|
Your Revised Scheme accepts both employer and member contributions and the amount that is required to be contributed is dependant on several factors.
Employer contributions
Your employer is required to contribute to your superannuation benefit. The amount your employer is required to contribute is a percentage based on your superable salary, which is determined on the advice of the Fund Actuary. Its important to remember that your benefit is determined based on your salary, service and personal contribution rate, not what your employer contributes.
For those Revised Scheme members who turn age 65 prior to 1 July 2010, contributory membership of the Revised Scheme ceases at age 65. After this, the employer meets its Superannuation Guarantee obligations by making 9% contributions to a complying superannuation fund.
For those Revised Scheme members who turn age 65 on or after 1 July 2010 contributory membership in the Revised Scheme continues until work ceases or until age 75 (whichever occurs first).
If you wish to cease contributions from age 65 yet keep working you may wish to consider applying for exempt officer status.
As a member of the Revised Scheme you are required to make member contributions based on your age as at 1 May and calculated as a percentage of your superable salary.
Age based contribution rates
| Age last birthday |
Post tax rate |
| 30-39 |
8.5% |
| 40-49 |
9.0% |
| 50+ |
9.5% |
Member contributions are:
- based on your superable salary,
- adjusted annually, and
- adjusted (pro-rate) for periods of part-time service.
Your salary for contribution purposes is adjusted annually on the first pay day in July and based on your superable salary at 1 May of that year. (Note – in respect of salary packaged employees (i.e executives) contributions are adjusted as increases occur).
Any salary increase applicable after 1 May will not be reflected in your contributions until the following year.
Your contribution rate may also increase due to an increase in age that shifts you into the next contribution range. Your age as at 1 May each year will determine the percentage to be applied, and is effective from 1 July.
Calculate your contribution (full-time)
A 38 year-old on a salary of $45,325 per annum (as at 1st May) would have a fortnightly contribution of $147.67 as shown below:
$45,325  26.0893*  8.5%  $147.67 per fortnight |
*Represents the number of fortnights in a year (allowing for leap years).
If you are employed on a part-time basis, you must make contributions in accordance with the time fraction you work based on your full-time equivalent salary. You cannot contribute at the full-time rate.
Special conditions apply if your reduced time fraction is due to ill health. In this case, please call the ESSSuper Member Contact Centre and ask to speak to one of the Disability Consultants.
Calculate your contribution (part-time)
If you work 6 days each fortnight (60% or 0.6 of full-time hours) you must contribute at 60% of your equivalent full-time contribution rate.
Therefore if your salary $45,325 per annum (as at 1st May) and your age is 38, the calculation is:
| $45,325 26.0893* 8.5% 0.6 $88.60 per fortnight |
* Represents the number of fortnights in a year (allowing for leap years).
|