To maximise the retirement savings of our members, it's important Cbus is well governed by the Trustee.


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.


Our Fund Governance Policy is currently being updated and will be available soon.

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 2021.

Read the AIST governance code report (PDF).

Member Outcomes Assessment

Financial Year ending 30 June 2021

Along with being one of Australia’s largest super funds, Cbus is the leading industry super fund in the building, construction and allied industries. Our mission is to ensure our 785,0001 members retire with the best possible outcomes.

We achieve this through a history of delivering Top Quartile2 returns over the medium to long term, combined  with competitive fees and significant reductions in investment fees over the last four years.

Cbus has determined each of our super products promote the best financial interests to our members.

Member Outcomes Determination summary

Investment strategy

Cbus has achieved Top Quartile2 returns over 3-, 5- and 7-year time frames relative to peers. We also achieved our highest ever return in the fund’s 37-year history of 19.34% for our Growth (MySuper) Option in FY21.


It is our size, managing $68bn1 of members’ money, that has enabled us to deliver this outcome and take advantage of economies of Scale. We offer great services at a lower cost for our members.

Options, benefits and facilities

Cbus members have access to a leading online portal, mobile accessibility, supplemented by assistance through workplace co-ordinators, front counter offices, and over the phone support. We also provide enhanced value of Advice Services that is included as part of our Cbus membership.

Setting of fees

The cost of these services is competitive, headlined by our Statement of Fees and Costs being below the median of our peers3 for the MySuper Product.

Operating costs

We ensure our performance is sustainable. This is managed through the need to future-proof in order to deliver strong long-term performance, whilst returning all profits to our members (not shareholders).

Insurance strategy

It is our insurance offering that best illustrates our central tenet of putting members at the heart of everything we do. We offer a tailored product for not only our workers in the building and construction industry, but also across non-manual and professional occupations.

Our default Death and Total and Permanent Disablement (TPD) cover is below the benchmark of 1%4 of salary for the average blue collar worker in the construction industry. It maximises the cover according to their life-stage so that it is always fit for purpose throughout the members’ journey with us.

We put members at the heart of everything we do. Read our FY21 Cbus Member Outcomes Determination (PDF)

Discover our awards and ratings.


1 As at 31 December 2021.

2 Sourced from SuperRatings, refer Cbus Member Outcomes Determinations for FY21 for more details.

3 Data is sourced from APRA, and metric is calculated by Cbus, refer Cbus Member Outcomes Determinations for FY21 for more details.

4 Sourced from the ChantWest Member Outcomes Dashboard


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.

Read our Register of Relevant Duties and Relevant Interests (PDF).

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.

This is the updated Board Skills Matrix 2021.

This is the results of the Collective Board Skills 2021, which shows the actual skills of the Board benchmarked against the desired state in our Board Skills Matrix. 

Board Performance 

The Director Appointment, Performance and Renewal Policy sets out procedures with regard to annually evaluating the Board performance and individual director performance.

In accordance with the Director Appointment, Performance and Renewal Policy, the Company Secretariat is responsible for ensuring that the Board performance assessment (individual and collective) takes place annually. Regular assessment of Board performance supports:

  • Improving the effectiveness of the Board to achieve objectives
  • Identifying any areas for improvement
  • Clarifying individual and group roles.

The assessment encompasses the Board as a whole, Board Committees, individual Directors, Committee Chairs and the Board Chair. A record of the assessment is maintained by the Company Secretariat.

Triennial independent performance reviews of the Board, Directors and Fund Chair occur every three years. Every three years, the Company Secretariat will arrange for the annual, ‘whole of board’ performance assessment to be completed by an external specialist. The external specialist will obtain whole of Board feedback and, to assist in ongoing annual assessments of the Chair's performance and effectiveness, provide this feedback to both the Chair and to the other Directors.

Product dashboard

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.


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.

Further reading

You can read more about our remuneration practices by clicking on the links to further reading.

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
30 May 2022 Changes to administration fees and insurance premiums

On 2 July, we're making some important fee changes:

  • Your weekly administration fee will drop to $1.50 a week.
  • The cost of insurance cover is changing for some members.
Notice for super members transferring to Cbus from Media Super (PDF)
30 May 2022 Changes to administration fees and some insurance risk ratings (Corporate Super)

On 2 July, we're making some important fee changes:

  • Your weekly administration fee will drop to $1.50 a week.
  • The risk rating of insurance cover is changing for some members.

Notice for Corporate Super members - Sarah Group (PDF)

Notice for Corporate Super members – AME Systems (PDF)

11 May 2022 Changes to administration fees and insurance premiums

On 2 July, we're making some important fee changes:

  • Your weekly administration fee will drop to $1.50 a week.
  • The cost of insurance cover is changing for some members.
Notice for super members (PDF)
14 February 2022 New investment options and changes to the Cbus Trust Deed

On 14 February 2022, Cbus introduced six new investment options.

On 24 December 2021, amendments to the Cbus Trust Deed became effective that allow the Cbus trustee to take a trustee services fee (subject to certain restrictions) from the fund.

Notice for members (PDF)
23 August 2021 Changes to insurance (Industry Super, Sole Trader Super and Personal Super)

We regularly review the insurance you get through Cbus to make sure you and your family are protected when you need it most.

From 2 October 2021, we’re making some important changes to:

  • the cost of death and total and permanent disablement insurance cover, and
  • income protection cover.

Notice for members in a manual occupation category (PDF)

Notice for members in an electech occupation category (PDF)

Notice for members in a non-manual or professional occupation category (PDF)

Notice for other super account holders (PDF)

18 August 2021 Changes to insurance (Corporate Super) On 31 July 2021, the cost of death and total and permanent disablement insurance cover decreased for Corporate Super members.  Notice for Corporate Super members (PDF)
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 cost of death and TPD insurance cover will increase.
  • Workers in Manual occupations aged 51 and over will receive more cover.
  • Members will be able to select more TPD cover than death cover.
  • The accident only income protection cover option will be removed for Sole Trader Super members.

The following changes were also introduced on 1 February:

  • Death cover will be provided for members who are diagnosed with a terminal illness within 14 days of the insurer making a TPD payment.
  • The definitions used to assess TPD claims has been updated.

Notice for Industry Super members and Personal Super members (PDF)

Notice for Sole Trader Super members (PDF)

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:

  • your account balance reaches $6,000, and
  • you’ve turned 25 years old.
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. 

Changes to Cbus' investment options

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:

  • your account keeping fee will be kept at $104 a year ($2 a week)
  • you’ll no longer be charged the 0.08% asset-based account keeping fee, and
  • the Trustee operating cost will increase to 0.19%.

The Trustee operating cost will be capped at $1,000 for all accounts.

Notice for super members - Your fees are changing (PDF)

Notice for income stream members - Your fees are changing (PDF)

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:

  • inactive low account balance transfers
  • fee cap and refund
  • exit fees abolished
  • opt in to retain your insurance through Cbus.

Notice for super members - Important changes to your super from 1 July 2019 (PDF)

Notice for Super Income Stream members - important changes to your super from 1 July 2019 (PDF)

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.

Notice for super members - Changing how fees and costs are communicated (PDF)

Notice for income stream members - Changing how fees and costs are communicated (PDF)

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.

Changes include:

  • a 40% decrease in TPD premiums for manual workers and a 44% decrease for non-manual and professional workers
  • a 25% decrease in the combined cost of death and TPD cover, taking the cost of a unit of cover from $3.58 to $2.68 a week
  • more TPD cover per unit for manual workers aged under 45, and
  • a 44% decrease in the cost of accident only IP cover for sole traders. 
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.


Notice for Transition to Retirement option members not invested in Cbus Self Managed (PDF)


Notice for Transition to Retirement option members invested in Cbus Self Managed (PDF)


Notice for Fully Retired option members - Important changes to your income stream accounts from 1 July 2017 (PDF)

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.





Important changes to your super (PDF)

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:

  • TPD cover extend to age 70 years to eligible members
  • introduction of Professional category for insurance
  • introduction of underwriting exclusions
  • changes to automatic cancellation of cover terms
  • no default cover offered for members of Cbus Personal Super division
  • changes to the insurance terms and conditions to Cbus Personal Super division members.
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)