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Remuneration and Benefits – Superannuation ProcedureTitle of Parent PolicyRemuneration and Benefits Policy Title of Supporting ProcedureRemuneration and Benefits procedure – Superannuation PreambleThis procedure outlines the manner in which Monash University meets its superannuation obligations to staff. UniSuper is the required recipient fund for superannuation purposes under the Monash University Enterprise Agreements. This procedure applies to Academic, Professional, Casual Professional, Sessional staff and Trades and Services Staff. DefinitionsFaculty or Divisional Cluster: refers to a cluster of Faculties and/or administrative Divisions that is serviced by a particular HR Service Hub. The Faculty or Divisional Clusters at the University are (1) Central Portfolios & PVC Gippsland, (2) Research & Information Services, (3) Social Sciences & Creative Arts, (4) Engineering & Sciences, (5) Arts, Education & Law and (6) Biomedical Sciences. HR Business Partner: is a member of the Monash HR community who operates as a strategic partner responsible for providing a range of human resources services for an assigned Faculty or administrative Division. HR Business Partners are located within a HR Service Hub. HR Service Hub: is the centre for human resources services and activities within a Faculty or Divisional Cluster. UniSuper: UniSuper is the industry super fund dedicated to all who work in Australia's higher education and research sector. Member ContributionMembers of UniSuper Defined Benefit Division or Accumulation 2 contribute at the standard rate of 7% of salary but have the option to reduce their contributions under UniSuper’s contribution flexibility arrangements. Staff in salary classifications HEW Level 5 and below may elect to contribute at 3.5% of salary for a corresponding reduction in employer contributions and benefits. UniSuper Defined Benefit Division (17% Employer Contribution)Eligible staff are initially enrolled in the Defined Benefit Division and have the option to switch to Accumulation 2 membership within the first twelve months of joining UniSuper. Members receive a lump sum benefit on retirement based on a predetermined formula. This formula is based on the staff member’s superannuable salary, service fraction, age and years of membership. Staff who joined the University prior to 1999 may choose to take the retirement benefit as a lump sum or as an indexed pension. UniSuper Accumulation 2 (17% Employer Contribution)This account is where contributions for staff members who have elected to change their superannuation account from Defined Benefit are credited. Retirement benefits are based on individual account balances. UniSuper Defined Benefit Division or Accumulation 2The University is required to contribute 17% of superannuable salary for staff in designated superannuation categories appointed from recurrent funds on a fraction of 0.5 or greater who (i) hold a continuous appointment or whose appointment is for a period of two years or more; (ii) do not hold a continuing appointment but who have been employed by the University on fixed-term contracts for five consecutive years. Research-only staff with twelve months continuous service are eligible to apply for membership on the same basis as continuing staff subject to the funding from other than recurrent funds. Fixed-term research-only staff are eligible to apply for 17% employer contributions to UniSuper on the same basis as continuing staff dependent on their years of continuous service [refer to Table G at clause 26 of the Monash University Enterprise Agreement (Academic and Professional staff) 2009]. Staff members not listed in the above categories are eligible to apply for membership, subject to the availability of funds to meet the employer contribution. UniSuper Accumulation 1 (9% Employer Contribution)This account is where contributions made by the University in accordance with the Superannuation Guarantee legislation (currently 9%) are credited. Staff employed as continuing, fixed-term, part-time, temporary and, in certain instances, as casual are eligible for this contribution. Superannuation Guarantee contributionsCasual staff, sessional staff and staff who have a fixed-term contract of less than two years are covered by the Government Superannuation Guarantee. Currently the University contributes 9% for these staff. Staff who are not eligible for Superannuation Guarantee contributionsCasual and sessional staff who earn less than $450.00 per month, are aged less than 18 years or aged 70 years or over are not covered by the Superannuation Guarantee but may qualify for 3% an Award Superannuation contribution if they satisfy one of the following conditions:
Enrolment in UniSuper Defined Benefit DivisionStaff employed in designated superannuation classifications are deemed to have become members of UniSuper Defined Benefit Division when the Trustee accepts a contribution notwithstanding that an application for membership has not been returned. Designated Superannuation ClassificationsThe University and UniSuper have entered into an agreement that requires staff employed in designated superannuable classifications to become members of UniSuper. The designated classifications are:
Staff members not listed in the above classifications are eligible to apply for membership, subject to the availability of funding. Choice of FundThe Choice of Fund Legislation does not apply to staff employed by the University as the Monash Enterprise Agreements nominate UniSuper as the required recipient fund for Superannuation Guarantee contributions. Recurrent FundsFunds received from Government operating grants or funding from fees paid by or on behalf of student. 1. Commencement of EmploymentThe relevant HR Business Partner will send the prospective employee an employment contract specifying the required superannuation membership, including a Product Disclosure Statement containing Member Application Form and instructions to enable enrollment in UniSuper. By accepting the employment contract the staff member authorises the University to deduct the standard 7% employee superannuation contributions. It is the prospective employee’s responsibility to return the completed superannuation membership forms to the HR Business Partner prior to the commencement of employment. By accepting the employment contract, the University has authorisation to deduct the 7% employer superannuation contribution, even if the formal superannuation forms have not been lodged. 2. Preservation of existing superannuation entitlementsClause 26 (Superannuation) of the Monash University Enterprise Agreement (Academic and Professional staff) 2009 provides that the University will maintain the current superannuation employer contributions and arrangements for all current staff as of the date of certification of the Agreement. 3. Other superannuation schemesStaff who are members of the Emergency Services and State Super (ESSSuper) can obtain information from the ESSSuper website and members of VicSuper Beneficiary Account can obtain information from the VicSuper website. Staff who are members of the A Scheme should direct their enquiries to Ms Kathy Innes (Kathleen.Innes@monash.edu), Director, HR Operations. 4. Further information about UniSuperThe information provided here is only a general summary. A comprehensive guide to UniSuper funds is available at the UniSuper website. ResponsibilitiesStaff memberThe individual staff member is responsible for returning completed superannuation forms prior to commencement of employment. Monash HR responsibilitiesHR Business Partner The HR Business Partner is responsible for:
Superannuation, HR Operations Superannuation is responsible for
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