I was an EISS lifetime, spouse and child pension member of the Retirement Scheme or Defined Benefit Scheme
Has my lifetime, spouse or child pension been impacted by the merger?
No. The way your pension is calculated and applied will not change. Please be assured that while some elements of your account have changed, the underlying scheme rules, and therefore your entitlements, will not change.
Was I sent any communications to confirm my account was transferred to Cbus Super?
If you’re a pension member, EISS Super sent you a letter in May 2023 confirming that your benefit and entitlements were transferred to Cbus Super.
What changes were made when my EISS pension transferred to Cbus Super?
- You use the Cbus Super website to log into your online account
- You’ll need to set up a new third party authority with Cbus Super (if you want one in place)
- Your contact details transferred (including email address) however your communications preferences (e.g. whether you like to receive things like statements, important updates and marketing by email or post) didn’t transfer across.
For full details of the changes, please read your significant event notice that EISS Super sent to you in March.
What has stayed the same with my lifetime pension account?
- Your member number and entitlements remain the same
- Your power of attorney (if you have one) will have transferred to your new Cbus pension account.
Is there a Cbus Super mobile app?
There isn’t a Cbus app for your account, but you can manage everything for your super on the go through your Cbus online account.
Your welcome letter included instructions for accessing your online account.
Alternatively, you can call our helpline on 1300 361 784 for access details.
What happened if my health fund deductions were paid from my EISS account?
If you previously had payments for health fund deductions made from your account with EISS Super, payments were not made after 12 May 2023. Please contact your health fund provider to make alternative payment arrangements.
What fees do I pay with Cbus Super?
Pension members did not pay fees with EISS Super and do not pay fees on their lifetime, spouse or child pension with Cbus Super.
Have my pension payment dates changed?
Your first pension payment from Cbus Super was made on or around Tuesday 30 May 2023 and will be made every second Tuesday until your pension ends. (Public holidays and your bank’s processing times may impact when payments are available in your account).
Special value calculation
Why did the special value of my pension need to be recalculated?
When your defined benefit pension was transferred to Cbus Super, legislation required Cbus Super to recalculate the special value of your pension and report it to the ATO.
How was the special value of my pension calculated?
The special value of a defined benefit lifetime pension is calculated by multiplying your gross (before tax) annual defined benefit pension payments by 16.
Example – calculating the special value of your pension
- John was a lifetime pension member of EISS Super. His fortnightly defined benefit pension was $4,500.
- There are two steps to calculate the special value of a capped defined benefit pension.
Step 1: Calculate John’s annual lifetime pension entitlement
To do this you need to divide John’s gross fortnightly pension payment by 14 (the number of days in a fortnight) and then multiply this amount by 365 (the number of days in a year) as below.
$4,500 ÷ 14 x 365 = $117,321.43
Step 2: Calculate the special value of John’s lifetime pension
To do this you need to multiple John’s annual lifetime pension entitlement by 16 as below.
$117,321.43 x 16 = $1,877,142.88
You can find more information in your significant event notice.
Did recalculating the special value of my lifetime pension change my fortnightly pension payments?
No. Recalculating the special value of your pension has not changed your fortnightly pension entitlement.
How did the merger affect my personal transfer balance account and cap?
If you have had CPI adjustments to your pension since it started, the recalculated special value and your transfer balance account will be higher. As a result, a small number of members may see their transfer balance account exceed their personal transfer balance cap.
For those members with a defined benefit pension and other pension accounts, this may have personal taxation implications. In this instance, we recommend you seek independent taxation advice to understand how this could impact you.
You can also visit the ATO’s transfer balance cap – capped defined benefit income streams page to learn more and see some examples of the possible impacts.