University Employees- Academic and Staff
The University sector has had different funds over the years including SSAU/ TESS and now the Unisuper defined benefit fund (DBF) as well as simple accumulation funds, involving choice of investment options. The defined benefit fund can be particularly hard for members to understand and therefore get the most benefit from it. Depending upon when you joined and your years of service, and other factors, the benefits could involve excellent pension options, or just a lump sum. Newer members have to decide fairly soon whether they want to join the DBF or just use the accumulation fund. How much to contribute to Unisuper is a question that puzzles a lot of members, as does the issues surrounding the history of one of the clauses in its Trust Deed, which may leave some members with reduced benefits. So care is needed.