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Contributing to Super
Defined Benefit Members
Qantas Super has a number of Divisions which provide benefits which are referred to as 'defined benefits'.
A defined benefit provides you with a promised benefit, such as a resignation or retirement benefit, which is calculated according to a formula. This formula takes into account:
- your category/division of membership and your contribution history
- your age
- your superannuation salary history (or 'final average salary'), and
- your length of service with the Company and period of membership with Qantas Super.
Defined benefits are generally funded from both member and employer contributions.
Member contributions
The rate of the compulsory member contributions is determined by the rules of your division of membership. For example, members in Division 3 must contribute at the rate of 5% of superannuation salary. For further information on compulsory member contributions, and to see examples of how the defined benefit is calculated, refer to the Member Information Booklet for your division, available under Publications.
Compulsory Member contributions can be made on either an after-tax basis (which will be counted as Non-Concessional Contributions) or on a pre-tax or salary sacrifice basis (Concessional Contributions). If you have never made a selection between after-tax or pre-tax compulsory member contributions, you are most likely making your contributions on an after-tax basis. If you are unsure how you are making your compulsory contributions, please contact us for assistance.
To change how your Compulsory Member Contributions are made from your pay, complete the Superannuation Contribution Authority Form available from the People section of the Qantas Intranet under 'HR Forms, Templates and Toolkits' or you can contact PeopleConnect for a copy.
Employer contributions
The remainder of the defined benefit is funded by employer contributions (made by the Company). The rate of employer contributions is determined by the Plan Actuary as those necessary to fund the defined benefits payable to members. Employer contribution rates are reviewed on a regular basis, and every three years under a formal actuarial investigation. The last actuarial investigation was undertaken as at 30 June 2010 and reported to the Qantas Super Board in 2011.
In accordance with legislation, the Actuary will also calculate a Notional Taxed Contribution (NTC) rate which will reflect the notional value of your defined benefits. These contributions will count as Concessional Contributions towards your contribution caps.
For more information on NTCs and contribution caps, refer to our Concessional Contributions fact sheets.
You can check your Concessional Contributions Summary online through the secure member's area of this website. This summary also includes the value of your NTCs for the current financial year (where applicable). If you do not have a four digit PIN for our Member Login, please call us for assistance.
