Your super
when you
leave your job
Issued November 2016 by UniSuper Limited ABN 54 006 027 121
AA Nadia Radice, University of South Australia
Prepared by UniSuper Management
Pty Ltd (ABN 91 006 961 799, AFSL
No. 235907) on behalf of UniSuper
Limited, ABN 54 006 027 121, the
Trustee of UniSuper (ABN 91 385
943 850). UniSuper Management Pty
Ltd is the Administrator of the Fund
and is licensed to provide financial
advice, which is provided under the
name of UniSuper Advice. UniSuper’s
MySuper authorisation number is
91385943850448. ASIC Class Order
14/1252 applies to this document.
This information is of a general
nature only and includes general
advice. It has been prepared without
taking into account your individual
objectives, financial situation or
needs. Before making any decision
in relation to your UniSuper
membership, you should consider
your personal circumstances, the
relevant product disclosure statement
(PDS) for your membership category,
and whether to consult a qualified
financial adviser. To obtain a copy of
the PDS relevant to your membership
category, visit unisuper.com.au/pds
or contact us on 1800 331 685.
UniSuper Advice is a service
dedicated to UniSuper members and
their spouses which is provided by
UniSuper Management Pty Ltd, the
entity licensed to provide financial
advice. For more information about
UniSuper Advice or to download
the Financial Services Guide, please
visit unisuper.com.au/advice. For
any further enquiries, please contact
1800 331 685.
We’ve heard you’re moving on
Whether you’re staying within the higher
education or research sector, changing careers or
leaving work altogether, we know you’ve got a lot
going on right now. So your super’s probably the
last thing on your mind.
This booklet helps make the decision of what to
do with your super easier.
The good news is no matter what your next move,
you can always stay with UniSuper and continue to
enjoy the benefits of being with one of Australia’s
leading super funds.
CHANGES TO SUPER:
FEDERAL BUDGET 2016
A number of proposed changes to super
have recently been passed by Parliament,
with most of the coming into effect
1 July 2017.
You can read more about Budget
proposals affecting super at
unisuper.com.au/budget.
If you’re thinking about making a
change to your super, we encourage you
to carefully consider the changes and
to seek advice from a qualified financial
adviser. You can contact UniSuper
Advice on 1300 331 685.
Contents
Defined Benefit Division (DBD) 13
Accumulation 2
23
Accumulation 1
25
WHERE TO BEGIN?
We suggest you start with the section that relates
to the UniSuper product you currently have.
The front and back sections give you some useful
information about UniSuper, including a glossary
of common terms on pages 11 and 12.
NOT SURE WHICH UNISUPER PRODUCT YOU HAVE?
If you’re not sure which UniSuper product you
have, check the welcome pack you received
when you first became a UniSuper member,
or your latest benefit statement. Both of these
list the product you’re in (also known as your
‘membership category’).
3
Staying with
UniSuper
Now that you’re in, you’re welcome to
stay. In fact, you can stay with us as
long as you like. That’s because when
you joined UniSuper, you entered a
partnership that can continue for life.
So no matter where your future takes
you, you can always rely on us to help
you build and manage your super.
Your super when you leave your job
4
STAYING WITH UNISUPER
When you leave your job, your employer
will stop making compulsory super
contributions into UniSuper for you. What
happens to your super account depends on
which UniSuper product you have.
Unless you instruct us otherwise, your
super will stay in UniSuper—which means
you will continue to enjoy the benefits of
being a UniSuper member.
By remaining a UniSuper member
you can:
continue contributing to UniSuper1
‘defer’ your defined benefit component
if you’re in the DBD (see page 14 for
what it means to defer)
nominate UniSuper as the fund to
receive your future compulsory
employer contributions (as long as your
new employer offers you ‘Choice of
Fund’—see pages 5 and 6)
transfer any other super you may have
into UniSuper
start a UniSuper pension (if you’re
eligible)
access our many features and benefits
(see pages 8 to 10).
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Alternatively, you may choose to transfer
your benefit to another fund altogether.
What’s best for you depends on your
personal circumstances, financial needs,
and goals. You can find out more about
your options in the section relevant to
your UniSuper product.
Leaving your job
because of illness
or injury?
If you’ve left your job due to illness
or injury, you may be eligible to claim
a disablement benefit.
Please note: if you’re eligible, you
need to claim the disablement
benefit promptly after leaving
your job or you may not be able
to claim that type of benefit later.
Please contact us immediately on
1800 331 685 for more information.
WEHI SUPER FUND MEMBERS
If you’re a UniSuper
member whose benefits were
transferred from the former
Walter & Eliza Hall Institute
(WEHI) of Medical Research
Superannuation Fund, your
membership is subject to
special conditions and some
of the material in this booklet
may not apply to you. We
recommend you contact us on
1800 331 685 for details of the
special conditions that apply
to you.
For members aged 65 or older, some restrictions (known as the ‘Work Test’) apply to the types of contributions we can
receive. Read about the Work Test at unisuper.com.au/glossary or call us on 1800 331 685 to find out more.
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55
Nominating UniSuper
as your chosen fund
Under ‘Choice of Fund’ legislation,
many employees can nominate
the super fund into which their
compulsory Superannuation
Guarantee (SG) contributions are
paid. Eligibility depends on your
terms of employment.
Your super when you leave your job
6
NOMINATING UNISUPER AS YOUR CHOSEN FUND
‘Choice of Fund’ isn’t available to
employees under certain types of
industrial agreements or awards (which
specify which super fund employer
contributions must be paid into). This
applies to most employees in the higher
education and research sector.
However, if you’re eligible for Choice of
Fund, you can nominate UniSuper as
your chosen fund. Simply complete a
Super Choice – Fund nomination form and
provide it to your new employer within 28
days of starting your new job. This form
and the Trustee Compliance Letter, contain
all the information your new employer
needs in order to contribute to UniSuper
on your behalf. Both the form and letter
are enclosed in this booklet.
You can also:
AA download the Choice of Fund Kit from
AA
the ‘Forms and Documents’ section of
our website.
call us on 1800 331 685 to request
a copy.
What happens if …
… UNISUPER IS YOUR NEW
EMPLOYER’S DEFAULT SUPER FUND?
If UniSuper is your new employer’s
default super fund, all you have to do
is advise your new employer of your
existing UniSuper member number.
They can then automatically pay
your contributions into your existing
UniSuper account.
… UNISUPER IS NOT YOUR NEW
EMPLOYER’S DEFAULT SUPER FUND,
BUT YOU ARE ELIGIBLE FOR CHOICE OF
FUND?
If UniSuper isn’t your new
employer’s default super fund but
you are eligible for Choice of Fund,
you can nominate UniSuper as your
chosen fund for your new employer
to contribute to.
… UNISUPER IS NOT YOUR NEW
EMPLOYER’S DEFAULT SUPER FUND
AND YOU ARE NOT ELIGIBLE FOR
CHOICE OF FUND?
If you’re not eligible for Choice
of Fund with your new employer,
your future Super Guarantee (SG)
contributions will be made to another
super fund. However, you can still
transfer the super you accrue in your
other super fund into your UniSuper
account. Contact your other fund
for details on how to transfer your
super contributions to your UniSuper
account.
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Your super when you leave your job
FUND PERFORMANCE
Your super when you leave your job
8
BENEFITS OF BEING A UNISUPER MEMBER
Benefits of being a
UniSuper member
Since 1983, UniSuper has been Australia’s only super fund dedicated
to higher education and research sector professionals.
We’re proud to offer competitive fees, high
quality products and services, and a diverse
range of investment options to fulfil the
super and retirement needs of our members.
Why stay with UniSuper?
1
A RECORD OF STRONG
LONG-TERM INVESTMENT
PERFORMANCE
Investing your money well to achieve
greater retirement outcomes is at the heart
of what we do. It’s because we know strong
investment returns helps you reach your
retirement goals sooner.
You can rely on our in-house investment
team—recognised to be one of the best in
Australia—and experience, to manage your
money wisely. That’s why our Accumulation
Balanced option—where most of our
members invest—has delivered consistently
strong returns for the past 10 years.*
Stay with us and feel more confident about
your financial future.
2
VALUE FOR
MONEY
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COMPETITIVE
FEES
We’re a large value-for-money fund
offering competitive fees. All our profits
go to our members or are reinvested to
improve our products and services. We
don’t pay commissions to our financial
advisers and we don’t pay dividends to
external shareholders.
As a UniSuper member, you won’t be charged:
any entry or withdrawal fees
for the first investment option switch you
make each financial year
for selecting your own mix of investment
options when you first join UniSuper
for changing the options your future
contributions or transfers are
invested in.
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Our fees are often among the most
competitive in Australia for an industry super
fund (refer to ‘See for yourself’ on page 9).
*Past performance is not an indication of future performance. For our Balanced option 10 year performance results see
www.superratings.com.au. SuperRatings does not issue, sell, guarantee or underwrite UniSuper products.
9
Your super when you leave your job
BENEFITS OF BEING A UNISUPER MEMBER
4
EXCLUSIVE
MEMBERSHIP
5
CONTROL AND
CHOICE OVER YOUR
INVESTMENTS
We specialise in super for people who
work in higher education and research,
just like you. And you can choose to stay
with us right through to retirement and
beyond—even if you leave the sector.
Everyone has different needs and
preferences, so it’s good to know you have
the flexibility to tailor your own investment
strategy or leave it to our team of experts.
Find out more about our investment
options, including suggested investing
timeframes and the types of assets we
invest in, by reading How we invest your
money at unisuper.com.au.
6
QUALITY FINANCIAL
ADVICE
With UniSuper Advice, you can feel
confident that you’ll get the information
you need to grow your super and other
finances, from an organisation you know
and trust. Our advisers offer financial
plans and advice on super as well as a
broad range of insurance, investment and
retirement strategies and products. Plus
you’ll benefit from their knowledge of the
unique workings of UniSuper products as
well as the industry you work in.
To find out more about what UniSuper
Advice can do for you, see pages 27 and 28.
SEE FOR YOURSELF
Don’t just take our word
for it. See how our fees and
investment returns for
our Accumulation 1 and
Accumulation 2 accounts stack
up against other funds
using the Chant West Apple
Check tool via MemberOnline
(which you can access at
unisuper.com.au/memberonline).
An award-winning
super fund
With a string of awards and high ratings from top Australian
ratings agencies SuperRatings, Chant West and Selecting Super,
we’re one of Australia’s most award-winning super funds.
Go to www.superratings.com.au for details
of its rating criteria. SuperRatings does not issue,
sell, guarantee or underwrite this product.
For further information about the methodology used by Chant West, see www.chantwest.com.au. Chant West
has given its consent to the inclusion in this document of the references to Chant West and the inclusion of
the logos and ratings or awards provided by Chant West in the form and context in which they are included.
11
Important definitions
Here are the meanings of terms commonly used in this booklet.
ACCUMULATION 1
An accumulation-style
account in which your
super balance accumulates
through contributions,
transfers from other
funds, and investment
returns.
ACCUMULATION 2
An accumulation-style
account in which your
super balance accumulates
through contributions,
transfers from other funds,
and investment returns.
Employer contributions
to your Accumulation
2 account are generally
14% or 17%, and you’re
also required to make
member contributions
(although you may be able
to choose to reduce your
contributions).
ACCUMULATION
COMPONENT
An accumulation-style
component of Defined
Benefit Division (DBD)
accounts that is made up
of 3% additional employer
contributions (if these
apply) and any voluntary
contributions you make
as well as transfers from
other funds. The value
of this component is not
determined by a formula,
but by the performance of
your investment options.
For more information,
see the Defined
Benefit Division and
Accumulation 2 Product
Disclosure Statement.
CHOICE OF FUND
Superannuation
legislation that allows
eligible employees to
nominate which super
fund their employer
pays compulsory
Superannuation
Guarantee contributions
into on their behalf.
CONTRIBUTING MEMBER
You stop being a
contributing member in
the DBD or Accumulation
2 if you stop working for
a UniSuper participating
employer, or your
employment conditions
change and you’re no
longer eligible for employer
contributions of either 14%
or 17%.
DEFINED BENEFIT
COMPONENT
The part of your Defined
Benefit Division (DBD)
benefit that’s calculated
in accordance with the
defined benefit formula.
For more information,
see the Defined
Benefit Division and
Accumulation 2 Product
Disclosure Statement.
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DEFINED BENEFIT
FORMULAS
The defined benefit
component of your benefit
is based on formulas
that take into account a
number of factors and vary
depending on when you
joined the DBD. For more
information on the DBD
formula that applies to you,
refer to your latest benefit
statement or call us on
1800 331 685.
FUTURE CONTRIBUTIONS
STRATEGY
As a UniSuper member,
you can choose which
investment option(s)
all future contributions
to your accumulation
account/component
are invested in. This
is known as a future
contributions strategy, and
it can be different from the
investment options you’ve
selected for your existing
account balance.
INBUILT BENEFITS
Benefits that are provided
to DBD members by
UniSuper, not an external
insurance provider. They
are payable on disablement,
temporary incapacity,
terminal medical condition
and death. You cannot opt
out of these benefits.
LUMP SUM
A benefit payable as cash
rather than as an income
stream (e.g. a pension).
A lump-sum benefit
can include a taxable
component and tax-free
component.
MEMBER CONTRIBUTIONS
Contributions paid by you.
DBD and Accumulation 2
members are required to
make standard member
contributions of 7% of
salary (if paid on an aftertax basis). However, you
can reduce your standard
member contributions
under UniSuper’s
‘contribution flexibility’
requirements. To find out
more, see the Contribution
flexibility fact sheet and
application forms, which
are available at
unisuper.com.au or by
calling 1800 331 685.
NOTIONAL TAXED
CONTRIBUTION (NTC)
A notional amount of
contributions that relate
to a DBD member’s defined
benefit component and
count towards a member’s
concessional contributions
cap.
OPTION PERIOD
The period during which
a DBD member who has
ceased to be a contributing
member of the DBD has
to elect whether to defer
their defined benefit
component or transfer it
to Accumulation 1. Your
option period commences
on the date you stop being a
contributing member to the
DBD and ends on the latter
of a) the 90th day after you
cease to be a contributing
member, or b) the 30th day
after we write to you about
your options.
PARTICIPATING EMPLOYER
An employer who has
signed a ‘participation
agreement’ with UniSuper.
To find out if your
employer is a UniSuper
participating employer, call
us on 1800 331 685.
UNISUPER TRUST DEED
AND REGULATIONS
The rules and regulations
for the establishment and
operation of the UniSuper
Fund.
TRUSTEE
The body that is responsible
for managing the UniSuper
Fund in accordance with
superannuation law and the
Fund’s governing rules.
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Defined Benefit
Division members
If you’re a Defined Benefit Division (DBD) member, you generally must
decide what to do with your defined benefit component within 90 days of
leaving your employer.
What if you don’t
make a decision?
If you don’t elect to defer your
defined benefit component
within the option period, your
defined benefit and accumulation
components will be converted into
a lump sum and transferred to an
Accumulation 1 account , provided
you haven’t already recommenced as
a contributing member of the DBD.
The meaning of common terms used in this
section are explained on pages 11 and 12.
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Your options
In most cases, your defined benefit has two
components—a defined benefit component
and an accumulation component.5 During
your option period you can:
defer your defined benefit component
in the DBD, or
transfer your defined benefit
component to an Accumulation 1
account.
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You might also be eligible to access your
benefit. To find out more, refer to page 29.
Before you make a decision regarding your
defined benefit component, you should
consider obtaining advice from a qualified
financial adviser to help determine
the right option for you. It’s important
to consider your options carefully as
your decision could impact your future
retirement benefit.
Your super when you leave your job
14
DEFINED BENEFIT DIVISION MEMBERS
You should also consider the funding
risks associated with defined benefits (see
page 17) as well as the investment risks
associated with accumulation benefits
(see page 18).
Your defined benefit will continue to accrue,
even if you don’t receive any employer
contributions, but the rate of accrual is
likely to be significantly lower than it was
while you were a contributing member.
WHAT IT MEANS TO DEFER
YOUR DEFINED BENEFIT
If you start a new job with a UniSuper
participating employer within the
option period and are eligible for DBD
membership with your new job, you will
continue to be a DBD member so long
as you a) haven’t already transferred
your defined benefit component to
Accumulation 1, or b) claimed your benefit.
If you elect to defer your defined benefit
component in the DBD within the option
period, your defined benefit component
will remain in the DBD and you will
become a ‘deferred’ DBD member.6
In the period between ceasing to be a contributing member to the date of processing the transfer to Accumulation 1, your
defined benefit component will be calculated and invested in the same way as if you had elected to transfer to Accumulation
1 (see page 15)..
5
To see how the components work, refer to the Defined Benefit Division and Accumulation 2 Product Disclosure
Statement available from unisuper.com.au.
6
If you elect to defer, you can request to transfer your benefit to an Accumulation 1 account at any time.
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Your super when you leave your job
DEFINED BENEFIT DIVISION MEMBERS
Your super when you leave your job
16
DEFINED BENEFIT DIVISION MEMBERS
WHAT HAPPENS IF YOU DEFER
YOUR COMPONENT IN THE DBD
BECOMING A CONTRIBUTING
DBD MEMBER AFTER DEFERRING
If you elect to defer your defined benefit
component:
you’ll maintain your membership in the
DBD, which may be useful if you are
planning to work in a role which allows
you to join the DBD in the future.
your defined benefit will increase in
line with inflation, as measured by
the Consumer Price Index (CPI),
and age-related factors. However,
depending on the date you joined the
DBD, during deferral your benefit may
increase at a rate slightly lower than
inflation because of the effect of the
Average Service Fraction (ASF) on
your benefit formula.
your defined benefit component
will generally be protected from
investment market volatility, subject
to risks associated with defined
benefits and Clause 34 of UniSuper’s
Trust Deed (see page 17).
if you joined the DBD prior to 1 July
1998 and have continuously been a
DBD member since then, you’ll still be
eligible to purchase a Defined Benefit
Indexed Pension.7
If you defer your defined benefit
component and are later employed in
a role where you’re eligible to join the
DBD, you’ll again become a contributing
member of the DBD. Your deferred benefit
component will cease to be deferred and
will again accrue at the rates applicable to
a contributing member.
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WHAT IT MEANS TO TRANSFER
TO ACCUMULATION 1
If you elect to transfer your defined
benefit component (together with
your accumulation component) to an
Accumulation 1 account8, it will be
converted to a lump sum in accordance
with the applicable defined benefit
formula before being transferred.9
In the period between ceasing to be a
contributing member of the DBD to
the date of processing the transfer to
Accumulation 1, your defined benefit will
generally continue to accrue in the same
way it would have if you chose to defer your
defined benefit component in the DBD.10
Here’s an example of how a transfer from
the DBD to Accumulation works:
Your Defined Benefit Indexed Pension will commence from the date it is established (i.e. payments will not be backdated
to the date you ceased to be a contributing member). If you elect to convert your defined benefit component into
an accumulation benefit and transfer it to Accumulation 1, you will no longer be eligible for a Defined Benefit
Indexed Pension.
8
For more information on Accumulation 1, see the Accumulation 1 Product Disclosure Statement (PDS). The PDS
includes information about MySuper. If you transfer to Accumulation 1, any part of your account held in the Balanced
investment option will form part of our MySuper offering.
9
The defined benefit formula used to calculate the lump sum depends on a number of factors and when you joined the
Fund. For more information, refer to your latest benefit statement. Your final DBD calculation will be produced once we
receive final contributions from your employer and confirmation of your termination date. This process may take some
time depending on your employer’s payroll and administration systems.
10
Different rules apply if you elect to receive part of your defined benefit component as a Defined Benefit Indexed Pension.
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Example: Bob’s leaving service/retirement benefit
Bob is 61 years old and stopped working on 30 June 2016. He has been a UniSuper member for 10
component and 3% to his accumulation component. His three year Benefit Salary is $55,000, his
service benefit will be made up of the sum of his defined benefit component and his accumulation
BOB’S LEAVING SERVICE BENEFIT AT 30 JUNE 2016*
As Bob worked full time with the same employer, his average service fraction (ASF)
is 100% at 30 June 2015. Having always made 7% standard member contributions,
Bob’s average contribution factor (ACF) is 100%.
$55,000
THREE YEAR
BENEFIT
SALARY
8.5
PRE CLAUSE
34 BENEFIT
SERVICE
22.2%
LUMP SUM
FACTOR
100%
100%
AVERAGE
SERVICE
FRACTION
AVERAGE
CONTRIBUTION
FACTOR
BOB’S RETIREMENT BENEFIT AT 30 JUNE 2017 AFTER ONE YEAR IN DEFERRAL*
If Bob elected to defer his benefit on 30 June 2016 and remains in deferral for
one year, his retirement benefit at 30 June 2017 is calculated using:
his three year and five year benefit salary at 30 June 2015 increased by one
year of CPI (assuming CPI of 2.50%).
an updated Lump Sum Factor as he is one year older, and
an extra year’s service with 0% service fraction (which gives an ASF of 90.91%).
The effect of being in deferral for one year on Bob’s retirement benefit is shown
in the following example.
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$56,513
8.5
THREE YEAR
BENEFIT
SALARY
PRE CLAUSE
34 BENEFIT
SERVICE
22.4%
LUMP SUM
FACTOR
90.91%
100%
AVERAGE
SERVICE
FRACTION
AVERAGE
CONTRIBUTION
FACTOR
* The formula for a leaving service/retirement benefit varies depending on the date you joined the DBD.
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0 years and is receiving 17% employer contributions, with 14% paid into the defined benefit
s five year Benefit Salary is $52,500, and his accumulation component is $20,000. Bob’s leaving
component. As he is older than 60, no tax applies to his benefit when it is withdrawn.
$121,267.50
$20,000
$141,267.50
DEFINED BENEFIT
COMPONENT
ACCUMULATION
COMPONENT
TOTAL LEAVING
SERVICES BENEFIT
$52,500
1.5
FIVE YEAR
BENEFIT
SALARY
POST CLAUSE
34 BENEFIT
SERVICE
22.2%
LUMP SUM
FACTOR
100%
100%
AVERAGE
SERVICE
FRACTION
AVERAGE
CONTRIBUTION
FACTOR
$121,267.50
DEFINED BENEFIT
COMPONENT
$124.975.71
$20,000
DEFINED BENEFIT
COMPONENT
$144.975.71
ACCUMULATION
COMPONENT
TOTAL LEAVING
SERVICES BENEFIT
$53,945
3
FIVE YEAR
BENEFIT
SALARY
POST CLAUSE
34 BENEFIT
SERVICE
22.4%
LUMP SUM
FACTOR
90.91%
100%
AVERAGE
SERVICE
FRACTION
AVERAGE
CONTRIBUTION
FACTOR
$124,975.71
DEFINED BENEFIT
COMPONENT
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Your super when you leave your job
DEFINED BENEFIT DIVISION MEMBERS
Your transferred benefits
INVESTMENT STRATEGY
Your transferred defined benefit
component and any future contributions
will be invested according to the
future contributions strategy for your
accumulation component.
If you have not chosen a future
contributions strategy, your transferred
defined benefit component and any future
contributions will be invested in the same
way as current contributions to your
accumulation component.
If you don’t have an accumulation
component, your transferred defined
benefit component and future
contributions will be invested in our default
investment option, the Balanced option,
and form part of our MySuper offering.
RECOMMENCING DBD MEMBERSHIP
If you have an Accumulation 1 account
and are later employed in a role where
you are eligible to join the DBD, your
Accumulation 1 benefit will be transferred
to the DBD
Your super when you leave your job
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DEFINED BENEFIT DIVISION MEMBERS
Things to consider
RISKS ASSOCIATED WITH
DEFINED BENEFITS
In the event of a shortfall of assets caused
by a prolonged market downturn or other
factors, the Trustee, under Clause 34
of the Trust Deed, may reduce defined
benefits. Therefore members must
consider this risk.
Clause 34 of the Trust Deed provides a
process to manage the DBD’s financial
position, including a mechanism to reduce
benefits if necessary. The Trustee uses
two key actuarial measures to track the
financial position of the fund; the Vested
Benefits Index (VBI) and the Accrued
Benefits Index (ABI). Under Clause
34, if the Actuary’s report of its annual
investigation and valuation of the DBD
advises that those measures have fallen
below particular levels (or the level of
contributions is such that those measures
are likely to fall below those levels), we
must notify members and employers.
Four years after receiving this advice, if
the Actuary’s subsequent report advises
that the Fund’s position has not improved
sufficiently, the Trustee must consider
whether it is in the interests of all DBD
members to reduce benefits payable.
The four-year monitoring periods mean
that the Trustee can make decisions in
DBD members’ best interests. If benefit
reductions are required, the Trustee must
do this on a fair and equitable basis for all
DBD members. Under Clause 34 there are
now two concurrent four-year monitoring
periods. They conclude on 30 June 2016
and 30 June 2017 respectively. Following
the end of each of these periods the Trustee
may consider if defined benefit reductions
are required. If benefit reductions are
required, the approach would depend
on the circumstances after the relevant
monitoring period concludes. However, it
could include changes to the rate at which
your defined benefits accrue, reductions to
the accrued value of your defined benefit,
or a combination of both. For more DBD
information see the DBD update section of
the website unisuper.com.au/dbdupdate.
Clause 34 doesn’t apply to accumulationstyle super, such as our Accumulation
1 and 2 products, Spouse Accounts and
Flexi Pensions.
Super benefits for members of the DBD
are largely determined by a formula,
part of which changed for benefits
that accrue from 1 January 2015. As a
result, most DBD members who joined
before 1 January 2015 will have their
leaving service benefit calculated using a
combination of the old and new formulas.
For more detailed information about the
change under Clause 34 of the Trust
Deed and its effects, including several
examples, go to unisuper.com.au/dbdupdate.
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RISKS ASSOCIATED WITH
ACCUMULATION BENEFITS
In choosing to transfer your benefits to
Accumulation 1, you’re exposing all of
your benefit directly to positive or negative
investment performance (from the date
of transfer to Accumulation 1). For more
information on investment risk, see the
How we invest your money booklet available
at unisuper.com.au/pds, or by calling
1800 331 685. GRANDFATHERING OF NOTIONAL
TAXED CONTRIBUTIONS
If you cease to be a contributing member
of the DBD and defer your defined benefit
component, you retain the benefit of
any ‘grandfathering arrangements’ you
may have regarding the calculation of
notional taxed contributions. This means
that these arrangements will still apply
if you become a contributing member of
the DBD again (provided you continue
to be eligible under the rules of the
grandfathering arrangements).
However, if your defined benefit
component is transferred to Accumulation
1 (regardless of whether you’ve chosen
this option), you’ll lose the benefit of any
grandfathering arrangements you have.
This means that if you return to the DBD
as a contributing member, you will not
have the benefit of the grandfathering
arrangements.
What are
‘grandfathering
arrangements’?
Although contributions caps apply
to you as a DBD member, the level
of concessional contributions made
to your defined benefit component
is calculated using a Notional Taxed
Contribution (NTC) amount,
rather than the actual amount of
concessional contributions.
Special arrangements apply when
determining the NTCs for eligible
members who were in the DBD
before 12 May 2009.
These arrangements—often called
‘grandfathering arrangements’—
mean that where a member’s NTC
amount exceeds the concessional
contributions cap, the NTC amount
is deemed to be at the concessional
contributions cap, and no additional
tax is payable on contributions made
to the DBD component.
For more information on the taxation
of contributions and NTCs, please
refer to the relevant fact sheet
available at unisuper.com.au.
Your super when you leave your job
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YOUR INSURANCE COVER AND INBUILT BENEFITS
Your insurance cover
and inbuilt benefits
As a DBD member you’re entitled to
inbuilt benefits and insurance cover.
Ceasing to be a contributing member of
the DBD may affect your entitlements.
INBUILT BENEFITS
When you stop being a contributing
member of the DBD, you’re no longer
entitled to inbuilt benefits—unless you’re
eligible to claim a benefit under the Fund’s
continued inbuilt benefit provisions. This
applies within the 90-day period from
the date you ceased being a contributing
member (in the context of inbuilt benefits,
this is known as the 90-day continuation
period), regardless of whether you defer
your benefit in the DBD or transfer to
Accumulation 1.
EXTERNAL INSURANCE COVER
As a DBD member, in addition to the
inbuilt death and disablement benefits
provided, you can also take out insurance
cover through a group life policy held with
our Insurer13 (if you’re eligible).
Any external insurance cover you have as
part of your UniSuper membership will
continue as long as you have a sufficient
balance in your accumulation component
or account to pay your premiums, and meet
the policy terms and conditions.
Your external insurance cover will cease
if your:
accumulation component doesn’t have
enough funds to pay the premiums, or
super benefit is less than $2,000 and
you haven’t received any contributions
or transfers for 12 consecutive months.
In this case, your cover will cease
from the date you have been advised in
writing that your cover has ceased.
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MORE INFORMATION
For more information on
insurance, reinstatement
of cover and eligibility
conditions, please refer to
the Insurance in your super
booklet, which is available at
unisuper.com.au/pds or by
calling us on 1800 331 685.
TAL Life Limited, ABN 70 050 109 450, AFSL No. 237848.
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Accumulation 2
members
If you’re an Accumulation 2 member and you stop working for a UniSuper
participating employer, your Accumulation 2 benefit will automatically be
transferred to an Accumulation 1 account.
The meaning of common terms used in this
section are explained on pages 11 and 12.
Your accumulation account
When you stop being a contributing
member of Accumulation 2, your benefit
will automatically be transferred to an
Accumulation 1 account, unless you have
already started a new job that makes you
eligible for Accumulation 2 membership.
Your benefit will be your account balance
less any fees, charges and taxes that apply.
The future contributions investment
strategy applicable to your account
won’t change when you transfer from
Accumulation 2 to Accumulation 1, unless
you make a change.
When your Accumulation 2 benefit
is transferred to an Accumulation 1
account, you’re no longer required to make
standard member contributions.
Your super when you leave your job
24
ACCUMULATION 2 MEMBERS
Your insurance cover
INSURANCE COVER
Any insurance cover you have as part of
your UniSuper membership will continue
as long as you continue to have a sufficient
balance in your accumulation account to
pay your premiums and meet the policy
terms and conditions.
Your cover will cease if your:
account has insufficient funds to pay
the premiums, or
super benefit is less than $2,000 and
you haven’t received any contributions
or transfers for 12 consecutive months.
In this case, your cover will stop from
the date you have been advised in
writing that your cover has ceased.
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MORE INFORMATION
For more information, including
events that will lead to ceasing
or reinstating your insurance
cover, eligibility conditions and
reinstatement of cover, please
refer to Insurance in your super
booklet, which is available at
unisuper.com.au/pds or by
calling 1800 331 685.
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Accumulation 1
members
As an Accumulation 1 member, your super entitlements are held in an
Accumulation 1 account, where your balance is maintained, net of fees and costs.
The meaning of common terms used in this
section are explained on pages 11 and 12.
What happens if …
Your accumulation account
… YOU START A NEW JOB WITH A
UNISUPER PARTICIPATING EMPLOYER
AND ARE ELIGIBLE FOR ACCUMULATION 1
MEMBERSHIP?
If you were an Accumulation 1 member
before leaving your job, your account will
stay open and your account balance will
remain invested in the same investment
options. Your Accumulation 1 account will
earn the investment returns of your chosen
investment option(s).
The investment returns of each investment
option are affected by movements in the
investment markets and may be positive or
negative in any given period.
Your Accumulation 1 benefit will be
your account balance less any applicable
fees, costs and taxes (plus any death
or disablement benefit, if applicable).
Effective from the date you leave
employment and until you instruct
UniSuper otherwise, your benefit will
remain in the investment option(s) you
have chosen for your account.
Nothing changes—your Accumulation
1 membership continues. Simply advise
your new employer of your existing
UniSuper member number and they will
make contributions into your account.
Your balance will remain invested in your
existing investment option(s) (unless you
choose new ones).
… YOUR NEW JOB QUALIFIES YOU FOR
DEFINED BENEFIT DIVISION (DBD) OR
ACCUMULATION 2 MEMBERSHIP?
If your job qualifies you for DBD or
Accumulation 2 membership, you will
become a DBD or Accumulation 2
member.
Your super when you leave your job
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ACCUMULATION 1 MEMBERS
… IF YOUR NEW EMPLOYER OFFERS YOU
CHOICE OF FUND?
You can ask them to pay your compulsory
Superannuation Guarantee (SG)
contributions into your UniSuper
Accumulation 1 account. All you have
to do is fill out the Super choice – fund
nomination form in this booklet (which
includes the Trustee Compliance letter),
and give it to your new employer’s HR or
payroll department (whoever looks after
super). It’s that simple.
For more information on nominating us as
your chosen fund, see pages 5 and 6.
… YOU’RE NOT ELIGIBLE FOR CHOICE
OF FUND?
Even if you‘re not eligible to choose
which super fund your compulsory super
contributions are paid into, you can
still keep your existing Accumulation 1
balance in UniSuper. This means you can
continue to enjoy the range of benefits that
UniSuper provides.
Your account will remain invested in the
same investment option(s) as at the time
you left your job. The investment returns
of each investment option are affected by
movements in the investment markets
and may be positive or negative in any
given period.
Your insurance cover
Any insurance cover you have as part of
your UniSuper membership will continue,
as long as you keep your Accumulation 1
account open and meet the policy terms
and conditions.
Your insurance cover will cease if your:
account has insufficient funds to pay
the insurance premiums, or
your super benefit is less than
$2,000 and you have not received
any contributions or transfers for
12 consecutive months.
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MORE INFORMATION
To find out about insurance
cover—including other events
that will lead to ceasing or
reinstating your insurance
cover, eligibility conditions and
reinstatement of cover, please
refer to Insurance in your super
booklet, which is available at
unisuper.com.au/pds or by
calling 1800 331 685.
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Need help making
the right decision?
Making decisions about your super can feel daunting, especially if you’re not
confident about how your choice will impact your future savings and bigger
financial picture.
Wherever you are in your journey—
whether you’re just starting out, nearing
retirement, or somewhere in between—
UniSuper Advice14 can help you with the
decisions you’re facing.
Our advisers are solely dedicated to
helping you and your spouse with your
finances, which means you get personal
financial advice from a team with unique,
in-depth knowledge of UniSuper and the
higher education and research sector.
Come see us
on campus
You might find it useful to speak to
one of our on-campus consultants
about your membership and
work out your options. Visit
We operate Australia-wide, providing
phone-based and face-to-face advice, and
can help with a variety of financial issues
including:
superannuation
strategies beyond superannuation,
such as:
–– transitioning to retirement
–– investment strategies
–– debt management
–– redundancy advice
–– income planning
–– wealth accumulation
–– insurance
–– estate planning
–– social security planning.
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No matter what your stage of life, it’s never
too late to plan your financial future
unisuper.com.au/campusbookings
to make a free booking near you.
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Not all estate planning services are available through UniSuper Advice. A UniSuper Advice financial adviser may refer
you to a third part to receive specialist advice, including legal advice.
Your super when you leave your job
28
NEED HELP MAKING THE RIGHT DECISION?
Advice fees
There’s a general misconception that
financial advice is only for the wealthy. At
UniSuper, we understand our members
have diverse financial situations, so we
provide different financial advice options
to make it as accessible and affordable for
all our members, regardless of how much
you earn or have saved.
General information is provided at no
additional charge to UniSuper members,
while phone-based advice and face-toface advice are provided at either fixed or
hourly rates, depending on the extent of
your requirements.
After assessing your needs during your
first meeting, we will provide you with a
quote detailing any potential fees before
you decide to proceed. Keep in mind all
or part of the advice fees may be deducted
from an eligible account.15 You can learn
more about our fees in our Financial
Services Guide, which is available at
unisuper.com.au.
Plan your
retirement with us
You may be considering retirement
after years of saving and hard
work. Whatever you want to be
and whatever you want to do in
retirement, you’ll need a regular
flow of income for the years ahead.
UniSuper offers a range of options to
suit your retirement income needs.
Whether you want investment
choice, flexibility in the level of
income you receive each year,
the ability to make lump-sum
withdrawals or nominate who’ll
receive the balance of your pension
when you’re gone, we have a pension
to suit you. And the good news is that
the income you receive from any
UniSuper pension is tax free from
age 60.
For more information, refer to the
Your guide to a better retirement
booklet available on our website.
MORE INFORMATION
To contact UniSuper Advice,
please call 1300 331 685
or you can email us at
[email protected].
UniSuper Advice is operated by UniSuper
Management Pty Ltd, which is licensed to
provide financial advice.
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Any advice paid for from your UniSuper account must be related to your super and/or super-related retirement planning.
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Accessing your benefit
Super is a long-term investment with government restrictions on when you
can access your super benefit. Generally, your super must remain in the
super system until you permanently retire from the workforce on or after
reaching your ‘preservation age’.
From 1 July 1999, all super contributions
and investment earnings must be
preserved. Your super benefits are
classified into three components—known
as preservation components—that
determine when you can access them.
Preserved benefits
The preservation components are:
preserved
restricted non-preserved
unrestricted non-preserved.
CONDITIONS OF RELEASE
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Accessing
your benefit
Before you decide whether to access
your benefit, we can provide you
with a benefit entitlement statement
detailing your estimated benefit
entitlements. This may be useful
when considering your options.
Please call us on 1800 331 685 if
you would like to obtain a benefit
entitlement statement.
Generally, you cannot withdraw your
preserved benefits until you have met
what’s known as a ‘condition of release’.
The conditions of release include:
permanently retiring from the
workforce on or after reaching your
preservation age,
terminating employment after you
reach 60,
reaching age 65,
becoming permanently incapacitated,
being eligible for the Departing
Australia Superannuation Payment
(DASP),
terminating employment with
an employer who contributed to
UniSuper on your behalf, and having a
preserved benefit of less than $200,
death, or
a terminal medical condition.
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Your super when you leave your job
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ACCESSING YOUR BENEFIT
YOUR DATE OF BIRTH
PRESERVATION AGE
Before 1 July 1960
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1 July 1960 – 30 June 1961
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1 July 1961 – 30 June 1962
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1 July 1962 – 30 June 1963
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1 July 1963 – 30 June 1964
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1 July 1964 or after
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Your preservation age varies depending on
when you were born (see table above).
Accessing your preserved
benefits before you retire
Under the preservation rules, you may also
be able to access preserved benefits early,
in the following limited circumstances,
provided you satisfy the eligibility criteria:
Specified compassionate grounds
You must apply directly to the
Department of Human Services
(DHS).
Severe financial hardship grounds
You must apply to the Trustee
and you must be receiving eligible
Commonwealth Government income
support benefits.
Restricted non-preserved
benefits
Generally, you can access restricted
non-preserved benefits when you cease
employment with an employer who
contributed to UniSuper on your behalf.
You can also access these benefits if you
meet a condition of release.
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Unrestricted non-preserved
benefits
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Unrestricted non-preserved benefits are
benefits that you’re no longer required
to keep within the super system. You
can generally access unrestricted nonpreserved benefits at any time, regardless
of your age, employment situation or
financial position.
However, there are limits on how much
you can withdraw from your super on
the above two grounds. Contact DHS or
UniSuper for more information.
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Your super when you leave your job
ACCESSING YOUR BENEFIT
Additional restrictions for
DBD members
In addition to the preservation rules, if
you’re a DBD member, the UniSuper Trust
Deed and Regulations impose further
restrictions under the Fund’s governing
rules that limit when you can access your
defined benefit component.
Generally, if you’re a contributing member
of the DBD, you may only withdraw or
transfer all or part of your defined benefit
component if it’s entirely made up of
unrestricted non-preserved benefits.
If you choose to withdraw or transfer your
defined benefit component to another
super fund, you will cease to be a DBD
member, and any remaining defined benefit
component you have will be converted into
an accumulation benefit and transferred to
an Accumulation 1 account.16 Any future
contributions will be made into this account.
Different rules also apply to requests for
early access of benefits on severe financial
hardship or compassionate grounds.
Temporary residents
Government legislation places restrictions
on temporary residents accessing their
benefits.
An eligible temporary resident whose
visa has expired or been cancelled is able
to claim their super benefit directly from
UniSuper within six months of departing
Australia, or from the ATO at any time.
They can also claim their benefit upon
permanent incapacity, terminal medical
condition or death.
Refer to our Departing Australia
superannuation payment fact sheet,
which is available at unisuper.com.au or
by calling 1800 331 685, or visit the ATO
website at www.ato.gov.au.
New Zealanders
If you’re a New Zealander and are
permanently emigrating from Australia
to New Zealand, you may be eligible to
transfer your UniSuper benefit to an
authorised KiwiSaver scheme provider.
To check the eligibility criteria, refer to
the Transfer your UniSuper account to
KiwiSaver fact sheet, which is available
at unisuper.com.au or by calling us on
1800 331 685.
Different rules apply if you establish a Transition to Retirement (TTR) pension.
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Your super when you leave your job
32
ACCESSING YOUR BENEFIT
Providing proof of identity
Anti-money laundering and counter
terrorism financing legislation requires
super funds to identify, monitor and
have measures in place to reduce the risk
that the fund may be used as a vehicle
to launder money or finance terrorism.
This means you will be required to
prove you are the person to whom the
superannuation entitlements belong. By
law, you are required to provide certified
copies of proof of identity documents
in certain circumstances, e.g. when
withdrawing your benefit, receiving a
death benefit, starting a pension and, in
some circumstances, transferring your
super to another fund.
Transferring your benefit
to another super fund
You can transfer all or part of your benefit
to another complying super fund. We
recommend that you speak to a qualified
financial adviser before doing so. Keep
in mind that UniSuper membership is
not open to the public. If you close your
UniSuper account you will not be able
to become a member again unless you
start working for another UniSuper
participating employer. You will also not
be able to purchase a UniSuper pension
in the future. Leaving UniSuper may also
have implications for any insurance cover
you have through the Fund.
Do you have to withdraw
your super?
You can choose to keep your super in
UniSuper indefinitely while you continue
working. Also, even if you have stopped
making contributions and have retired
from the workforce, you don’t have to
withdraw your benefit if you don’t wish
to—you can keep your money with us.
TAX IMPLICATIONS OF
ACCESSING YOUR BENEFIT
If you’re thinking of taking some or all
of your super benefit or transferring it
to another super fund, it’s important
to consider the tax implications before
making any decision.
Tax on your benefit
You may have to pay tax when you withdraw
your benefit from UniSuper. Any applicable
tax will normally be deducted from your
benefit before it is paid.
IF YOU’RE AGED LESS THAN 60
Tax may be deducted from your benefit.
The amount of tax payable will depend on a
number of factors, including your age and the
preservation components of your benefit.
IF YOU’RE AGED 60 OR OLDER
Your benefit will be tax free, regardless of
whether you receive it as a lump sum or
pension.
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Your super when you leave your job
ACCESSING YOUR BENEFIT
Your benefit generally comprises a tax-free
and taxable component. No tax is payable
on the tax-free component, irrespective
of your age. Different tax rates apply on
death benefits, and the taxable component
of benefits taken as a pension or paid to
temporary residents.
When you make a lump-sum withdrawal,
the amount you receive will be drawn down
from these components in proportion to the
amount in each.
TAX ON TRANSFERS
No tax is payable if you transfer your
super from one complying fund to another,
unless the transfer is from an untaxed
source, e.g. certain public sector super
funds or an eligible termination payment.
TAXATION ADVICE
The taxation of super is complex. Before
you access your benefit, UniSuper
recommends you obtain taxation advice
from a registered taxation agent.
If you have any outstanding
superannuation-related tax liabilities
to the ATO, such as a Division 293 tax
deferred account, you should also speak to
the ATO and seek appropriate advice.
PROVIDING YOUR TAX FILE NUMBER (TFN)
It is not an offence if you do not quote your
TFN to us. However, providing your TFN
will have the following advantages which
may not otherwise apply:
we will generally be able to accept all
types of contributions to your account
(legislated contributions caps apply)
the tax on contributions to your account
will not increase due to failure to
provide your TFN
other than the tax that may ordinarily
apply, no additional tax will be deducted
when you start drawing down your
super benefits
it will be easier to trace all the super
accounts in your name, including in
other super funds, to ensure you receive
all of your benefits when you retire.
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If you provide us with your TFN, we can
only use it for lawful purposes under
superannuation and tax law. However, these
lawful purposes and the consequences of not
providing your TFN are subject to legislative
changes. If you would like to provide us with
your TFN, please visit MemberOnline, call
us on 1800 331 685 or download the Tax file
number collection form from our website.
MORE INFORMATION
For more information on the
taxation of super, refer to the
How super is taxed booklet (for
Accumulation 1 and Spouse Account
members) or the Defined Benefit and
Accumulation 2 Product Disclosure
Statement (PDS). Both are available
at unisuper.com.au/pds or by calling
1800 331 685.
34
Staying
in touch
We provide you with a number of
options that make it easy for you to
keep up to date with your super.
MEMBERONLINE
Keeping track of your super is easy with
MemberOnline. With our online portal
you can:
check your super balance
monitor your transactions
monitor your investments
update your details
access our educational tools and
calculators
manage your insurance.
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To register for MemberOnline, visit
unisuper.com.au/memberonline or call
us on 1800 331 685 to set up your secure
access.
HELPLINE
If you’d prefer to speak to a person, you can
call us on 1800 331 685 and we’ll be pleased
to assist you with any query you have.
UNISUPER.COM.AU
An excellent source of information, our
website helps keep you up to date with
your super and UniSuper. Visit our
website to:
access online tools and calculators
download forms and publications
watch a tutorial online
reserve your place at one of our many
education seminars
learn all about our investment
options, their performance and the
fees and costs involved.
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These are just some of the things you can
do at our website, so save unisuper.com.au
in your favourites today.
SUPER INFORMED ENEWS
Our regular email newsletter contains
valuable, relevant and interesting
information about super and broader
financial issues. You can subscribe to
Super Informed eNews by updating your
email address via MemberOnline or
calling us on 1800 331 685.
UPDATING YOUR DETAILS
You can update your details in a number of
simple ways:
log on to MemberOnline
download and complete the Change
of details form – super members from
our website
email [email protected] and
give us your new details
call us on 1800 331 685 or
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+61 3 8831 7901
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UniSuper
Level 1, Bourke Street
Melbourne Vic 3000.
HELPLINE
1800 331 685
FAX
+61 3 8831 6141
WEBSITE
unisuper.com.au
EMAIL
[email protected]
ADDRESS
UniSuper
Level 1, 385 Bourke Street
Melbourne Vic 3000
Australia
UNIS000011 1116
Super Choice - Fund nomination form
Complete this form and provide it to your employer if you wish
to nominate UniSuper as your chosen fund to receive your future
Superannuation Guarantee contributions.
Important information
SECTION 2 — Fund details
Fund name
UniSuper
Some employees may not be able to choose their own super fund.
Please speak to your employer or visit www.ato.gov.au for more
information about Choice of Fund.
Fund address
Note to employers
Fund Australian Business Number (ABN)
Choice of Fund legislation provides that this form can be used by
an employee to nominate a chosen fund instead of the Standard
Choice form issued by the Australian Taxation Office. The
Trustee’s letter of compliance and information about how to
make contributions to UniSuper on behalf of the employee are
set out on the back of this form.
SECTION 1 — Personal details
Please use BLACK or BLUE BALL POINT PEN and
print in CAPITAL LETTERS. Cross where required
Title
Mr
■Mrs ■Ms ■Dr ■Professor ■
Other
Level 1, 385 Bourke Street Melbourne Vic 3000
91 385 943 850
Superannuation Product Identification Number (SPIN)
UNI0001AU
Unique Superannuation Identifier (USI)
91385943850001
Phone
1800 331 685
Membership number (If you are unsure please refer to your
most recent Benefit Statement)
Surname
SECTION 3 — Choice of Fund nomination
Given name
I wish to nominate UniSuper as my chosen fund for my future
superannuation guarantee contributions.
Address
Signature
Suburb/Town
Date (DDMMYYYY)
■■■■■■■■
State
Postcode
Date of birth (DDMMYYYY)
Employee identification number/Payroll number (if applicable)
■■■■■■■■■■■■■■■■■
RETURN YOUR COMPLETED AND SIGNED FORM TO:
Please provide your completed and signed form to
your employer. Do not return this form to UniSuper.
Fund:
Trustee:
Administrator:
Employer Records (Employer use only)
This section must be completed by the employer after the
employee returns the completed form to you.
Date valid choice of fund is accepted (DDMMYYYY)
■■■■■■■■
Date you act on your employee’s valid choice of fund
(DDMMYYYY)
■■■■■■■■
Do not send a copy of this form to the ATO or to UniSuper.
You must keep a copy of this form for your own records
for a period of 5 years.
UNISF00026 0416
UniSuper ABN 91 385 943 850
April 2016
UniSuper Limited ABN 54 006 027 121
Level 1, 385 Bourke Street, Melbourne Vic 3000
UniSuper Management Pty Ltd ABN 91 006 961 799 AFSL 235907
5 April 2016
Trustee Compliance Letter
To whom it may concern
I confirm, on behalf of UniSuper Limited ABN 54 006 027 121, RSE Licence No. L0000925,
the trustee of UniSuper ABN 91 385 943 850 (Fund) that:
a.
The Fund is a complying superannuation fund and a resident regulated superannuation
fund within the meaning of the Superannuation Industry (Supervision) Act 1993 (Act).
b. The Fund is not subject to a direction under section 63 of the Act and does not expect to
receive such a direction.
c. The Fund is able to accept superannuation guarantee contributions made to the Fund on
behalf of existing members.
d. The governing rules of the Fund allow benefits to be rolled over or transferred to
the Fund.
e. The Fund offers insurance cover that meets the minimum requirements set out in the
Superannuation Guarantee (Administration) Act 1992.
PAYMENT OPTIONS FOR EMPLOYERS
Employers can use one of the following methods to make superannuation contributions to UniSuper:
SuperStream
BPAY®
The Federal Government is introducing
SuperStream reforms requiring employers to
change the way they send contributions.
To make contributions by BPAY® select the bill
payment option through your financial
institution and provide the following
information:
Biller Code: 78543
Customer Reference Number: This
reference number can be obtained by
calling UniSuper on 1800 331 685
The amount of contributions you are
making.
Under the new reforms, employers must make
payments electronically and send contribution
data and member updates in a newlyprescribed electronic file format. The ATO
can provide you with full details of these files.
An employer may incur penalties if they don’t
comply with the requirements.
Please refer to www.ato.gov.au for further
information about employer obligations.
Important information: Please note this
method is not SuperStream compliant.
Superannuation product
identification number
(SPIN): UNI0001AU
Unique Superannuation
Identifier (USI):
91385943850001
If you have any questions, please call the UniSuper Helpline on 1800 331 685.
Yours sincerely
Kevin O'Sullivan
Kevin O'Sullivan
Chief Executive Officer
On behalf of UniSuper
Fund: UniSuper
ABN 91 385 943 850
Trustee: UniSuper Limited
ABN 54 006 027 121
Administrator: UniSuper
Management Pty Ltd
ABN 91 006 961 799
Australian Financial Services
Licence No. 235907
Helpline
1800 331 685
Head Office
Level 1, 385 Bourke Street
Melbourne Vic 3000
Facsimile 03 8831 6141
® Registered to BPAY Pty Ltd ABN 69 079 137 518
unisuper.com.au
UNIS000035 0416