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. VMware has arranged special terms through AMP CustomSuper arrangement, 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 employees of VMware Australia will be offered the opportunity to join the Dell EMC Australia Superannuation Plan. Following your commencement of employment you will receive a package setting out full details of the Dell EMC Australia Superannuation Plan benefits and entitlements. The package will also outline the insurance benefits you will be eligible to receive as a member of the Dell EMC Australia Superannuation Plan. Insurance benefits include:
- Death (which provides for a lump sum up to four times your target earnings payable to your nominated beneficiaries)
- Total and Permanent Disablement (TPD) (generally the same as the death benefit)
Opting Out of the Dell EMC 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 Dell EMC Australia Superannuation Plan you will need to make private arrangements to secure Death and TPD insurance as these will not be provided by VMware. Death and TPD insurance is only available to Dell EMC Australia Superannuation Plan members.
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. This is presently 9.5% 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.
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 CustomSuper plan.
When Coverage Begins
Coverage will automatically commence on the first day of your employment.
When Coverage Ends
When you cease employment with VMware your Dell EMC Superannuation account with AMP will automatically continue in a personal account in AMP Flexible Lifetime Super with continuation of insurance if:
- your account balance is $1,000 (at the date your exit is processed) or more,
- AMP have your current postal address
- you don’t have a terminal illness and aren’t Totally and Permanently Disabled
- for the continuation of TPD cover, you’re under age 60
There will be some differences in your new super arrangement because you’re no longer part of the Dell EMC Superannuation plan. For example, VMware will cease their funding of any insurance cover and personal insurance premiums rather than group insurance premiums will apply.
AMP will send you details of your new account and the options available to you. Your account balance will remain invested in the Dell EMC Super Plan until the date AMP transfer it into your new personal super arrangement.
ASK HR [VMware network access required]
Phone: (+61) 292935535
Internal Phone: ext. 29200