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Accumulation 1

Find out what you’re entitled to as a UniSuper Accumulation 1 member.

Accumulation 1 membership offers you

Your Accumulation 1 account

When you become an Accumulation 1 member, your super is held in an account in your name. Your account is made up of the contributions made to that account, as well as any investment returns (which could be positive or negative), less fees and costs, optional insurance premiums (if applicable) and taxes. The final benefit that you receive will depend on how your investment options have performed over the time that your super has been invested. Investment returns are applied by calculating a specific crediting rate for each investment option, net of investment management fees and costs.

Contributions

Your employer must generally contribute 9% of your ordinary time earnings to super (this is the amount that employers are required to contribute under Superannuation Guarantee legislation), provided you earn a minimum of $450 a month.

You can also make voluntary member contributions to your super, over and above the amount that your employer contributes on your behalf. You can make regular voluntary member contributions from your salary, or you can make one-off, lump sum voluntary member contributions.

Investment choice

You get to choose how your Accumulation 1 account is invested, and UniSuper provides a wide range of investment options for you to choose from. Over time you can change your investment choice (this is called switching), to accommodate any significant changes in your investment needs and goals. However, if you do so you may incur an investment switching fee.

When deciding how to invest your super, it’s important to choose investments that you feel comfortable with and which are best suited to your investment needs. To do that, you’ll need to understand how the investment options work.

The Investing for the future booklet provides important information about UniSuper’s Pre-Mixed and Single Asset Class investment options, including how they are invested, the different asset mixes and the different levels of risk associated with each option.

Optional insurance cover

Default Death and Disablement cover

When you join UniSuper, providing you meet the eligibility criteria, you automatically receive and start to pay for one unit if Death and Disablement or Death-only cover.

Optional Death and Disablement insurance cover costs $1.40 per week. Optional Death-only cover costs 80 cents per unit per week. The premiums are deducted from your account.

You are eligible for default optional Death and Disablement cover, if you:

  • are working on a full time, part time, permanent or contract basis; and
  • joined the Fund within 180 days of when you were first eligible to become a Fund member.

You will automatically be provided with and start to pay for one default unit of optional Death and Disablement cover if you:

  • are less than 70 years of age when you join the Fund; and
  • do not have a current claim for, are not eligible to claim, and have not previously received, an insured disablement benefit or terminal illness benefit.
  • have not joined the Fund as a result of a payment split under the Family Law Act.

Your default cover will be automatically transferred to optional Death-only cover when you turn 70 and your optional Death-only cover will cease when you turn 75.

If you meet the eligibility criteria, you will automatically be provided with and start to pay for one unit only of optional Death-only cover if you:

  • are aged between 70 and 74 (inclusive) when you join the Fund; or
  • have a current claim for, are eligible to claim, or have previously received an insured disablement benefit.

If you do not join the Fund within 180 days of being first eligible to do so, you will not be eligible for any default Death and Disablement cover.

You can opt out of the default optional Death and Disablement cover altogether or choose to purchase Death-only cover when you join the Fund by completing the appropriate section of the Accumulation 1 application form. However, if you wish to apply for cover at a later date you will need to provide health evidence to the Insurer.

Additional optional death and disablement cover

You can purchase a further two units of the same type of cover as your default cover without providing health evidence to the insurer, as long as you apply within 180 days of being first eligible to join the Fund and receive an employer contribution into your account within this time frame. You must apply for the additional two units of cover by completing the appropriate section of the Accumulation 1 application form.

All eligible members can apply for additional optional Death and Disablement cover or Death-only cover (in addition to the up to three units you applied for on your Accumulation 1 application form) by completing the form attached to the Optional insurance cover for members booklet. All applications must be approved by the insurer.

Income protection

Optional Income Protection insurance cover provides a monthly income benefit (for up to two years) if you are assessed as temporarily unable to work, because you are totally disabled or partially disabled.

To be eligible to apply for optional Income Protection insurance on joining UniSuper you must be:

  • at work
  • aged 15 or over but under 65 years when you join the Fund; and
  • an Australian citizen or a holder of an Australian permanent visa or reside in Australia on a 457 working visa.

If you are not at work on the date that cover commences you will only be entitled to Limited Income Protection cover for the initial 12 month period.

If you apply for optional Income Protection cover and become a member of the Fund within 180 days of being first eligible to do so and an employer contribution is received on your behalf in that period, you will not be required to provide health evidence to the Insurer (subject to cover limits). You must apply for this cover on your Accumulation 1 application form.

The maximum amount of Income Protection cover for which medical evidence is not required is, the lesser of, 85% of your pre-disability monthly income or $2,300 per week, (23 units).

You can apply for additional units of Income Protection cover or apply for Income Protection cover outside of the initial 180 day eligibility period by completing the Income Protection insurance application form in the Optional insurance cover for members booklet.

Death benefits

In the event of your death while you are a UniSuper member, a lump sum death benefit will be payable. The death benefit is made up of:

  • your UniSuper account balance at the date the benefit is paid, and
  • any insured death benefit you may receive from your optional insurance cover (if applicable).

Your account balance will be invested in the Cash investment option from the date we are notified of your death until it is paid to your beneficiaries. Your insured death benefit (if applicable) will be invested in the Cash investment option from the date it is received from the Fund’s optional insurer until it is paid to your beneficiaries.

Disablement benefits

If you become totally and permanently disabled and cannot work due to injury or illness, you may be entitled to a lump sum benefit. Your benefit is made up of:

  • your UniSuper account balance at the date of payment, and
  • any insured disablement benefit you may receive from your optional insurance cover (if applicable).

If you purchase optional Income Protection insurance cover through UniSuper, you may be entitled to a monthly income benefit if you become temporarily unable to work, however you are not entitled to access your account balance.

Tax and your super

See the Super for Accumulation 1 members product disclosure statement for information about taxation.

Fees and costs

UniSuper members benefit from the savings we achieve as one of the largest super funds in the country – savings we pass on to you through low fees. The fees and costs applicable to your Accumulation1 account are set out in the Super for Accumulation 1 members product disclosure statement.

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