Superannuation
Super is money set aside over your lifetime to provide for your retirement.
For most people, super begins when you start work and your employer starts paying a portion of your salary or wages into a super fund account for you. Your super fund invests and manages this money for you until you retire.
As your employer, the University of New England pays your superannuation contributions into your nominated superannuation fund.
Australian Taxation Office (ATO)
The ATO website provides a wide range of useful tools and information to help you save for your retirement.
Superannuation Guarantee
The Australian Government legislates the superannuation guarantee (SG). The superannuation guarantee (SG) dictates the minimum percentage of your ordinary time earnings paid into your super fund by your employer. From 1 July 2023, the SG rate is 11%, and is set to rise by 0.5% per year until it reaches 12% in July 2025.
Stapled Super Fund
A stapled super fund is a super account which is linked, or 'stapled', so it follows you as you change jobs. You can manage your super using ATO online services through myGov, including all your super accounts.
UniSuper
UniSuper is The University of New England’s partnered super fund for employees. They’re Australia’s dedicated super fund for people working in the higher education and research sector. For over 38 years, UniSuper has worked alongside Australia’s universities and research institutes to deliver high quality, value-for-money retirement savings products and services. In addition to competitive fees, their profits are not paid to shareholders.
You may opt to contribute additional Superannuation payments in your fortnightly pay. People and Culture/UNE can give staff information about choosing a fund, why they need to choose, the process of choosing a fund, UNE’s obligations to pay super guarantee and provide a default fund, and how they nominate their chosen fund. People and Culture/UNE cannot provide recommendations or advice about super to employees as our staff are not licensed by the Australian Securities & Investments Commission (ASIC) to provide financial advice. Recommendations or advice include which super fund employees should choose and their level of super contributions, as well as consolidating their super. For advice about comparing and choosing super funds visit the ASIC website moneysmart.gov.au or phone ASIC on 1300 300 630. A new staff member’s Letter of Offer contains a link to a Superannuation Choice form which enables them to choose a fund for their UNE Superannuation Contributions. If they do not select a fund, UNE will use an ATO database to check if they have an existing super fund. If a fund is recorded, UNE will send contributions to that fund. If the new staff member does not have a Stapled Super Fund, UNE will send superannuation contributions to our partnered fund; UniSuper, and the default product will be Accumulation 1.
