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Superannuation is a way of saving money while you’re working so that you will have money when you retire. The Queensland Government has announced it will make some changes to employee and employer super contributions for its employees in 2023.
Most employers pay the Superannuation Guarantee (SG) rate of 10.5% to super. But most Queensland Government employees also make employee super contributions (which we call ‘standard contributions’). Most Queensland Government employees who make a standard contribution receive more super from their employer.
Here's a summary of how super contribution arrangements currently work for Queensland Government employees.
There will be no changes to defined benefit member contributions. If you have a Defined Benefit account, you will still need to make standard member contributions.
If you have a Defined Benefit account you will also receive top-ups into your Accumulation account to bring your employer contributions to 12.75% (or 18% for police) of your OTE.
Learn more about how your Defined Benefit account works.
If you’re starting with the Queensland Government as a new employee, your standard contribution rate will automatically be set at 5% (6% for Police and 0% for casuals). You can request to reduce your contribution rate through your payroll.
Between July and September 2023, if you’re eligible, you’ll receive a one-off top-up contribution to bring your 2022-23 financial year employer contributions to a total of 12.75% (or 18% for police) of your 2022-23 OTE.
If you’re eligible, you’ll receive this even if you’re no longer employed by the Queensland Government at the time the payment is made.
This amount will be paid into your Accumulation account (including for defined benefit account holders).
More detailed information will be provided in the near future on the Queensland Government’s forgov website and via your employer.
1. A person's OTE is generally what an employer pays them for their ordinary hours of work, including commissions, shift loadings, and allowances, but not overtime payments. If you're not sure whether a payment type is OTE, you can ask your employer.
2. The Australian Government’s definition of OTE limits the amount of superannuation contributions an employer must pay. The current limit is 10.5% of $60,220 per quarter, or $6,323 per quarter or $25,292 per financial year. This limit does not apply under the Queensland Government’s arrangements.
As there is no limit on the level of employer contributions made, some employees may exceed their concessional contribution cap, which is $27,500 per year plus carry forward amounts since 1 July 2018. Learn more about contribution caps.
Find out what legislative changes coming into effect from 1 July 2022 may mean for you.
Your compulsory super payments from your employer will rise from 1 July 2022.
Employees earning less than $450 per month may be eligible to be paid compulsory super from 1 July 2022.
Did you know you could potentially use your super to buy your first home?