Super that gives you confidence in retirement
The DBD is designed to give reliable growth over your life and give you a better idea of how much you’ll have to retire on.
The DBD is open to eligible higher education employees receiving 14% or 17% employer contributions.
How it works
Your superannuation includes contributions from your employer and your take-home pay. There are 2 parts to your DBD account: the defined benefit component and the accumulation component. Your defined benefit component is calculated by a formula. Your accumulation component grows with contributions and positive investment returns.
See the Product Disclosure Statement (PDF, 2.5 MB) for more information.
Contributions
Your employer contributes 14% or 17% of your salary to super, depending on your work arrangement. When you first join the DBD, you'll automatically contribute 7% of your after-tax take-home pay (called default member contributions) as well. You can reduce or cancel your default member contributions at any time, but doing this will affect your super and other benefits.
Your DBD account components
Defined benefit component
Your defined benefit component is calculated with a formula based on your contributions, your age, your work arrangements, and your salary over the last 5 years.
Your contributions to the defined benefit component are pooled together with other defined benefit members' contributions and invested together. Read more about funding the DBD or download UniSuper’s Defined Benefit Division explained (PDF, 492KB).
Accumulation component
The money in your accumulation component earns investment returns and generally grows over time. Changes in investment markets directly affect the amount in this component, so future balances can be harder to predict. You can choose from a range of investment options how the money in your accumulation component is invested.
Money transferred from other superannuation funds (rollovers), or extra personal contributions are added to your accumulation component.
Inbuilt benefits
Most DBD members receive inbuilt benefits automatically to help cover against injury, illness and death. UniSuper provides your inbuilt benefits, not our insurer, so costs are built into your DBD membership. This means you can’t change or cancel your benefits and their costs won’t change over time.
How they work
Your benefits are based on your salary and work arrangements. Your default member contribution rate and age may also affect your inbuilt death benefit. Generally, a 3-year exclusion period applies to pre-existing conditions.
See the Product Disclosure Statement (PDF, 2.5 MB) for more information.
What they cover
While inbuilt benefits are similar to insurance, different rules and eligibility requirements apply.
| Event | Inbuilt benefit | Fact Sheets |
|---|---|---|
| Temporarily unable to work due to illness or injury | Monthly payments (including super) for up to 2 years | Temporary Incapacity benefits (PDF 177 KB) |
| Permanently unable to work due to illness or injury | Monthly payments (including super) up to age 65 | Inbuilt Disablement benefits (PDF 175 KB) |
| Terminal illness or death | A single lump sum payment to you or your beneficiaries |
Frequently asked questions
Everyone’s insurance needs are different. As your life changes, your insurance needs can change too. You should frequently review your cover to ensure it’s right for you and your situation. If you’re unsure, consider speaking to our award-winning advice team. To find out more, read the Product Disclosure Statement (PDF, 1.54 MB) and Insurance in your super (PDF, 832 KB).
Fees
| Type of fee | Amount |
|---|---|
| Investment fees and costs1, 2 (accumulation component) | 0.43% per year |
| Transaction costs1,3 | 0.19% per year |
| Buy-sell spread | Not applicable. |
| Switching fee | Not applicable. |
| Other fees and costs2 | Where there is activity related fees and costs they are deducted as described in the Product Disclosure Statement (PDF, 1.54 MB). |
Things you need to know
1 The costs component of investment fees and costs and the transaction costs are based on the costs for the year ended 30 June 2024, including several components which are estimates. Costs are subject to change and amounts for prior years are not necessarily reliable indicators of amounts for future years. The costs component of investment fees and costs and the transaction costs you'll be charged in subsequent financial years will vary and depends on the actual costs incurred by the Trustee in managing the investment option. Investment fees and costs includes an amount of 0.03% for performance fees. The calculation basis for this amount is set out in the ‘Additional explanation of fees and costs’ in the Product Disclosure Statement (PDF, 1.54 MB).
2 See ‘Additional explanation of fees and costs’ in ‘Fees and other costs’ section of the Product Disclosure Statement (PDF, 1.54 MB).
3 The investment fees and costs and transaction costs for other investment options are set out in section ‘Fees and other costs’, and are calculated on the same basis, and paid at the same frequency and in the same manner as for the Balanced investment option.
Choose your super product
Remember, you can only make this choice once. If you do transfer, you can’t go back to the DBD.
Compare the Defined Benefit Division and Accumulation 2
See how the DBD and Accumulation 2 compare and find out which product might suit you.