We’re pleased to share more details on how stand down affects your compulsory member contributions as a member of Division 3.
Your Credited Service, a key component to calculating your defined benefit, will continue to accrue while you’re stood down. This means your defined benefit will also continue to grow during periods in which you’re stood down.
It also means that your obligation to make your compulsory member contributions continues while you’re stood down. As these contributions aren’t coming out of your pay during this time, you have two choices to help you satisfy this obligation.
Your options
Option 1: Request to stop making compulsory member contributions and have your benefit adjusted
You can request to suspend your obligation to pay compulsory member contributions while you’re stood down and have your benefit adjusted to reflect this suspension. Your defined benefit will still continue to grow if you choose this option, but the total value of your total benefit will be adjusted by an offset account that we will create to track your unpaid contributions. Interest will be applied to the offset account. The interest rate will be the same as the investment earnings that apply to Qantas Super’s defined benefit assets. You can view these by downloading our weekly credited interest rates (CIRs).
or
Option 2: Confirm you will pay your compulsory member contributions
If you would like to pay your contributions, you can do this via the payment methods specified further below. In this case, you are agreeing that if you do not make them in the time stipulated, you’ll be treated in accordance with Option 1; that is, you have requested to suspend your obligation to pay the compulsory member contributions that accrued while you were stood down, and have your benefit adjusted.
How to make your choice
Please read the information below about how each option works before making your choice at the bottom of this page.
Option 1: If you’d like to request to not pay the contributions, you must fill out the form at the bottom of the page.
Option 2: If you’d like to pay your contributions, you can do so via one of the methods outlined below.
What happens if you do nothing?
If you do not take any action by the date specified on the communication you received from us, Qantas Super will take this to mean you have requested to not pay your unpaid compulsory contributions and therefore have your benefit adjusted as per the process explained under Option 1.
How each option works
Option 1: How requesting to suspend your compulsory contributions will impact your benefits
Option 2: What you need to do if you confirm you will keep paying your compulsory member contributions
Frequently Asked Questions
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