From 1 July 2013, eligible employees aged 70 years and older will be entitled to compulsory employer contributions (known as Superannuation Guarantee—or SG—contributions). If you’re aged 70 years or older, you may be entitled to receive SG contributions from your employer (from 1 July 2013) if you:
- are working
- earn more than $450 (before tax) a month and
- aren’t subject to any SG exemptions.
With the increase in the SG rate from 9% to 9.25% on 1 July 2013, this means you can expect to receive employer contributions of at least 9.25% of your ordinary time earnings from the start of the new financial year.
Note: These changes are most relevant to Accumulation One and Spouse Account members who receive SG payments. The age limit for employer contributions will depend on your enterprise agreement or terms of employment. Defined Benefit Division and Accumulation Two members usually receive contributions until they’re 75. If those members work beyond age 75, any ongoing employer contributions are normally paid into an Accumulation One account.
Age restrictions on voluntary super contributions will continue to apply, as shown here:
This article has been prepared by UniSuper Management Pty Ltd (USM) ABN 91 006 961 799, AFSL No. 235907 on behalf of UniSuper Limited (Trustee), ABN 54 006 027 121 the Trustee of UniSuper (Fund) (ABN 91 385 943 850). USM is the administrator of the Fund and is licensed to provide financial advice. The information in this article is of a general nature only and may contain general advice. It has been prepared without taking into account your personal objectives, situation or needs. Before making any decisions about UniSuper consider your personal circumstances and read the Product Disclosure Statement available at www.unisuper.com/product-information or by calling 1800 331 685.
||Type of voluntary contribution
||Yes, but work test applies
Only personal contributions, and work test