This page explains how contributions work for Accumulation members who are employees of an employer that contributes to the Fund. Defined Benefit members should see their member booklet for information about their benefits in the Fund.
There are three main types of contributions - those made by the Company, your contributions and rollins from other super funds.
As an Accumulation member, your employer will make contributions as agreed with you, subject to the requirements of superannuation law. Contributions are paid into the Fund by your employer on a monthly basis.
You can make voluntary contributions 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 Fund. Any money that is transferred in is called a rollover.
Investment earnings (which may be positive or negative) are allocated to, and any taxes are debited from, these accounts. Any fees, including voluntary insurance fees (if applicable) are deducted from your accounts.
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.
IPL employees can contribute for their spouse. Spouse members can roll other Super into the Fund and contribute to the Fund but cannot direct their employer's contributions to the Fund.
Retained Benefit members can make personal after-tax contributions 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.