Defined Benefit Section
- You were eligible for membership of this section of the Fund on the day you commenced work.
- Upon retirement, death or total and permanent disablement you will receive a benefit that is related to your annual Base Salary or Base Wage. This means that the benefit automatically increases as your annual Base Salary or Base Wage increases.
- You are able to take your benefit as a lump sum or as a pension.
- On resignation, your Basic contributions (less any 15% Government contributions tax) are accumulated with interest and increased by a Resignation Factor based on your years of contributory service. These contributions are subject to the Australian Government's preservation regulations.
- Salaried Payroll employees are required to contribute at the rate of 5% of Base Salary. Plant Payroll employees choose between contribution rates of 2.5%, 3%, 4% and 5% of Base Wage.
- You are able to request that your contributions be made by 'Salary Sacrifice'.
For full details about Defined Benefits, refer to your Member Booklet, available from the Documents & forms
This Section of the Fund is invested by the Trustee in the Russell Pooled Superannuation Trusts managed by Russell Investment Management.
Additional Benefit Section
The Additional Benefit Section includes:
- Supplementary Superannuation Contributions
- Voluntary Additional Contributions
Member Investment Choice applies to the Additional Benefit Section of the Fund.
For full details about Additional Benefits, refer to your Member Booklet, available from the Documents & forms section.
Supplementary Superannuation Contributions
- Your Employer currently contributes 4% of ordinary time earnings.
- When you leave you will receive the accumulation of the Supplementary Contributions less the 15% Government contribution tax, plus investment earnings, subject to the Australian Government's preservation regulations.
Voluntary Additional Contributions
- You can make Voluntary Additional Contributions to the Fund any time.
- When you cease employment you will receive the accumulation of your Voluntary Additional Contributions and investment earnings, subject to the Australian Government's preservation requirements.
- You can request that your contributions be made by 'Salary Sacrifice'. In this case the 15% Government contribution tax will apply.
- Members can choose to rollover superannuation benefits from other superannuation funds to the Fund.
Retained Benefit Section
The Fund offers you the option of leaving all or part of your benefit in the Fund when you leave employment.
The main features are:
- Access to the current Member Investment Choices available under the Fund
- Ability to roll in amounts from other funds and make lump sum contributions
- Option of rolling over your money to another fund at any time
- Ability to make withdrawals of non-preserved amounts at any time (each withdrawal must be at least $5,000)
- A low regular administration fee applies as follows:
- $1.62 per week from 1 July 2020, and
- indexed each year at 1 July to the increase in Average Weekly Ordinary Time Earning (AWOTE).
For full details about the Retained Benefit Section, see the leaflet in the Documents & forms section.