Fees & Charges
Cbus has low fees
As a member of Cbus, you’re with a fund that has low fees. Because we deliver all benefits back to members you can rest assured that you’re only paying what it actually costs to run your account.
Fees when your money moves into or out of Cbus Income Stream
| Type of fee | Amount | How and when paid |
|---|---|---|
| Establishment Fee: The fee paid to open your account within Cbus. | Nil | N/A |
| Contribution Fee: The fee on each amount contributed to your account - either by you or your employer. | Nil | N/A |
| Withdrawal Fee: The fee charged to your account when you leave Cbus or rollover funds (full or partial rollover) to an external superannuation account. | $35 | It is deducted from your account when you either leave Cbus or partially or fully rollover funds to an external superannuation account. |
| Partial Withdrawal Fee: The fee charged to your account each time you make a partial (lump sum) withdrawal (Commutation), until you reach a nil balance. This fee does not apply to your regular pension payments. | $20 | It is deducted from your account when a partial (lump sum) drawdown (commutation) of funds is made. |
| Termination Fee: The fee to close your account. |
Nil |
N/A |
Management costs - the fees and costs for managing your account
| Type of fee | Amount | How and when paid |
|---|---|---|
| Administration Fee: This covers the cost of administering your account. |
$400 per year |
It is deducted from your account on a pro-rata basis in arrears from your account balance annually, or when you exit the fund. |
| Trustee Operation Cost: This covers the costs incurred by the Trustee in operating Cbus. It includes Member Protection costs. | This cost is calculated in arrears as at 30 June each year, and ranges up to 0.25%. For 2010/11 the Trustee Operating Cost was 0.08%. By way of example, if your account balance at the end of the 2010/11 financial yearwas $10,000, the fee would have been $8. | It is deducted from the investment return before Cbus declares its crediting rates, either at the end of the financial year or when you withdraw your money. |
| Investment Costs: These include the fees paid to external and internal investment managers, custodians and asset consultants, property management related expenses, bank fees and net GST on investment costs. |
Investment management fees are calculated in arrears as at 30 June each year. They range up to 1.0%, depending on your investment choice options. For the 2010/11 financial year, these fees for each Cbus investment option were: High Growth: 0.66% ($66, if $10,000 was invested) Growth (Cbus Choice): (0.83% ($83, if $10,000 was invested) Conservative: 0.41% ($41, if $10,000 was invested) Cash Savings: 0.13% ($13, if $10,000 was invested) Capital Guaranteed*: 0.50% ($50, if $10,000 was invested)
*This option was closed to new members from 31 December 2010 and current members will be unable to switch to it. It was closed completely on 31 December 2011 and all members' investments transferred to Cash Savings. |
It is deducted from the gross investment returns before Cbus declares its crediting rates, either at the end of the financial year or when you withdraw your money. |
Service fees
| Type of fee | Amount | How and when paid |
|---|---|---|
| Investmemt Switching Fee: The fee for changing investment options. | Nil | N/A |
Additional fees and costs
| Type of fee | Amount | How and when paid |
|---|---|---|
| Family Law Requests: These are fees charged for any Family Law requests for information and Family Law payment splits. |
Requests for information: $100 Payment split: $80 |
Paid by cheque at the time of request. Paid from the benefit amount to be split at the time of the payment split. |
