Terms and Conditions

(i) General

  1. An initial minimum account balance of $50,000 is required to be eligible for Cbus Self-Select.
  2. Any accumulation of funds received prior to the minimum $50,000 eligibility criteria being reached will be allocated in line with future contribution instructions. If no future contribution instructions have been received by Cbus, then the monies will be invested in the Cbus Core Strategy Option.
  3. The Trustee has the discretion to establish a member's account with less than $50,000 if the Trustee is satisfied that the member will transfer into the fund the initial minimum account balance totalling $50,000 within 3 months of the receipt of the member's signed application. If within 3 months of joining Cbus Self-Select, a member's account balance has not reached $50,000, the Trustee may transfer the member's account balance to Cbus Industry Super or Cbus DIY Personal Super as the Trustee considers appropriate.
  4. Transactions cannot be performed on the account (ie. exercise investment choice, buy or sell stocks) until the minimum $50,000 balance eligibility criteria is met.
  5. Where the minimum $50,000 balance eligibility criteria has been met, but then the balance falls below $50,000, transactions can still be performed on the account (see the Australian Shares (ASX100) Option for information about restrictions on buying stocks where balance is less than $20,000).
  6. The Trustee has the right to change the Fund's fees without member consent. The Trustee reserves the right to vary operating and investment management costs in line with actual expenses incurred. Members will be given 30 days notice of any increase in fees.
  7. The Trustee has the right to vary the investment switching arrangements at any time. Members will be notified of any changes at the time of making the switch between investment options.

(ii) Asset Class Option

  1. Members can invest up to 100% of their total account balance in any one or more of the Asset Class Options.
  2. The Trustee may change the structure of any Asset Class Option at any time without member approval.

(iii) Australian Shares (ASX100) Option

  1. To be eligible to invest in the Australian Shares (ASX 100) Option, the member must have already qualified for Self-Select (the member's account balance must have been at least $50,000) and the member must have at least $20,000 still in their account.
  2. Members can purchase up to 12.5% of their total account balance in a single stock or up to 50% of their total account balance in a combination of stocks.
  3. Only the existing account balance can be invested in this option (future contributions cannot be made directly to this option).
  4. Once the value of the member's total account balance in any single stock exceeds 12.5%, the member will become ineligible for any further purchases of that stock.
  5. A member's total holdings of stocks can increase in value up to 55% of their account balance, and each stock can increase in value up to 15% of their account balance.
  6. If the members value of any single stock increases to 20% or more of the member's account balance, or if e total holdings of stocks increases to over 55% of their account balance, the member will become ineligible to purchase any further stocks.
  7. Members must invest the remainder of their account balance in the other investment options.
  8. Each instruction to buy or sell stocks must be at least $1,500 in value. A stock purchase can only be made in actual units of stock. The dollar value will be calculated from the number of units bought using the unit price of the stock at the time of purchase.
  9. There may be some restrictions on when a member can sell their stocks during the period dividends are paid.
  10. All shareholdings will be registered in the name of National Nominees Ltd, as custodian of the Fund.
  11. Trading of shares will take place weekly on Monday, or the next business day if trading does not take place on the Monday (for example, if the markets are closed or trading in the particular stock is suspended). Cbus must receive all paper-based instructions to buy or sell stocks by 1pm (EST) on the Friday before the next trade day. Instructions to buy and sell stocks made via the Cbus member website ‘SuperSite' must be received by Cbus before midnight on the Sunday before the next trade day.
  12. Instructions to buy or sell stocks must be made via the Cbus member website ‘SuperSite' or by completing a Buy/Sell Application form and submitting that form to Cbus via mail or fax.
  13. Standard & Poor's updates the S&P/ASX100 Index quarterly to reflect changes in market capitalisation of companies. ASX100 stocks that have reduced in market capitalisation and are no longer in the S&P/ASX100 Index will no longer be available for purchase in the Australian Shares (ASX100) Option.
  14. If a stock is no longer listed in the S&P/ASX100, members can continue to hold such stocks, which have been acquired previously and are able to sell those stocks at any time.
  15. If suspension of trading occurs on any stock, then the buy/sell order will not be processed until the next trading day. If trading in the selected stock cannot be performed as at the next trading day, the order will be cancelled. Members will then be required to re-submit their order, which will be processed (unless the suspension is continuing) on the next trading day.
  16. If the buy/sell order for a stock, which is suspended from trading has been partially completed, the completed trades will be allocated on a pro-rata basis across all applications.
  17. All dividends will be paid back into the member's superannuation account and applied as per instructions for future contributions. If there is no instruction for future contributions, dividends will be paid into Cbus Super (Balanced) Option.
  18. All dividends and associated franking credits (net of any applicable taxes) will be paid to each member subject to the 45-day rule. Members will be entitled to receive a dividend if the stocks were held on the ex-divided date. If the member receives a franked dividend, but has not held interests in the stock for 47 days, they will not be able to switch out of the stock until they have held the stock for at least 47 days.
  19. If a member is entitled to a dividend payment but leaves Cbus prior to the payment date, the dividend payment and any associated franking credit (if eligible to receive the franking credit) will be processed to the closed account and then redeemed in accordance with the member's last instructions.
  20. The custodian for the Australian Shares (ASX100) Option is appointed to give instructions on the member's behalf in respect of all Corporate Actions.
  21. The custodian for the Australian Shares (ASX100) Option is appointed as the member's proxy in relation to the exercise of votes attached to the shares and units held by the member, and this proxy will be a ‘standing proxy' under the Corporations Act 2001.
  22. The current Australian Shares (ASX100) Option list of S&P/ASX100 Index shares will be updated and published on the Cbus website on the first Friday in the last month of each quarter (ie. March, June, September and December). The new listing will take effect on the 3rd Friday in the last month of each quarter.
  23. Macquarie Equities Limited will charge participating members the following brokerage per trade:
    Minimum brokerage per trade $13.75 (including GST); or
  • 33 basis points (0.33% including GST) for trades less than $10,000, whichever is the greater.
  • For trades greater than $10,000, the cost will be 24.2 basis points (0.242% including GST).
    Refer to the Cbus Self-Select PDS (dated 1 July 2008) for more information about these charges.
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