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AUSTRALIA POST SUPERANNUATION SCHEME

APSS

The Scheme has a very informative web site. It is now closed to new staff. See APSS Web Site for a complete explanation. See the Message re changes to APSS - 28 Feb 2012

EMPLOYER CONTRIBUTIONS

As at 2012, the employer contribution to your Superannuation fund is 9.00%. Legislation passed this year will increase the employer contribution to 12%. The steps are:

	01-01-12	 9.00%
	01-07-13	 9.25%
	01-07-14	 9.50%
	01-07-15	10.00%
	01-07-16	10.50%
	01-07-17	11.00%
	01-07-18	11.50%
	01-07-19	12.00%
For those on Defined Benefits, there is a need to introduce a new arrangement so that you also benefit from the new rates. CWU will be approaching Australia Post and Telstra to negotiate the amendments.

SALARY FOR SUPERANNUATION PURPOSES

In the APSS, the exclusion of overtime from the calculation of APSS Super salary reflects the requirements for the Commonwealth Superannuation Scheme. The Actuary notes that it is common for defined benefit funds to exclude overtime from calculations of Salary for super purposes and that overtime is also excluded from Ordinary Time Earnings for SG purposes.

The definition of Salary in the APSS Trust Deed notes the requirements for the Commonwealth Superannuation Scheme and the application of the Superannuation Act 1976, and says:

    Salary means in relation to a Member an amount determined from time to time as required for the purposes of the Scheme by the Employer with the approval of the Trustee having regard to the relevant provisions of the Superannuation Act 1976 applicable for determining the salary of a Member for the purposes of the Commonwealth Superannuation Scheme PROVIDED THAT in any particular case the Employer may from time to time and at any time certify to the Trustee that some other amount shall be the Member's Salary for the purposes of the Scheme for the time being.

The detail of what constitutes Salary under the Superannuation Act 1976 is prescribed in the supporting regulations, Superannuation (CSS) Salary Regulations 1978 - Regulation 8J states:

    Any part of the salary or wages of an eligible employee that consists of a location allowance or an overtime payment is not to be treated as salary for the purposes of the Act.

    Overtime payment means an amount by way of salary or wages, not being a shift allowance within the meaning of Part 2A or an allowance referred to in paragraph 4 (e), that is payable to an eligible employee as compensation for performance of work or duties during hours additional to the hours specified under his or her terms and conditions of employment as the eligible employee's normal hours of duty."



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