Superannuation is a way to save for your retirement. The money comes from contributions made into your super fund by your employer and you. Employees can choose the superannuation plan to which VMware contributes on your behalf.
Effective 22nd Feb 2022, VMware has arranged special terms through Australian Retirement Trust’s MySuper arrangement (formerly Sunsuper), and this is the default fund to which superannuation contributions are paid for those VMware employees who do not select an alternative fund.
All regular full time, part time, fixed term employees and Interns of VMware Australia will be offered the opportunity to join the VMware Australia Superannuation Plan. Following your commencement of employment, you will receive a package setting out full details of VMware Australia Superannuation Plan benefits and entitlements. The package will also outline the group insurance benefits you will be eligible to receive as a member of the VMware Australia Superannuation Plan. Insurance benefits include:
- Group Life (which provides for a lump sum up to four times your target earnings payable to your nominated beneficiaries)
- Group Total and Permanent Disablement (TPD) (the same as the death benefit)
Please access Australian Retirement Trust Microsite for more information on VMware Australia Superannuation plan and associated group insurance benefits. You will also be able to download important documents like Member guide, Beneficiary form, Additional Insurance form, Investment options guide, New starter flyer etc.
Opting Out of VMware Australia Superannuation Plan
You can choose to have VMware make your superannuation contributions to an alternative complying fund. Should you choose an alternative complying fund, you will need to provide VMware with written notification of this as additional documentation will be required from you. Please contact HR Source [VMware network access required] to request an Opt-Out form and a Choice of Fund form.
Should you elect not to join the VMware Australia Superannuation Plan you will need to make private arrangements to secure Life and TPD insurance as these will not be provided by VMware. Group Life and TPD insurance is only available to the corporate VMware Australia Superannuation Plan members. This applies to employees that are a part of corporate VMware plan who decide to opt-out of Australian Retirement Trust and selects an alternate fund during employment with VMware. Please inform HR Source [VMware network access required] of your decision to opt-out of corporate Super contribution and insurance plan. You may also explore with Australian Retirement Trust in case you need Life and TPD coverage on a retail basis.
You can make voluntary contributions via after tax salary or via Salary Sacrifice. Check with your financial adviser before doing this, as there are limits set by the Australian Tax Office, beyond which additional contributions are not tax effective.
During your employment, VMware will make superannuation contributions on your behalf to a complying superannuation fund of not less than the minimum level required under the Superannuation Guarantee legislation as amended from time to time. Effective 1st July 2021 the new rate of contribution is 10% of your ordinary time earnings.
Your superannuation benefit (except on death or disability) will be equal to the sum of your superannuation account balances.
Your estate will receive your superannuation account balances in addition to a lump sum death benefit. See Life Insurance for more information. It is important to to fill in a beneficiary form to advise the trustee of your wish in respect of your superannuation benefit.
Total and Permanent Disablement coverage is a lump sum amount paid if you become Totally and Permanently Disabled while you are insured for TPD with your corporate Superannuation plan.
When Coverage Begins
Coverage will commence on the first day of your employment.
When Coverage Ends
When you cease employment with VMware, your your Superannuation account with Australian Retirement Trust will be automatically transferred into a personal account with continuation of insurance.
There will be some differences in your new super arrangement because you’re no longer part of the VMware Superannuation plan:
- VMware will cease the 50% funding of standard insurance premiums;
- Administration fees and insurance premiums will change to those applicable to the Australian Retirement Trust for life personal product.
Please update your Australian Retirement Trust online account with your personal contact details (mobile number, personal email and home address) to ensure you continue to receive communications from Australian Retirement Trust after you cease employment with VMware.
Australian Retirement Trust (formerly Sunsuper)
Phone: 13 11 84
Please access Australian Retirement Trust Microsite to download important forms and guides [VMware network access required]
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Last Updated: 2 Mar 2022, 2:36 PM