Choice of fund
The introduction of new Commonwealth legislation, effective 1 July 2005, will enable employees choose which superannuation fund their employer will pay the compulsory 9.5% employer contributions into on their behalf. These new provisions are known as "Choice of Fund."
Staff eligible to access "Choice of Fund" provisions
TAFE teaching staff
TAFE teaching staff at the University are eligible to access "Choice of Fund" arrangements by completing a standard choice form and attaching a compliance certificate from the super fund.
Academic and general staff
Academic and general/professional staff employees who do not wish to become members of UniSuper and wish to join an alternative superannuation fund can do so under the following conditions;
- the employee completes a standard choice form and attaches a compliance certificate from the super fund;
- provided that the number of employees who opt out of joining UniSuper does not exceed 5% of the total number of employees within superannuable classifications at Federation University Australia
Government Superannuation Office (GSO) Revised and New Scheme members
In addition employees who are members of defined benefit superannuation schemes such as the GSO Revised and New Schemes are not eligible to participate in the "Choice of Fund" provisions.
To access the "Choice of Fund" provisions
The Choice of Superannuation Fund Standard Choice Form (pdf, 316kb) provides employees with information about "Choice of Fund" and clearly sets out the information that needs to be provided to the University should staff wish to exercise "Choice of Fund".
Staff wishing to access the "Choice of Fund" provisions should complete and return the Standard Choice Form to the Payroll Office.
Once an employee provides the University with all the required information for their chosen complying fund, the University has two months in which to prepare for contributions to be made to that fund.
After this, any contributions made will be to the chosen fund.
If eligible staff do not make a choice, i.e. do not return the Standard Choice Form, the superannuation guarantee contributions will continue to be made into the VicSuper Scheme (for TAFE teaching staff) or UniSuper (for academic and general/professional staff) which is the employer default fund.
Enquiries can be directed to Team Leader, Payroll (ext. 9519 or email@example.com).