Retirement Scheme (Div B)

Scheme rules relevant to Div B are Rules 1.2, 1.3 and 1.4 and these can be found in Schedule 2 of the Trust Deed and in the Employer Handbook.

Members who are not an Executive Officer

Superable salary is the remuneration, salary or wages paid to the member in money on the effective date, i.e. 31 December and includes:

1. a loading in respect of any shift allowance, as determined in accordance with the scheme rules (refer to shift allowance determination rule in schedule 2 of Trust Deed or in the Employer Handbook.)
2. other allowances payable in money that are of a kind included within the value of leave paid on termination of employment; and
3. weekly workers compensation paid to the Contributor as from the date the weekly workers compensation commences to be paid, subject to the amount not being greater than the salary payable to the member under normal duties
4. if approved employment benefits are provided to the Contributor, the cost of providing the approved employment benefits, as determined by the Trustee. This would include the amount of any voluntary employer (salary sacrifice) superannuation contributions
5. A relieving allowance only where paid or to be paid for at least 1 year

Members who are an Executive Officer

For the purposes of these Rules, the salary of an Executive Officer (EO) is the salary as last nominated or changed in accordance with this rule. The nominated salary must:

1. be nominated to the Employer on, or as soon as practicable after, being appointed, or being reappointed, or appointed to another position, as an EO
2. not less than the monetary remuneration payable to the EO at the date of nomination and not more than the total valued of the remuneration package paid to the EO (less the cost of providing the Employer's contributions to superannuation and any performance-related incentive payment)
3. notified within 28 days of first being appointed as an EO
4. may elect to increase the amount of salary nominated, but not so as to increase the amount nominated by a percentage of that amount that is more than the percentage by which the remuneration package of the officer has increased since the amount of salary was last nominated or changed
5. the Employer must notify the Trustee of a nomination or election under this rule

Each year the Scheme Administrator will provide a list to you asking for details of the 'superable' salary of each member as at the 31st December. These amounts are used to calculate contributions for the coming superannuation financial year which commences on 1 April. Employers also need to provide Ordinary Time Earnings (OTE) salaries as at 30 June each year. Refer to the Employer Handbook for further information.