This policy has been developed in support of the superannuation provisions for staff at our company.
Policy Statement
Our company recognises the importance of superannuation to provide financial security to staff members during their retirement. Our company is committed to supporting staff plan for retirement through the provision of superannuation and to meeting its obligations under the relevant superannuation legislation.
Policy Purpose
The purpose of this policy is to inform staff members of the arrangements associated with superannuation membership and contributions at our company. The arrangements apply to those staff who meet the legislative requirements for employer superannuation.The purpose of this policy is to clarify the arrangements which apply to the payment of salaries to all staff and the deductions the our company will make from a staff member’s salary payment.
Application of Policy
Superannuation Arrangements
Our company superannuation provider is UniSuper.
The company shall, during the life of the Australian Catholic Staff Enterprise Agreement 2013 – 2017 (the Agreement), maintain current superannuation arrangements and entitlements for the payment of an employer superannuation contribution of 17% salary in respect of existing and new staff eligible to receive that level of contribution, except that
- The company may at its discretion exercise its options under the UniSuper Deed of Covenant (as defined) for the 5% flexibility arrangements; and
- Employer superannuation contributions for casual staff and for staff engaged on an initial fixed-term contract of employment up to twelve (12) months shall be at the minimum required superannuation guarantee rate.
Superannuation membership and contribution arrangements will be maintained for those staff employed by the company prior to 10 September 1991 who are members of the following funds or their successors:
- UniSuper
- Catholic Superannuation Fund
- Catholic Superannuation and Retirement Fund
- National Catholic Superannuation Fund
- State Authorities Superannuation Scheme
- State Superannuation Fund Victoria
A staff member who is a member of a Fund other than UniSuper may, subject to the relevant Trust Deed, resign from that Fund and become a member of UniSuper.
Minimum Superannuation Guarantee Contributions
Superannuation Guarantee legislation provides for superannuation payments once wages reach a minimum of $450 in a calendar month.
Our company will pay superannuation for Ordinary Time Earnings under this minimum where staff are employed under the Agreement and receive superannuation at the statutory Superannuation Guarantee rate.
Voluntary Contributions
In addition to any compulsory contributions required by the superannuation fund, our company will allow continuing and fixed term staff members to contribute additional voluntary payments via the company payroll. Voluntary contributions under this clause will only be permitted to be made to the same fund to which the compulsory contributions are being made (and/or UniSuper) and are subject to the conditions of that fund.
Additional voluntary contributions can be made from after tax salary or from pre-tax salary.
Casual staff will be permitted to make voluntary contributions in the following circumstances:
- where permitted by UniSuper, and,
- where the staff member is eligible for an employer contribution, and,
- where the staff member is receiving regular payment over multiple fortnights.
Such payments will be in accordance with the rules of UniSuper.
Pre-Tax Superannuation Contributions
Our company will facilitate pre-tax superannuation contributions where permitted by the fund. At a staff member’s election in writing, their gross salary may be reduced by the amount necessary to enable pre-tax member contributions to be deducted and paid to the fund by our company on behalf of that staff member.
The amount to be deducted from gross salary will be the employee’s pre-tax contribution, in accordance with the rules of the fund, and the appropriate fund tax payable on the contribution.
The benefit salary of the staff member will be unchanged for superannuation purposes and will be based on gross salary before deductions for pre-tax member contributions.
In the event of changes in legislation relating to superannuation, or taxation, or to the Trust Deed of a fund, which impact on above section and our company may cease the operation of this section and advise staff.
Pre-Retirement Agreements
Our company, in line with its Pre-Retirement Agreement Policy, may offer a range of employment options to staff that may impact on their superannuation.
Consistent with the Company Pre-Retirement Agreement Policy, our company will maintain full superannuation employer contributions.
Our company will, where possible, facilitate superannuation fund requirements relating to staff electing the option of a Superannuation Retirement Benefit where this option is available to members.
Leave on Reduced Pay
If a staff member is granted a period of leave on half pay, the staff member may elect to contribute 50 percent of their normal superannuation contributions, with our company’s contribution being equivalently adjusted, or the staff member may elect to pay their full contribution and top up the company contribution from 50 percent to the full level of their normal conditions.
If a staff member is granted a period of approved leave without pay, superannuation conditions automatically cease being paid by both the staff member and our company. However, the staff member may elect to pay their full contributions and also the company contributions to the full level of their normal contributions. Upon request by the staff member, calculations for the full superannuation contributions can be provided by the Senior Administrative Officer, Superannuation and Salary Packaging. The payment of these contributions would need to be made directly to UniSuper by our company staff member.
Procedures
Staff members electing to avail themselves of any of the superannuation options described in the above policy should complete the relevant form or submit their request in writing to the Human Resources Advisory Service