University fixing superannuation errors
Wednesday, 12 December 2018
University of Newcastle Vice-Chancellor Professor Alex Zelinsky has today written to staff to advise them of the outcome of the organisation’s superannuation review.
The review was undertaken from July to November this year with support from professional services firm, Deloitte, following identification of some anomalies dating from 1 July 2009*. The review identified that some staff had received incorrect superannuation contributions as a result of the incorrect interpretation and application of superannuation rules, as well as technical and system configuration errors. These errors were fully resolved on 18 October 2018.
The review analysed more than 8 million payroll transactions representing payments to all staff from 1 July 2009 until 18 October 2018 and identified 6316 individuals who were affected to varying degrees.
“We are ensuring all current and former staff have the correct superannuation contributions made on their behalf via the appropriate channels,” Professor Zelinsky said.
The University has written individually to current and former staff to confirm it will repay the shortfall amounts plus interest. The University will not seek to recover net overpaid contributions.
“On behalf of the University, I apologise for these errors and for any concern this matter causes the people who are affected,” Professor Zelinsky said.
Former employees can register their current contact details through online forms available at www.newcastle.edu.au/superannuation-review This site includes questions and answers as well as links to related information.
Current and former employees can call the University’s superannuation remediation line for more details or to discuss their personal situation: (02) 4921 5599 between 9am and 4pm Monday to Friday (noting the University’s Christmas close-down period, which is 20 December 2018 to 6 January 2019 inclusive), or send an email to email@example.com
“We are fortunate to be in a strong financial position and will be able to fund the superannuation remediation without the need to defer major projects or impact on staffing numbers,” Professor Zelinsky said.
Provision for the remediation costs – approximately $13.37 million – has been included in the University’s 2018 accounts.
*The date the latest ATO ruling on Ordinary Time Earnings and superannuation came into effect.