Compulsory Member Contributions

As a member of the Lump Sum Scheme, each pay day your employer deducts your member contribution from your after-tax pay.

As you’ve already paid tax on this money, it's not taxed again when you claim your super; however, you will pay tax on any investment earnings.

Each year you can choose your contribution rate: 3%, 4.5%, 7.5% or 9%, or the standard contribution rate of 6%. To change your contribution rate for the next financial year you need to submit your Change to Contribution Rate form by 30 April. You'll start contributing at the new rate from the first pay period in July.

These contributions are paid into your Member Account.

In order to receive the maximum employer funded component of your retirement entitlement, you need to average your standard contribution rate for at least 35 years.

It’s important you are aware that if you reduce your contribution rate to 0% you can't catch up by contributing at a higher rate later on.

Any variation to the 6% standard contribution rate will have an affect on your final entitlement and you should seek financial advice before reducing your contribution rate.

Why not use the Benefit Projector in the secure member area to see how contributing at a higher rate could help to grow your super.


But wait, there’s more!        

As you automatically make after-tax contributions, if you earn less than $53,564 a year you could qualify for the Commonwealth Government’s Co-Contribution.