In general, the member’s benefits as a part-time employee will build at a slower rate (because contributions and/or contribution points based will be based on the part-time salary received by the member). However, with the exception of Division 5, the full-time equivalent (FTE) salary will continue to be used in the calculation of retirement benefits. Further information for each Division of membership is shown below.
Changes in classification
The comments above do not apply to members who have a salary reduction as a result of a change to their grade classification. In these cases, the ElectricSuper Rules have special conditions designed to ensure that, again, members are not disadvantaged.
The information contained in this fact sheet is general information only and may not be applicable to your particular circumstances. Before making any decisions, please contact ElectricSuper on 1300 307 844 for more information relating to your personal situation.
‘Salary’ Definitions from ElectricSuper Rules
Division 2 – one of the factors which defines the benefit is the “Contributor’s Actual or Attributed Salary”. This is defined in Rule 1(2) of Division 2 of the Rules as:
“(1)Subject to sub-rule (3) below, a Contributor’s Actual or Attributed Salary, as at a particular date, is-(a)where the Contributor is, at that date, employed on a full-time basis -the Contributor’s actual Salary;(b)in any other case -the Salary that the Contributor would have been receiving, at that date, if the Contributor had then been employed on a full-time basis.”
Division 3 – one of the factors which defines a member’s benefit on retirement is the member’s “Final Scheme Salary”. Rule 3(1) of Division 3 of the Rules provides that:
“… where at a particular date the Contributor was employed on a part time basis the Final Scheme Salary of the Contributor is the Final Scheme Salary that the Contributor would have been receiving, at that date, if the Contributor had then been employed on a full time basis”.
Division 4 – one of the factors which could potentially determine a member’s benefit on retirement is the member’s “Final Salary”. The definition of “Final Salary” in Rule 1(1) of Division 4 of the Rules provides that:
“… where on that day the Member was employed on a part-time basis, the Final Salary of the Member is the Actual Salary that the Member would have been receiving if, at that time, the Member had been employed on a full-time basis.”
Division 5 – the Rules define “Salary” so that it is the same amount of a member’s remuneration on which the employer must base its Superannuation Guarantee obligations.
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