As the Trustee of Cbus, United Super Pty Ltd holds:
- A Registrable Superannuation Entity (RSE) licence from the Australian Prudential Regulation Authority (APRA)
- An Australian Financial Services Licence (AFSL) issued by the Australian Securities and Investment Commission (ASIC)
- Indemnity insurance to protect, within limits, the Trustee from legal action
The primary source of the Trustee’s power are the Trust Deed (Governing Rules) of the Fund and the Company’s Articles of Association (Constitution).
These documents sets out the rules for running the fund including how Directors are appointed and removed.
Fund Governance Framework
The Fund Governance Framework informs our day-to-day decision making at Cbus.
The framework details the activities and responsibilities of our oversight and decision-making forums, such as the Board and its Committees. It also includes key policies and procedures to guide the Trustee on how Cbus is to be managed.
With guidance from our regulators, our policies are developed in line with industry best practice.
These policies and procedures come together under the Fund Governance Policy, which provides guidance to stakeholders on the integrity of Cbus’ operations.
The Fund Governance Policy is reviewed by the Board at least once a year or as required.
Read our Fund Governance Policy (PDF).
AIST Governance Code
The following sets out Cbus’ report on compliance with the Australian Institute of Superannuation Trustees (AIST) Governance Code requirements for the period ending 30 June 2020.
Read the AIST governance code report (PDF).
Annual Member Outcomes Assessment
Each year we are required to assess our performance and, based on that assessment, make an annual determination for each MySuper and choice product on whether the financial interests of the members that hold the product are being promoted.
Read the FY20 Member Outcomes Determination (PDF).
Register of relevant duties and relevant interests
Cbus maintains a register of duties and interests for itself, its responsible persons and associates, which includes:
- all Directors of the Trustee
- Company Secretary of the Trustee
- all Executive Managers of the Trustee
- external fund auditor
- Cbus Property Pty Ltd, its Directors and officers.
This Register captures all external interests and appointments held by our Responsible Persons and Associates, providing transparency of their commercial and personal interests to our members and stakeholders.
Duties and interests will be disclosed in the register for as long as the Trustee, Responsible or Person has the relevant duty or interest. All gifts received by Directors and the Trustee above $500 in value will be included in the register for 24 months.
Code of Conduct
Cbus has a Code of Conduct Policy that sets out our values, culture and expected standards of behaviour to deliver great outcomes for our members.
Read our Code of Conduct Policy (PDF).
Conflicts of interest
The Trustee has a conflicts management framework which applies across the entire Fund. The framework is a combination of systems, processes, policies and controls which enable the Trustee to identify, assess, mitigate, manage and monitor conflicts.
Read our Conflicts of Interest Policy (PDF).
Board and Committee Skills Matrix
The Board has collectively identified the series of skills required on the Board to ensure it can effectively set and execute the Trustee’s strategy.
These skills have been captured in our Skills Matrix and the results of the Directors self-assessment is below.
Skills with this symbol [ — ] prefixing it are required only at a Committee level, these skills are more technical and are required to ensure the Committee can effectively discharge its delegated duties from the Board, all other skills are required at the Board level. The boxes that are shaded in grey indicate that those skills are not relevant for that particular Committee.
The Directors are required to assess their skills against the Skills Matrix upon appointment and annually as part of the Fit and Proper process.
The Skills Matrix will be reviewed annually by the Board to ensure the skills remain relevant.
Please see the link to the results of the 2020 Board and Committee Skills matrix.
The Cbus superannuation product dashboard is set out to help you better understand the fees, risks and performance for our default investment option, Growth (Cbus MySuper).
You can use the dashboard to compare the Growth (Cbus MySuper) investment option with MySuper products offered by other funds.
See our product dashboard.
You can read more about the information about our governance by clicking on the links to view relevant further reading.
Our remuneration practices reflect our core values, placing our members at the centre of all we do.
The way we resource Cbus provides quality products and services to members.
Our Remuneration Policy outlines our principles and remuneration arrangements.
Significant event notices
At Cbus, we have a responsibility to tell our members about material changes, especially if the change could impact their retirement savings.
A change (or event) is any decision that will affect a member’s investment, such as:
- changes to fees and costs
- changes to insurance cover or premiums
- transfer of a member’s benefit without their consent.
We usually communicate these notices via the Cbus Newsletter we send to our members. If an event occurs outside of our publication schedule, we will send a separate communication to affected members, called a Significant Event Notice.
Significant event notice timing:
- Change or event that doesn't relate to an increase to a fee or charge, members will be notified as soon as possible, but no later than three months after.
- For a change that involves an increase in fees or charges, members will be provided with 30 days prior notice.
|Notice date||Nature of event or change||Impact of the change||Download|
|25 February 2020||Changes to insurance||
We regularly review our products to make sure they continue to meet the changing needs of our members, and have made the following insurance updates from 1 April 2020:
The following changes were also introduced on 1 February:
|25 February 2020||Government changes to automatic insurance cover to start soon||
The Government has changed the laws that apply to automatic insurance in super, which is the death and disability cover most members receive when they join Cbus.
If you’re impacted by these changes, from 1 April 2020 unless you specifically choose to have insurance you generally won’t receive automatic cover until:
|Notice for super members (PDF)|
|14 February 2020||Changes to investment options||
Each year, we review the objectives and strategies of the investment options you can invest your account balance in. As a result of the 2019 review, we will be making some changes in 2020 for both super and income stream accounts.
From 1 February 2020, the investment objectives of some of our options has changed. For some options, the return objective will be lowered slightly. There will also be a small increase in the likelihood of negative returns for some of our diversified investment options.
There are also changes to the strategic asset allocations for the diversified options that will be progressively implemented over the first half of 2020.
|2 December 2019||Income stream tax refund||
Effective 2 December 2019, Cbus has introduced a tax refund for members who transfer their account from a Cbus super or a TTR income stream to a Fully Retired income stream.
Cbus keeps some money aside to pay the capital gains tax that comes due when any super investments are sold. Because a super income stream is tax free, Cbus will refund that money back to eligible members who open a Fully Retired income stream account.
|Income stream tax refund fact sheet (PDF)|
|2 December 2019||Changes to administration fees||
From 1 February 2020 the administration fees charged for both super and income stream accounts are changing.
If you’re a super account holder your account keeping fee will rise from $1.50 to $2 a week. The Trustee operating cost for 2019/20 has also risen to 0.19%.
If you’re an income stream account holder:
The Trustee operating cost will be capped at $1,000 for all accounts.
|28 August 2019||Changes in legislation
The Australian Government has introduced new rules and regulations for super effective 1 July 2019 which may affect your account with Cbus. These changes include:
|28 September 2017||Changes to how fees and costs are communicated||
The Australian Securities and Investments Commission (one of the super industry regulators) has introduced new rules for all super funds to make fees clearer from 30 September 2017.
These changes don’t affect the actual return you receive from Cbus – they represent the different fees that already apply to your super account.
Changes in insurance from 30 September 2017
From 30 September 2017, a number of improvements are being made to insurance which will see most members’ premiums decrease and some members receive more cover.
|Notice for super members – insurance changes (PDF)|
|24 May 2017||Changes to the taxation of investment earnings on transition to retirement income streams||
Investment earnings on all income stream accounts are currently tax free, but from 1 July 2017 these will be taxed at up to 15% for transition to retirement income streams. This tax doesn’t apply to the Fully Retired option.
On 1 July 2017 money in existing Transition to Retirement accounts will be transferred to new taxed investment options. These will be the same range of investment options, with minor changes to allow for the tax.
|Removal of the Cbus Self Managed investment option for members in the Transition to Retirement option||
The Cbus Self Managed investment option will not be available to members in the Transition to Retirement option from 16 June 2017.
Members affected by this change will need to change the way they invest the money they currently have in Cbus Self Managed assets.
|Introduction of limits on tax-free retirement accounts||
The Government has limited the amount of super you can have in tax-free retirement accounts (like the Fully Retired option) to $1.6 million from 1 July 2017. This is called your transfer balance cap and will be indexed in future years.
This is the limit across all of your retirement income accounts – with Cbus and any other super funds.
Tax penalties apply if you exceed the cap from 1 July 2017 and any amount over the limit will need to be withdrawn or transferred to a super account.
This limit doesn’t apply to the Transition to Retirement option.
|Changes to the Trustee Operating Cost for income stream members||
The Trustee Operating Cost (TOC) charged for all income stream accounts will increase by an estimated 0.04% per year from 1 July 2017 – to a total of 0.07% per year.
This cost forms part of the indirect cost ratio for each of the standard Cbus investment options and the asset based fees for the Cbus Self Managed option.
The TOC is reviewed each year and can range up to 0.25% per year.
22 February 2016
|Changes to when fees are deducted from a member's super and income stream account.
From May 2016, the frequency of the administration fees deducted from the member's account at the end of each financial year or earlier (if the member closes their account during the year) will instead be deducted on a monthly basis.
The same administration rates apply for member's super and Income stream account. However the 0.08% of account balance for Cbus Super Income Stream (up to $640) will now be calculated based on the number of days in the month.
|Trust Deed updated||
The rules around the release of superannuation benefit on the grounds of 'Terminal Medical Condition' has been updated from 12 months to 24 months. In addition, the term 'Total and Permanent Disablement' is replaced with 'Permanent and Temporary Incapacity'.
|22 September 2015||Changes to asset allocations and objectives||
From 1 November 2015, the investment return objective is lowered by 0.25% and the likelihood of negative returns for the High Growth option has been increased to 5 in every 20 years. The asset class ranges in each of our investment options have also changed.
|Changes to the asset allocation and objectives for investment options (PDF)|
|22 September 2015||Changes to insurance from 1 November 2015||
From 1 November 2015, TAL Life Ltd (TAL) has been appointed as the new insurer after a successful tender process.
Other changes include:
|Important changes to insurance from 1 November 2015 - Appointment of a new insurance provider TAL Life Ltd (PDF)
|22 September 2014||Changes to how Cbus calculates contributions tax||
From 1 October 2014, tax rebate on insurance premiums will no longer be charged against members' accounts. Instead the rebate will be redirected to reduce the insurance premiums paid to the insurer and to fund other insurance-related costs incurred by the fund.
|Changes to how Cbus calculates contributions tax (PDF)|