Super for Defined Benefit Division and Accumulation 2 members Product disclosure statement (PDS)
If you're an Accumulation 2 member, you're likely to be receiving up to 17% super contributions from your employer and making standard member contributions into your super account.
Find out more about how accumulation super works: Accumulation explained
Accumulation 2 members are likely to work on a permanent basis within the higher education and research sector. They would have started out as a member of the Defined Benefit Division (DBD) and switched to Accumulation 2 within the first 24 months of their membership.
Are you new to UniSuper?
If you’re a DBD member in your first 24 months of membership, this fact sheet may help you understand the difference between the two styles of super:
How Accumulation 2 works
If you have Accumulation 2 super, your retirement savings will accumulate in your super account through:
Typically fees; taxes; and other costs, such as insurance premiums, may be deducted from your account on a regular basis throughout the year.
Your super investment
You can choose how your accumulation super is invested by selecting from our diverse range of investment options.
Watch our to help you understand risk and return, and figure out what kind of investor you are.
See how UniSuper Advice can help
Before you make any decisions, take a look at the booklet relevant to you for more information:
Contributions you can make into your Accumulation 2 account
Standard member contributions
If you’re an Accumulation 2 member, you’re still required to make standard member contributions at the rate of 7% of your salary, unless you already exercised contribution flexibility while you were a DBD member.
The rate of 7% assumes you make the standard member contributions on an after-tax basis. If you make the standard member contributions on a before-tax basis the rate will be 8.25% of salary.
You need to make a certain amount of standard member contributions to maintain your full Accumulation 2 membership entitlements.
If you maintain your full Accumulation 2 membership entitlements you may be eligible to apply for additional insurance cover.
Standard member contributions usually come out of your pay. You have the choice of making them on an after-tax or before-tax basis.
If you decide to make them on a before-tax basis you will need to contribute 8.25% which is equivalent to the after-tax rate of 7%.
Reducing your standard member contributions
You can reduce your standard member contribution rate through an arrangement known as contribution flexibility.
There are limits placed on contributions you make. These are called contribution caps. If you go over a contribution cap, you will have to pay more tax on those contributions.
If you haven't already exercised contribution flexibility while you were a DBD member you still have the opportunity to reduce your standard member contributions to specific levels - down to zero if you receive 17% employer contributions or to a minimum of 2.25% if you are receiving 14% employer contributions.
If you do decide to reduce your standard member contributions, you should be aware it will reduce the size of your super savings and you may not be able to access insurance cover through your super.
Once you’ve made a decision to reduce your standard member contribution rate you can’t increase them at a later stage. Read the Super for DBD and Accumulation 2 members PDS to see your options.
Learn more about reducing your standard member contributions, and how it affects your membership:
Additional voluntary member contributions
Additional voluntary member contributions include:
- regular member contributions in addition to your standard member contribution rate
- once-off lump sum member contributions
See more on the types of contributions you can make:
Accumulation 2 membership benefits
Benefits of being an Accumulation 2 member include:
See more benefits of being a UniSuper member
Get help
If you have any questions at all about Accumulation 2, or your membership in general, we’re here to help.
Talk to our UniSuper Member Services team on 1800 331 685 (between 8:30am and 5:30pm AEST) to find out how they can help you.
Get advice
We appreciate super can get complicated.
Talk to
UniSuper Advice on
1300 331 685 to guide you through decisions you need to make about your super.
UniSuper Helpline 1800 331 685
UniSuper Advice 1300 331 685