
You can choose to reduce your standard member contribution through contribution flexibility. If you decide to reduce your standard member contributions, you will still receive an employer contribution of 17 per cent. To reduce your standard member contribution, complete a Contribution flexibility form and email it to email@example.com.
Important: for Defined Benefit Division members, reducing your standard member contribution will impact your final retirement benefit and there may also be implications for your inbuilt benefits. The decision to reduce your standard member contributions is permanent and you will not be able to increase your contributions later. It is best to seek independent financial advice before making a decision.
Additional voluntary contributions
You can voluntarily contribute a fixed percentage, or a fixed amount each pay to your UniSuper account by either after-tax contributions or pre-tax contributions (ie salary sacrifice). You can also salary sacrifice a fixed percentage of your salary or an amount to UniSuper.
To make voluntary pre-tax contributions to another superannuation fund contact NLC, the University’s salary packaging provider, to discuss your options.
Concessional contribution caps
Keep in mind limits apply to concessional superannuation contributions made to your super in a financial year. These limits are known as concessional contribution caps. If you contribute more than these caps, you may have to pay extra tax. Current concessional caps are available on the ATO website. Seek advice from your financial planner on your personal circumstances and concessional contribution caps.
Andrew Syarief, Macquarie University’s on-campus consultant, is available to provide free superannuation information that is general in nature. Andrew is located in the Human Resources Reception, Building C5C (entrance via Western stairwell), North Ryde Campus. Make an appointment to meet with Andrew online.
UniSuper also has super advisers who provide personal financial advice on a limited number of topics and private client advisers who can provide comprehensive tailored financial advice. These services are available for a fee.