The Higher Education Superannuation Programme (HESP) provides funding to assist eligible universities as listed at Table A in the Higher Education Support Act 2003 (HESA) to meet certain superannuation expenses for eligible current and former university employees who are members of identified state government emerging cost superannuation schemes. Funding is administered in accordance with the HESA Other Grants Guidelines (Education) 2012.
These schemes have been closed to new members for some time but are still active for existing members.
Cost-share arrangements are in place with relevant state governments and a proportion of HESP funding is recovered from these states under cost-sharing arrangements, which are the result of their historical responsibilities for funding higher education.
The level of supplementary funding is demand-driven, with assessment of claims from individual eligible Table A universities occurring annually.
Currently there are 27 eligible Table A universities participating in the programme. It is expected that, as remaining eligible staff retire, there will be an increase in demand for funding, which is expected to peak around 2020.
In 2015, $185 million was provided to the 27 universities and $26 million was recovered from the relevant state governments for the 2014–15 financial year.
|Key Performance Indicators||Estimate||Actual|
|Eligible Table A universities||17||27|
Note: Ten NSW universities resumed participation in the Programme in December 2014.