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For Defined Benefit accounts
You’re required to make contributions towards your Defined Benefit (standard contributions) and the default rate is 5 per cent of your salary for super purposes. You can choose to contribute less, which means you’ll have less when you retire. If you've previously lowered your contribution rate you can also catch back up later, albeit by contributing a percentage of your salary, likely at a higher rate. The table below shows the different percentage rates of your salary that you can contribute and how this grows your multiple.
Police officers have different contribution rates.
You can choose to pay less than the default contribution rate of 5 per cent, down to a minimum of 2 per cent. This means your multiple won’t grow as much, and therefore you won’t have as much when you retire. To do this you’ll need to ask your payroll office to make this change. To help, you can give your payroll office our Start or Change Regular Contributions to your Super form.
If you previously chose to reduce your contribution rate, you may be able to ‘catch up’ and temporarily increase your rate to make up for the contributions you didn’t pay earlier. Just remember that if you choose to lower your contribution rate now, and ‘catch up’ later, your salary is likely to have increased and therefore your catch-up contribution will be a percentage of your higher salary. Speak to your payroll office to see how your take-home pay could be affected. The catch up option isn’t available for periods when you’re on leave without pay but it might be available to you while you’re receiving WorkCover benefits. Contact us if you’d like more information about this.
Remember, 0.210 is equivalent to saying 21 per cent of your final salary. Each year we calculate your multiple growth by looking
at your contribution rate and how much you have worked against a full time role. More about how your final benefit is calculated.
By default, your contributions are paid using after tax money. Salary sacrificing is when you contribute a portion of your salary to your super before you pay any tax on it, which can lower the amount of salary you pay tax on. This is helpful for people who pay more than 15 per cent personal tax. Speak to your payroll to find out how you can salary sacrifice your standard contributions to help lower your personal income tax.4 Please note, when you salary sacrifice standard contributions they need to be increased to allow for contributions tax of 15 per cent, meaning that before tax contributions of the default 5 per cent are actually 5.88 per cent (5 per cent/85 per cent).
Find out more about salary sacrificing.
It’s never too late to give your retirement savings a boost. Anything extra you can add to your super can pay off in the long-term. The power of compounding means that even small amounts can add up over time.
For example, contributing $20 each week for 30 years, could grow to over $80,000, and only $30,000 came from your own pocket. That’s more than $50,000 of earnings just from compounding.5 The light green sections of the graph below show the effects of compounding earnings. The dark green shows the voluntary contributions.
Any voluntary contributions you make go into an Accumulation account, and you’ll be able to choose how you want your funds invested. Although our Accumulation account is unit based, it is the same principle of compounding that helps your super grow.
Set up regular additional contributions into super
Ask your payroll office how you can set up regular additional contribution including salary sacrificing. You may need to use RemServ or SmartSalary for salary sacrifice contributions. You should check your contribution limits, as if you have a high salary you may already be near or on the limit. Find out more about tax and contribution caps in the Defined Benefit guide.
Just use the individual BPAY details listed in Member Online or on your annual statement. If you can’t find them, contact us and we can help
By Cheque or money order
Complete a deposit form and a cheque or money order for the amount you want to deposit.
Visit a Member Centre
You can make contributions in person at one of our Member Centres. The maximum cash deposit amount is $1,000 and your bank sets your daily EFTPOS transaction limit.
Find out more about how the Defined Benefit account works.
How your final benefit is calculated and how part time work can affect it.
Understand your options when you resign or change your job.
There are two different ways you can grow your super with us.
Details of the included insurance benefits.
1. Police officers have different contribution rates. See the Defined Benefit Guide for more details.
2. This rate is only available if you’ve previously paid less than 5 per cent and are ‘catching up’.
3. Assumes you’re working full time at full pay for the year.
4. Different tax rules apply if your adjusted earnings are more than $300,000 a year.
5. Assumptions - The figures are illustrative only and were calculated using the Money Smart calculator www.moneysmart.gov.au accessed August 2015. Assumptions: 1. The calculation assumes savings of $20 per week for a time period of 30 years. 2. The calculation assumes the interest compounds monthly. 3. The interest rate assumed is 6 per cent net of fees and taxes. 4. The calculation assumes that earnings are reinvested and fully credited at the end of each month. 5. The information should not be used as a guide to future performance of any investment. 6. Investment returns can be positive or negative and this does not guarantee a future outcome. 7. The total saved does not take inflation into account. 8. Check with your chosen savings product provider in regard to actual interest calculations. 9. The calculation provides an estimate of the future value of savings, which could vary significantly over time if any change is made to these assumptions. 10. These figures are provided only to demonstrate the principle of compounding. They are not intended to represent projected earnings in a QSuper Accumulation account.
®Registered to BPAY Pty Ltd ABN 69 079 137 518.