You will have a Company Statutory account in the Fund for Superannuation Guarantee contributions made by your employer. If you make your own contributions of 2% or more of your Salary you will also have a Member account and a Company Additional account. If you roll money into the Fund from another superannuation fund you will also have a Rollover account. You may also have other accounts in the Fund 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, including insurance fees (if applicable) are deducted from your accounts.
There are three main types of contributions - those made by the Company, your contributions and spouse contributions.
The Company makes contributions on your Ordinary Time Earnings (OTE) at the Superannuation Guarantee rate (currently 9.5%). The Company also pays an additional contribution of 1% of Fund Salary if you contribute 2% of Fund Salary to the Fund or 1.5% if you contribute 3% or more. The Company also pays for your basic death and disability insurance cover.
You can choose whether to contribute to the Fund. If you contribute 2% of Fund Salary or more you are eligible for additional Company contributions. Your contributions can be from either your before-tax salary (concessional contributions) or after-tax salary (non-concessional contributions).
You can make contributions on behalf of your spouse which are paid into a Spouse account (held in your Spouse's name). Spouse contributions count toward your spouse's non-concessional contributions cap.
You can also roll money into the Fund from other super funds. This is paid into your Rollover account.
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.
Dow employees can contribute for their spouse. Spouse members can roll other super into the Fund but cannot contribute to the Fund or direct their employer's contributions to the Fund.
Retained Benefit members can make after-tax contributions of $200 or more into their Retained Benefit account. Retained Benefit members cannot direct their new employer's contributions to the Fund or contribute from their pre-tax salary or make spouse contributions.
Insurance only members cannot contribute to the Fund or make spouse contributions.
You should refer to the Super Guide 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 Application & Change form.