Making super payouts simpler

We’ve simplified our death benefit payment process so we can finalise payouts faster  

If a member dies and there's no death benefit nomination (an instruction that tells us who should get your super and insurance), payment will be made to:

• your surviving current spouse, or 
• (if there’s no surviving current spouse) your surviving child or children in equal parts, or
• (if there’s no surviving current spouse or children) the estate¹. 

These changes mean claims can be finalised and paid faster. Cbus Super CEO Kristian Fok says it will give greater clarity and certainty to members. 

“By simplifying our existing death claim processes we anticipate this will cut a further 4-6 weeks off the time it takes to pay benefits to members’ families and loved ones.”

We’re making it easier for you to tell us where your super should go 

Later this year we’ll make further changes:  

• You'll be able to make a binding nomination online.
• Binding nominations will stay in place until you cancel or replace them, so you'll no longer need to renew them every three years. 

Binding death beneficiary nominations provide clarity. Do you have one in place? 

The best way to make sure your death benefit is paid to the right people (and as quickly as possible), is to make a binding nomination – and keep it up to date. You can make or cancel one at any time. 

¹ The Trustee can determine to who the benefit payment can be made (if considered appropriate in limited circumstances). If your death benefit cannot be paid to your estate, your benefit may be transferred to the ATO. The changes do not apply to Defined Benefit (including Retirement Scheme or Lifetime Pension) members.