CONTRIBUTION TYPES
Westscheme accepts all types of superannuation contributions, such as:
- Superannuation Guarantee (Employer contributions)
- Member After-Tax (After tax personal contributions)
- Salary Sacrifice (Before tax contributions)
- Spouse Contributions
- Self-employed Contributions (Personal contributions)
If a Westscheme Participating Employer pays a contribution for an employee who is not already a member, we will establish a new account and notify the employee of their new account details. If you are not yet a Westscheme Participating Employer, please see the section on How to join as a Participating Employer.
Alternatively, you can send in your employee's contributions with a completed Member Application Form.
In summary, Westscheme:
- invests all contributions received for members and other amounts transferred into their accounts;
- allocates Net Investment Performance (NIP) rates (which can be negative or positive);
- pays taxes due;
- maintains insurance cover as applicable;
- deducts fees;
- pays benefits as authorised by law;
- maintains member records; and
- keeps members informed about their superannuation.