Superannuation Guarantee
The Superannuation Guarantee (SG) commenced in 1992. The compulsory SG minimum was 3% of an employee's salary in 1992 and increased to 9% by 2002. Recent legislation provides for the SG rate to increase gradually to 12% between 1 July 2013 and 1 July 2025.
| Financial year | Rate |
|---|---|
| 2013–14 | 9.25% |
| 2014–15 | 9.50% |
| 2015–16 | 9.50% |
| 2016–17 | 9.50% |
| 2017–18 | 9.50% |
| 2018–19 | 9.50% |
| 2019–20 | 9.50% |
| 2020–21 | 9.50% |
| 2021–22 | 10.00% |
| 2022–23 | 10.50% |
| 2023–24 | 11.00% |
| 2024–25 | 11.5% |
| From 2025–26 | 12.00% |
Ensuring you receive your SG entitlement
Since the SG was introduced in 1992, STC has implemented measures to calculate and compare the employer-financed benefits (including the Basic Benefit and any applicable Additional Employer Contributions (AEC)) payable to members against the SG. This is to make sure that members receive their SG-equivalent entitlements. If your State Super employer-financed benefits are less than the SG, your benefits will be increased to the SG level through an additional benefit called the SG shortfall amount.
How your scheme measures your entitlements
The Basic Benefit you are entitled to (generally up to 3% of your final average salary for each year of service) and any applicable AECs are added to your employer-financed benefit in your contributory scheme. If the total falls below the SG benefit requirements, the SG shortfall amount makes up the difference. The amount of any SG shortfall payment will be shown on your Annual Statement, but only when it is relevant. If your scheme benefits exceed the SG entitlement, then the shortfall amount will not be applicable and will not be included on your Annual Statement. As the SG increases over the next ten years, your scheme entitlement will continue to be measured against the SG entitlements at the increased level.