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AUSTRALIA POST SUPERANNUATION SCHEME
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 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:
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:
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