Applying for a VSP (and other financial information)

This page provides general information, FAQs and resources to support impacted staff to make an informed decision. 

Employees considering expressing an interest in a Voluntary Separation Package are strongly recommended to obtain independent financial advice

The information provided on this page and during workshops is of a general nature only and does not take into consideration individual circumstances. 

 

Important Dates 

 

For eligible employees impacted by the HDR Administration transformation 

      Deadline for VSP requests   -               23 February 2018

      Anticipated VSP Cessation Date -        06 April 2018            (or by negotiation) 

 

For eligible employees impacted by the Research Publications transformation 

      Deadline for VSP requests   -              09 March 2018 

      Anticipated VSP Cessation Date -        01 May   2018           (or by negotiation) 

 

 

 

Frequently Asked Questions 

1. What is the difference between a Voluntary Separation Payment and a redundancy payment?

In accordance with clause 47.15 of the Enterprise Agreement, the payment entitlement for a ‘voluntary separation package’ (VSP) and a ‘redundancy payment’ is the same.

2. How is a VSP calculated?

A VSP is calculated in accordance with clause 47.15 of The University of Queensland Enterprise Agreement 2014-2017.  

Staff considering a Voluntary Separation Payment are encouraged to discuss their options with  Richard Bannister, Senior Workplace Relations Consultant, (07) 3365 1118 or r.bannister@uq.edu.au

They are also strongly encouraged to seek independent financial advice and request a VSP calculation before making any final decisions.

3. Will there be salary maintenance for staff members who apply for and are appointed to positions at lower classification levels than their current position?

Where current staff are appointed to a lower classified position, they will receive salary maintenance for a period of three (3) months from the date of appointment.

In such cases, staff will also be appointed to the highest increment of the lower HEW level to which they are appointed.

4. What will happen with superannuation contributions and recreation and long service leave entitlements as well?

Superannuation contributions will be maintained at the higher salary rate for a period of 5 years.

Recreation and long service leave entitlements that exist at the date of appointment to the lower classified position will be protected at the higher classified rate for a period of three (3) months; in line with the period of salary maintenance.

5. What are the tax and/or superannuation implications of taking a VSP?

That depends on individual circumstances. 

Impacted Staff are advised to seek specialist financial advice regarding taxation, and to contact their superannuation fund for information on the superannuation implications of taking a VSP or accepting a position at a lower classified position.

General information will be provided at the Financial Information Sessions being delivered for impacted staff

UniSuper members seeking advice should contact Andrew Gammie, On-Campus Consultant, UniSuper Management Pty Ltd.

To book an on-campus appointment, go to: https://www.unisuper.com.au/employers/universities/university-of-queensland.

Members of Q Super should contact the member help line, Ph: 1300 360 750.

6. How do I contact someone at UniSuper or QSuper for advice on superannuation?

Impacted Staff are advised to contact their superannuation fund for information on the superannuation implications of taking a VSP or accepting a position at a lower classified position.

UniSuper members seeking advice should contact Andrew Gammie, On-Campus Consultant, UniSuper Management Pty Ltd.

To book an on-campus appointment, go to: https://www.unisuper.com.au/employers/universities/university-of-queensland.

7. Who do I contact about other financial and taxation issues?

Employees considering taking a VSP are advised to seek professional financial advice to ensure they understand the tax and other financial implications of their decision.