All written communications should be sent by email as it is likely that post sent to the Office will only be looked at rarely, if at all. All members pay the same contribution rate regardless of earnings: Member contribution = 9.6% of pensionable salary. Universities UK registered Charity No. Each Scheme has its own Rules and your benefits will be calculated according to the specific requirements of your Scheme. UniSuper is the fund used at Flinders University. Share: Share via email. Share via twitter. The University’s default fund is UniSuper. Academic and higher education funded general/professional staff are generally required to become members of UniSuper. Existing staff moving to a new appointment within the University, will retain their current superannuation membership with UniSuper. Member contribution = 9.6% of pensionable salary. Oxford, OX1 2BX, : [email protected] : 01865 (6) 16067, Finance Division The University of Western Australia is required under the University Enterprise Agreement (refer to your relevant Agreement above) to make superannuation contributions for all staff to UniSuper. Home > Finance > Information for Staff > myMoney > myPension > Universities Superannuation Scheme (USS). If you start receiving 17 per cent superannuation, you will automatically go into the Defined Benefit Division . Find out more about the University's default superannuation (super) fund, UniSuper, contribution rates, and how to let us know you wish to use your own super fund. UniSuper is UQ’s superannuation provider. As with other new joiners elections for additional contributions and the match should be made through MyUSS. USS is administered from the scheme’s offices in Liverpool. Copies will also be available on MyUSS in the “My Documents” section. Employees, new to the University and transferring between employers, who made additional contributions will need to make new elections on joining the University. 1 talking about this. USS Employers is a site owned and managed by Universities UK, the nominated formal representative for over 340 employers in the Universities Superannuation Scheme. Finance Department Health & Safety Representatives. First Time users of MyUSS should Register here. The Scheme is open to support staff of the University, University Nursery staff and DUSA employees and is governed by a Board of Trustees. The same time scales for other new joiners and amendments apply. Please note that with effect from 23 March 2020 Pensions Office staff will be working from home in line with Finance Division coronavirus guidelines. Superannuation review Update - 12 December 2018. Please contact the Pensions Team for further details. AMS are produced and sent to members’ home addresses in late Autumn. You can see Jamie at the University of Melbourne and Australian Catholic University (Melbourne). Employee contributions are payable at a rate which is currently 7.77% of pensionable salary, with the … Whether you're at uni to train for your dream job, upskill for a career change, or just challenge your mind, you'll find yourself busy. More information on the review of funding and benefits as part of the three yearly actuarial valuation can be found on the USS website. Log in here. 6 superannuation tips for university students. As a member you will accrue a pension of 1/75 of your salary and a cash lump sum of 3/75 of your salary for each year of service. The Trustee pays a fee for the provision of this service, however this fee is not conditional on you using this service or acting on the information or advice provided through this service. Postal Address: Pension Office, Department of Finance, University of Sheffield, Firth Court, Western Bank, Sheffield, S10 2TN My USS enables you to manage the amount of additional contributions you pay and also how these contributions are invested. Please contact the University … UniSuper is proud to be The University of Melbourne's super fund of choice. If you wish to pay additional contributions, you can request to do this via My USS. You may register for My USS after this and make your election. Superannuation. Rates: For continuing & fixed-term (more than 12 months) employment. De Cambridge English Corpus The recent superannuation reform, based on workplace earnings, can clearly be seen as an extension of this occupational welfare model. The application form is part of the UniSuper Product Disclosure Statement booklet, which is provided to you when you start working at UQ. 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The University of Wollongong Professorial Superannuation Scheme overview. This is then revalued every year in line with standard pension increases. We will try to maintain our normal service but this may not be possible in the current circumstances. AMS will include details of members’ USS Retirement Income Builder benefits, USS Investment Builder benefits and member Annual Allowance (AA) usage and Lifetime Allowance (LTA) value. The University of Western Australia is required under the University Enterprise Agreement (refer to your relevant Agreement above) to make superannuation contributions for all staff to UniSuper. 7.75% Employee. Superannuation. Company profile page for Universities Superannuation Scheme Ltd including stock price, company news, press releases, executives, board members, and contact information Under the Australian superannuation guarantee legislation, employers are required to pay a minimum of 9.5% of your ordinary time earnings into a compliant superannuation fund. Existing staff moving to a new appointment within the University, will retain their current superannuation membership with UniSuper. De Cambridge English Corpus The recent superannuation reform, based on workplace earnings, can clearly be seen as an extension of this occupational welfare model. All members will be entered into the USS Retirement Income Builder, this is the defined benefit (DB) section of the scheme. If you start receiving the Superannuation Guarantee of 9.5 per cent, you will have a UniSuper Accumulation 1 account. Under the Enterprise Agreement, and in line with a Deed of Covenant signed by the University and UniSuper, all new staff employed by the University are required to join UniSuper. 28 January 2021. Employer contribution = 21.1% of pensionable salary. This is expected to increase to 11% from 1 October 2021 (subject to the outcome of the 2020 Valuation). 17.1% Employer + additional monthly lump sum contributions. On 1 April 2016, the Scheme became a Career Ravalued Benefit (CRB) scheme. If you don’t have your USS membership number please ring the USS Helpline – 0333 300 1043. The same time scales for other new joiners and amendments apply. Further information regarding this can be found on the University’s web pages and the USS web pages. USS will also provide quotations if the retirement date is within 12 months of the request. UniSuper is the industry super fund dedicated to employees working in the higher education and research sector. Contact details are on the right. Under Choice of Fund legislation, the University is required to remit the Super Guarantee (SG) component (9.5%) to the elected choice of fund and the balance of the contributions will be paid to UniSuper. KiwiSaver is also available to employees as a superannuation option. You can actively manage your investments yourself or you can ask that USS do this for you. How the University revenue crisis will test its generous super system. To make your investment and contribution choices quickly and easily on-line, you will need to access MyUSS. UON offers attractive superannuation arrangements for staff. The Scheme is a qualifying scheme as per automatic enrolment legislation, which means it meets or more than meets the government's minimum standards. If you are considering retirement or flexible retirement then you can get an estimate of your prospective retirement benefits under the Universities Superannuation Scheme (USS) by contacting Duncan Sides, or another member of the pensions team. University staff who are members of USS should email [email protected] Pensions Office staff will be monitoring their own email accounts as well and answering their phones. This can be done a week after your first salary payment, after the Pensions Office has notified USS about joiners. Your My USS log on email address and password will be unchanged. Your MyUSS log on email address and password will be unchanged. Around 85 % of superannuation assets are in superannuation funds offering investment choice. When you become a member of USS you automatically join the USS Retirement Income Builder. Contributions. As with other new joiners elections for additional contributions and the match should be made through My USS. You can still elect the 1% on MyUSS, but from 1 April 2019 this is no longer matched by the employer. The minimum legal requirement is 9.5% known as ‘superannuation guarantee’ and in some circumstances you may receive up to 17% of your salary in employer contributions. Universities Superannuation Scheme Limited (“USSL”) – the Trustee of the UK’s largest private pension scheme by way of assets – today announces a number of Board changes including a new Trustee Board director and the imminent departure of two directors who are rotating off. The Scheme is operated under a Trust and the assets are kept entirely separate from those of the University. Superannuation contributions for University employees are normally made to UniSuper, the industry fund for the Tertiary sector, in accordance with the University's Trust Deed and Deed of Covenant with UniSuper.The level at which the employer and employee are required to contribute is set out in the Trust Deed and is further prescribed in the relevant Enterprise Agreement. You’ll need your USS membership and National Insurance numbers. Scottish Teachers' Superannuation Scheme. However all enquiries from current employees should initially be made through the University Pensions Office. The University will pay 17% of salary to UniSuper for all current and new staff who are eligible to be members of UniSuper and eligible for a 17% employer superannuation contribution as at the date of certification of this Agreement. In this type of defined benefit pension scheme your benefits are based on each year’s salary throughout the period of membership. If you wish to elect a super fund other than UniSuper, please complete the Superannuation (Super) Standard Choice Form. It is a defined benefit scheme. Our members and over 350 employers in the higher education sector rely on our companies to provide a high-quality pension service and strong returns on … Elect for additional contributions here. This means that superannuation awards are based on years of service and final salary. Key points to consider are: The University adds 1.35 times your contribution to a maximum of 6.75% You will not be eligible for a personal tax credit From 1 August 2011 the scheme has operated on a Career Average Revalued Earnings (CARE) basis. The University will contribute the statutory 9.5% Superannuation Guarantee (SG) for all employees appointed on contracts of less than 2 years. The minimum legal requirement is 9.5% known as ‘superannuation guarantee’ and in some circumstances you may receive up to 17% of your salary in employer contributions. You can join this scheme if you are employed by the University in a post which falls into Grades 1-5 (inclusive). Jamie believes in the value of ongoing advice throughout a client’s various stages of life. Completed forms should be returned direct to the Pensions Office, either as an attachment via e-mail or by post. Following the triennial valuation as at 31 March 2017, USS has now concluded a further valuation as at 31 March 2018. The Pensions Office will notify USS of new joiners a week after the salary payment. The USS website provides full details of the scheme. Our UON approved superannuation provider is UniSuper Limited. Universities Superannuation Scheme (USS) The Universities Superannuation Scheme (USS) is the principal pension scheme provided by universities and other higher education and associated institutions in the UK. DCU Superannuation Scheme. The Dublin City University Superannuation Scheme is a ‘pay as you go’ scheme. This is expected to increase to 23.7% from 1 October 2021 (subject to … The below link will take you to the USS website modelling and illustration tools which include, 'USS benefit illustrator' and 'Benefit conversion tool'. At the end of each year, your benefits for that year are calculated and added to previous years. Helen explains how USS are responding operationally to the challenges presented by social distancing while Mel talks about the impact of … This website is provided by Mercer (N.Z.) Definitions, Terms, Acronyms. It is a condition of employment at Western Sydney University that all new employees become members of UniSuper unless you are a current member of the NSW State Super schemes, SSS and SASS, immediately prior to joining the University. Jamie has advised a wide variety of clients on many matters including strategies around superannuation and retirement planning, risk and wealth creation. If you require AA figures for tax planning purposes so that you can meet the Voluntary Scheme Pays deadline of 15 December each year, please contact the Pensions Office as soon as possible. Superannuation. A Company limited by guarantee and registered in England and Wales Company No. Finance Division Please note late notifications may be refused by USS. The Universities Superannuation Scheme is a pension scheme in the United Kingdom with over £67 billion under management as of March 2019. At UniSA the superannuation contributions made on your behalf will be detailed in your employment contract. Lines are open 9am to 5pm, Monday to Friday. News Covid-19. The University of Dundee Superannuation & Life Assurance Scheme is a Defined Benefit pension scheme. Around 85 % of superannuation assets are in superannuation funds offering investment choice. Superannuation is a form of long-term saving where you and your employer make mandatory contributions to provide income during retirement or in case of permanent or temporary disablement. The UCU said increased pension contributions, which went up from 8% to 8.8% in April and are due to rise again to 9.6% in October, represented another pay cut for staff. So 9% is compulsory super paid by the employer, anything over that one would expect it to be salary sacrificed. At the start of each calendar month, the Pensions Office will be notified by USS of any changes to elections, including new elections, for the match and additional contributions made in the previous month. The pensions website provides information on the University of Limerick Pension Schemes, together with details on Life Cover and other Group Schemes. If you have any queries then please contact the Pensions Team. Share via facebook. This section is a defined contribution arrangement that is also used by members who pay additional contributions and for benefits that are transferred in to USS. USS has provided information on their USS Investment Builder, an optional defined contribution section you can join in addition to the career revalued benefits section, the Retirement Income Builder. The USS is open to eligible staff on Grade 6 or above, and all staff who meet the relevant criteria will be automatically enrolled. Local HR officers will advise new staff and staff with contract extensions of their eligibility and applicable superannuation schemes, and provide the employee the appropriate forms. However, academic and general 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; 1. the employee completes a standard choice form and attaches a compliance certificate from the super fund; 2. provided that the number of employees who opt out of joining UniSuper does no… All new and existing members now contribute to the new CRB arrangement which has two sections: The Retirement Income Builder Section operates on a career revalued benefit basis for members with earnings up to the earnings threshold*: Pension accrual = 1/75th of pensionable salary each year (plus revaluation), Tax Free Cash accrual = 3/75ths of pensionable salary each year (plus revaluation). You will be required to complete a UniSuper application form as part of your conditions of employment.
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