You are required to make a 4% or 5% member contribution from your salary to fund your defined benefit. If you decide to contribute by salary sacrifice this is 4.71% or 5.88%. You can also choose to make additional contributions to the Voluntary Savings Program. If you roll money into the Plan from another superannuation fund you will also have a Rollover account. You may also have other accounts in the Plan and these will be described on your annual Member Statement.
Investment earnings (which may be positive or negative) are allocated to, and any taxes are debited from, these accounts. Any fees are deducted from your accounts.
There are three main types of contributions - Employer contributions made by LDS Australia, your contributions and rollins.
For members employed by LDS Australia, employer contributions are made to fund your super benefits, the cost of running the Plan (some fees may apply) and your insurance premiums. Your benefits meet the Superannuation Guarantee (SG) law of a benefit equivalent to at least 9.5% of your Ordinary Time Earnings.
There are two types of member contributions - your compulsory / DB contributions and any additional voluntary contributions you choose to make. Your contributions can be from either your before-tax salary (concessional contributions) or after-tax salary (non-concessional contributions).
You can transfer savings from another superannuation fund, such as a former employer's fund, into this Plan. Any money that is transferred in is called a rollover.
Some points to remember when choosing how much to contribute:
- There are caps on the amount of concessional and non-concessional contributions that are eligible for concessional tax treatment.
- You can stop, start or change your contributions at any time.
You should refer to the About Your Super Plan member booklet for more information on your contribution choices.
Changing your contributions
If you want to change the amount you contribute you can log on to the Member Centre and make your changes online. Or you can download and complete the Change form.