• Why is my annual statement not available until December? 
• Why is my statement balance different to what is shown on my online account? 
• Some of my benefits don’t look correct? Did all my benefits transfer when EISS merged with Cbus Super?
• What is a surcharge debt account? 
• What is the difference between the minimum guaranteed benefit and the minimum requisite benefit?
• What is my preservation age? / When can I access my Benefit? 
• How much tax will I pay on a withdrawal? 
• I have unrestricted non-preserved amounts showing? – Can I take that now; do I pay tax? 
• What are the government taxes? 
• There are rollovers appearing in my account summary. What do these relate to? 
• When can I change my contribution rate? 
• Who gets my lump sum benefits when I die? 
• What happens at the ‘Expiry date’? 
• How do I change my beneficiary nomination? 
• Please explain my financial year investment return? 
• How do crediting rates work? 
• When are crediting rates applied to my personal account and basic benefit - other contributions accounts? 
• What are the administration fees and costs?
• What is a fee cap refund? 
• What are the Government taxes? 
• What are the administration fees and costs?

Your benefits now

Q. Why is my annual statement not available until December? The financial year ended on 30 June.

A. Although the financial year ended on 30 June, it’s just the beginning in terms of the work we do to put your annual benefit statement together. As a new member of Cbus Super, we have taken extra time to thoroughly review your benefits.

 

Q. Why is my statement balance different to what is shown on my online account?

A. The balance on your statement is as at 30 June 2023. Your online account shows your latest estimated account balance.

Your online account shows your balance after the performance of your chosen investment options and crediting rates (how much of that performance is credited to your balance, after taxes and fees, if applicable) have been applied to your account. 

 

Q. Some of my benefits don’t look correct? Did all my benefits transfer when EISS merged with Cbus Super?

A. Yes, all your benefits were transferred at the date EISS merged with Cbus Super. However, this year’s annual benefit statement may require adjustment as a limited number of transactions, including contributions and rollovers, are still being allocated to some members’ accounts based on information from their previous fund (EISS). If adjustments are needed, affected members will receive an updated statement early in 2024.

 

Benefit summary and benefits explained

The various benefit entitlements are shown as at 30 June 2023 in the Benefit summary on the front page. A detailed breakdown of these and any other benefits you may be entitled to are shown in the Benefits explained section of your statement.

For assistance with how your benefits have been calculated, read your Product Disclosure Statement at cbussuper.com.au/pds or call our Advice Services team on 1300 361 784.

 

Q. What is a surcharge debt account?

A. The Federal Government abolished the surcharge levy on high income earners from 1 July 2005. However, any assessments received for periods prior to this date remains payable by the member as the Trustee had already paid these amounts to the ATO on your behalf. Any surcharge debt amounts will be deducted from your benefit when you leave the scheme.

 

Q. What is the difference between the minimum guaranteed benefit and the minimum requisite benefit?

A. There are minimum guaranteed benefits payable, including satisfying the requirements of super guarantee (SG) laws, and a minimum benefit payable that satisfies the requirements in accordance with the rules of this Defined Benefit Scheme. The minimum amount shown in your annual statement is a combination of both the minimum guaranteed benefits and minimum requisite benefit.

 

Accessing your benefit

Q. What is my preservation age? / When can I access my Benefit?

A. Benefits are generally preserved until you meet your preservation age and satisfy a condition of release.

 

Please read the Defined Benefit Scheme Product Disclosure Statement to learn when you can access your benefit, which is generally once you’ve reached your early retirement age between age 55 and 60, or reach normal retirement age. A lifetime pension option is also available to members who are employed and contributing (excluding Invalidity).

 

Q. How much tax will I pay on a withdrawal?

A. The Government sets the rules as to when you can access your benefit. Depending on your work status and age, you may be taxed on withdrawals. It’s best to speak to one of our Advice Services team who can provide further information.

 

Q. I have unrestricted non-preserved amounts showing? – Can I take that now; do I pay tax?

A. If you have an unrestricted non-preserved benefit, you can withdraw it at any time, however, you may pay some tax on the benefit if you apply prior to age 60. It’s best to speak to our Advice Services team who can provide further information.

If you are a deferred member and want to access your unrestricted non-preserved benefit before early retirement age, you may forego a significant part of your benefit. Please call us for a benefit quote first.

 

Member contributory account summary

Q. What are the government taxes?

A. The government applies tax at the rate of 15% to contributions that are made into your super fund (employer and salary sacrifice contributions and any personal contributions you’ve claimed a deduction for).

 

Q. There are rollovers appearing in my account summary. What do these relate to?

A. Some transactions which you may expect to appear as a contribution may display as a rollover.

For example, low-income tax offset payment and Superannuation Guarantee vouchers will appear as rollovers. Other payments that appear as rollovers on your statement include family law splits, unclaimed super monies or insurance benefits paid during the year.

The main reason they are shown this way is to ensure these amounts are not counted towards your non-concessional contribution limit.

 

Units (only for contributory members)

The Defined Benefit Scheme is a split benefit scheme that contains both defined benefit and accumulation components.

• Members are generally entitled to one unit for each $260 of superable salary, plus another 38 units.
• Members must pay for units up to a contribution rate that’s equal to 6% of salary.

 

Q. When can I change my contribution rate?

A. You can elect to vary your contribution rate once a year based on your superable salary, as reported on your annual review day. Your annual review day depends on your birthday:

 

Birthday	Annual review day
1 July to 31 December	9 February
1 January to 30 June	28 July

Birthday	Annual election notice
1 July to 31 December	31 March
1 January to 30 June	15 September

This new rate will become effective on your annual adjustment day:

Birthday	Annual adjustment day
1 July to 31 December	5 May
1 January to 30 June	21 October

To change your rate, you’ll need to complete the annual contribution election form sent to you in either March or September respectively.

 

Beneficiaries

Q. Who gets my lump sum benefits when I die?

A. You can decide where your benefit goes by making a binding death benefit nomination.

If you make a valid binding benefit nomination, we’ll pay your benefit to people you nominate, in the percentages you choose. These people are called your beneficiaries. If you would like to make a binding nomination, download a binding nomination form from cbussuper.com.au/forms.

 

With a non-binding nomination, Cbus will determine who your benefit goes to and in what proportion, based on your nominated beneficiaries, who your dependants are and anyone else who may reasonably expect to receive your ongoing financial support at the time of your death. If you don’t have any dependants, Cbus may pay your super to your Legal Personal Representative (subject to the LPR being granted Probate or Letters of Administration on your Will). If you would like to make a non-binding nomination, log into your online member account at cbussuper.com.au/login

 

Q. What happens at the ‘Expiry date’?

A. Expiry dates apply to binding nominations only. You will be formally notified by Cbus to update your beneficiary nomination before the expiry date. If you don’t update your binding nomination, it will become a non-binding nomination after the expiry date.

 

Q. How do I change my beneficiary nomination?

If non-binding:

1.       Log in to your member account at cbussuper.com.au/login.

2.       Click on the ‘Beneficiaries of my super’ tab across the top and then go to the non-binding beneficiaries’ section to view and edit your existing beneficiaries.

3.       If you are nominating more than one beneficiary, the percentages must add up to 100%.

 

If you would like to make a binding nomination, here is the form:

https://www.cbussuper.com.au/content/dam/cbus/files/forms-publications/insurance/Binding-Death-Benefit-Nomination-Form.pdf

 

How your super’s invested and super performance

Q. Please explain my financial year investment return?

A. Your Basic benefit – other contributions account is invested in the Defined Benefit investment option, which invests in multiple asset classes. The investment return reflects how your investment option has performed over the past financial year. It is net of fees, taxes and other costs.

 

Q. How do crediting rates work?

A. We use crediting rates to determine the investment earnings for each investment option.

Crediting rates are the investment earnings after fees and taxes are deducted for each of our investment options. Crediting rates can go up and down during the year, as investment markets and asset values change. We declare a daily crediting rate for each investment option.

The value of assets in each investment option are calculated each day, but some of our investments are valued less frequently, this includes physical assets such as direct property. Any movement in these less frequent valuations is factored into the daily crediting rates as soon as they are received. Daily declared crediting rates are then determined based on these valuations, after accounting for fees, costs and taxes. Crediting rates are compounded on a daily basis, and this is what is used to estimate the returns and account balances shown in your account online. Daily crediting rates do not include the administration fees you pay us to manage your account. The administration fees are deducted from your account monthly.

 

Daily crediting rate

This is the crediting rate that is applied to your account to give you an estimated daily balance. This rate will only be applied to your account in a real sense if you switch investment options or exit the fund. As the daily crediting rate estimates are shown, you will see changes in the daily amount estimates as markets and asset values change.

 

Annual crediting rate

This is the final declared rate for the whole financial year and is applied to your account in July (backdated to 30 June).

 

Q. When are crediting rates applied to my personal account and basic benefit - other contributions accounts?

A. The daily crediting rate is calculated the following business day and applied to your account balance overnight for your estimated account balance purposes.

The daily crediting rates are accumulative and an estimate only, so once the annual crediting rate is declared, it’s a more accurate value of your account balance. Please note, there may be outstanding deductions for tax or administration fees that might affect the amount and availability of your benefit. The estimates are not a guarantee of any particular amount.

Although crediting rates are calculated daily and displayed as an estimate in your online account, investment earnings will only be applied to your account at the earliest of the following events:

•  At 30 June when the final crediting rate for the full financial year is declared (declared in July and backdated to your account); or 
• If you make a full exit of your account from the fund.

Daily and financial year to date crediting rates for all investment options are available on our website.

You can read our Crediting Rates Fact Sheet here.

 

Transactions

Q. What are the administration fees and costs?

A They cover the administration and operation costs incurred by Cbus Super in managing your account. However, the 0.03% of your account balance fee is deducted from fund reserves, not your account.

 

Q. What is a fee cap refund?

A. If your account balance is less than $6,000 on 30 June 2023, the total combined amount of admin, investment and indirect costs charged is capped at 3% of your account balance. Any amount above this is credited back to your account as a fee cap refund.

 

Fees and costs

Refer to the Defined Benefit Product Disclosure Statement  

Q. What are the Government taxes?

A. The Government applies tax at the rate of 15% to contributions that are made into your super fund (these include employer and salary sacrifice contributions and any personal contributions you’ve claimed a deduction for).

 

Q. What are the administration fees and costs?

A. They cover the administration and operation costs incurred by Cbus Super in managing your account. However, the 0.03% of your account balance fee is deducted from fund reserves, not your account.

 

Contribution caps

Refer to the Defined Benefit Scheme Product Disclosure Statement for information on how your benefits are taxed, including notional taxed contributions.

Questions answered below:

• Why is my annual statement not available until December? The financial year ended on 30 June.
• Why is my statement balance different to what is shown on my online account? 
• Some of my benefits don’t look correct? Did all my benefits transfer when EISS merged with Cbus Super?
• What is my preservation age? / When can I access my Benefit? 
• How much tax will I pay on a withdrawal? 
• I have unrestricted non-preserved amounts showing? – Can I take that now; do I pay tax? 
• What are the government taxes? 
• There are rollovers appearing in my account summary. What do these relate to? 
• When can I change my contribution rate? 
• Who gets my lump sum benefits when I die? 
• What happens at the ‘Expiry date’? 
• How do I change my beneficiary nomination? 
• Please explain my financial year investment return? 
• How do crediting rates work? 
• When are crediting rates applied to my contributor financed benefit and basic benefit - other contributions accounts? 
• Should I change my investment option that applies to my Contributor financed benefit and Basic benefit – other contributions accounts? 
• Can I change my investment option? 
• What are the administration fees and costs?
• What is a fee cap refund? 
• What are the Government taxes? 
• What are the administration fees and costs?

Your benefits now

Q. Why is my annual statement not available until December? The financial year ended on 30 June.

A. Although the financial year ended on 30 June, it’s just the beginning in terms of the work we do to put your annual benefit statement together. As a new member of Cbus Super, we have taken extra time to thoroughly review your benefits, so your statement correctly reflects your entitlements.

 

Q. Why is my statement balance different to what is shown on my online account?

A. The balance on your statement is as at 30 June 2023. Your online account shows your latest estimated account balance.

Your online account shows your balance after the performance of your chosen investment options and crediting rates (how much of that performance is credited to your balance, after the deduction of the fees and costs applicable to your account). 

 

Q. Some of my benefits don’t look correct? Did all my benefits transfer when EISS merged with Cbus Super?
A. Yes, all your benefits were transferred at the date EISS merged with Cbus Super. However, this year’s annual benefit statement may require adjustment as a limited number of transactions, including contributions and rollovers are still being allocated to some members’ accounts based on information from their previous fund (EISS). If adjustments are needed, affected members will receive an updated statement early in 2024.

 

Benefit summary and benefits explained

Your various benefit entitlements are shown as at 30 June 2023 in the Benefit summary on the front page. A detailed breakdown of these and any other benefits you may be entitled to are also shown in the Benefits explained section of your statement.

For assistance with how your benefits have been calculated read your Product Disclosure Statement at cbussuper.com.au/pds or call our Advice Services team on 1300 361 784.

 

Accessing your benefit

Q. What is my preservation age? / When can I access my Benefit?

A. Benefits are generally preserved until you meet your preservation age and satisfy a condition of release.

Please read the Retirement Scheme Product Disclosure Statement to learn when you can access your benefit, which is generally once you’ve reached your early retirement age of 58 or 55. A lifetime pension option is also available to members of the Local Government Pension Fund and the NSW Retirement Fund, who are employed and contributing until age 60 (excluding TPD (Total & Permanent Disablement)).

 

Q. How much tax will I pay on a withdrawal?

A. The Government sets the rules as to when you can access your benefit. Depending on your work status and age, you may be taxed on withdrawals. It’s best to speak to one of our Advice Services team who can provide further information.

 

Q. I have unrestricted non-preserved amounts showing? – Can I take that now; do I pay tax?

A. If you have an unrestricted non-preserved benefit, you can withdraw it at any time, however, you may pay some tax on the benefit if you apply prior to age 60. It’s best to speak to our Advice Services team who can provide further information.

If you are a deferred member and want to access your unrestricted non-preserved benefit before early retirement age (58 or 55), you may forgo a significant part of your benefit. Please call us for a benefit quote first.

 

Member contributory account summary

Q. What are the government taxes?

A. The government applies tax at the rate of 15% to contributions that are made into your super fund which include employer contributions, salary sacrifice contributions and any personal contributions you’ve claimed a deduction for.

 

Q. There are rollovers appearing in my account summary. What do these relate to?

A. Some transactions which you may expect to appear as a contribution may display as a rollover.

For example, low-income tax offset payment and Superannuation Guarantee vouchers will appear as rollovers. Other payments that appear as rollovers on your statement include family law splits, unclaimed super monies or insurance benefits paid during the year.

The main reason they are shown this way is to ensure these amounts are not counted towards your non-concessional contribution limit.

 

Benefit points

The Retirement Scheme is a split benefit scheme that contains both defined benefit and

accumulation components.

• Members are required to contribute between 1% and 9% of their Superable Salary into the Contributory Financed Benefit component of the Scheme.
• Benefit points link a member’s personal contributions and Employer Financed Benefit. That is, the more a member contributes, the greater the number of benefit points (generally to a maximum of 180). This in turn equates to a greater Employer Financed Benefit – what the employer contributes to a member’s interest in the Scheme.

·

Q. When can I change my contribution rate?

A. You can elect to vary your contribution rate to between 1% and 9% at the end of November each year. This new rate will become effective 1 April. To change your rate, you’ll need to complete a Change my contribution rate form and return it to us by the end of February.

 

Beneficiaries

Q. Who gets my lump sum benefits when I die?

A. You can decide where your benefit goes by making a binding death benefit nomination.

If you make a valid binding benefit nomination, we’ll pay your benefit to people you nominate, in the percentages you choose. These people are called your beneficiaries. If you would like to make a binding nomination, download a binding nomination form from cbussuper.com.au/forms.

With a non-binding nomination, Cbus will determine who your benefit goes to and in what proportion generally based on your nominated beneficiaries, who your dependants are and anyone else who may reasonably expect to receive your ongoing financial support at the time of your death. If you don’t have any dependants, Cbus may pay your super to your Legal Personal Representative (subject to the LPR being granted Probate or Letters of Administration on your Will). If you would like to make a non-binding nomination, log into your online member account at cbussuper.com.au/login.

 

Q. What happens at the ‘Expiry date’?

A. Expiry dates apply to binding nominations only. You will be formally notified by Cbus to update your binding beneficiary nomination before the expiry date. If you don’t update your binding nomination, it will become a non-binding nomination after the expiry date.

 

Q. How do I change my beneficiary nomination?

If non-binding:

1.       Log in to your member account at cbussuper.com.au/login.

2.       Click on the ‘Beneficiaries of my super’ tab across the top and then go to the non-binding beneficiaries’ section to view and edit your existing beneficiaries.

3.       If you are nominating more than one beneficiary, the percentages must add up to 100%.

 

If you would like to make a binding nomination, here is the form:

Binding Death Benefit Nomination Form

 

How your super’s invested, super performance and investment changes

Q. Please explain my financial year investment return?

A. Your financial year investment return is the amount that is applied to your Contributor financed benefit and Basic benefits – other contributions accounts (if applicable) and reflects how your investment option (or options) have performed over the past financial year. It is net of fees, taxes and other costs.

Q. How do crediting rates work?

A. We use crediting rates to determine the investment earnings for each investment option.

Crediting rates are the investment earnings after fees and taxes are deducted for each of our investment options. Crediting rates can go up and down during the year, as investment markets and asset values change. We declare a daily crediting rate for each investment option.

 

The value of assets in each investment option are calculated each day, but some of our investments are valued less frequently, this includes physical assets such as direct property. Any movement in these less frequent valuations are factored into the daily crediting rates as soon as they are received. Daily declared crediting rates are then determined based on these valuations, after accounting for fees, costs and taxes. Crediting rates are compounded on a daily basis, and this is what is used to estimate the returns and account balances shown in your account online. Daily crediting rates do not include the administration fees you pay us to manage your account. The administration fees are deducted from your account monthly.

 

Daily crediting rate

This is the crediting rate that is applied to your account to give you an estimated daily balance. This rate will only be applied to your account in a real sense if you switch investment options or exit the fund. As the daily crediting rate estimates are shown, you will see changes in the daily amount estimates as markets and asset values change.

Annual crediting rate

This is the final declared rate for the whole financial year and is applied to your account in July (backdated to 30 June).

 

Q. When are crediting rates applied to my contributor financed benefit and basic benefit - other contributions accounts?

A. The daily crediting rate is calculated the following business day and applied to your account balance overnight for your estimated account balance purposes.

The daily crediting rates are accumulative and an estimate only, so once the annual crediting rate is declared, it’s a more accurate value of your account balance. Please note, there may be outstanding deductions for tax or administration fees and a number of other conditions that might affect the amount and availability of your benefit. The estimates are not a guarantee of any particular amount.

Although crediting rates are calculated daily and displayed as an estimate in your online account, investment earnings will only be applied to your account at the earliest of the following events:

• At 30 June when the final crediting rate for the full financial year is declared (declared in July and backdated to your account); or  
• If you make a full or partial switch out of your investment options during a financial year; or  
• If you make a full exit of your account from the fund.

 

Daily and financial year to date crediting rates for all investment options are available on our website

You can read our Crediting Rates Fact Sheet here.

 

Q. Should I change my investment option that applies to my Contributor financed benefit and Basic benefit – other contributions accounts?

A. If you are thinking of changing your investment option/s, you should consider the following:

• What is your investment timeframe and what could be the future impact of changing investment options, particularly in response to short-term market ups and downs?
• Changing to lower risk investment options or making frequent switches can, over the longer term, leave you with lower retirement savings.
• In addition to missing out on future growth through investment earnings, there is the risk of not benefiting from rises in investment markets following a fall – this is known as a ‘rebound’. When investment markets recover, which can happen quickly, it can significantly impact the long-term value of your account if you are still invested in a more defensive investment option.
• Remember, super is a long-term investment but if you need help choosing the right investment option, you can contact our Advice Services team for assistance.

 

You can also read about the potential long-term impacts of switching investment options here.

 

Q. Can I change my investment option?

A. Yes, you can change investment options for your Contributor financed benefit and Basic benefit – other contributions accounts at any time. Keep in mind that switching to a lower risk option during a period of market volatility may feel like the right decision for those close to or in retirement who have less time for their super to recover from losses. However, even if you’ve stopped working, your savings could be invested for another 20+ years. A significant portion^† of your retirement income usually comes from the returns you make in retirement, so if you focus on your long-term goals, you still have the potential to benefit from a lot of growth, even once you’ve stopped working.

^† Source: Russell Investment Group: 10/30/60 Rule.

 

How to switch

You can change the investment option(s) for your account in two ways:

1.       Change the option(s) your whole account is invested in,

2.       Change how you invest your future contributions.

 

You can change your investment option(s) online or by using the Retirement Scheme investment choice form

 

Transactions

Q. What are the administration fees and costs?

A. They cover the administration or operation of Cbus Super and apply to the accumulation components of your account (Contributor financed benefit and basic benefit – other contributions account). The fees include costs that:

• relate to the administration or operation of Cbus Super, and
• are not otherwise charged as an investment fee, an activity fee, an advice fee or an insurance fee.

 

Current administration fees comprise:

• $1.50 a week plus a percentage-based fee of 0.19% of your account balance a year (up to a maximum of $1,000 a year), deducted monthly or when you close your account.
• 0.03% of your account balance a year paid from fund reserves (not from your account)

 

Q. What is a fee cap refund?

A. If your account balance is less than $6,000 at 30 June 2023, the total combined amount of admin, investment and indirect costs charged is capped at 3% of your account balance. Any amount above this is credited back to your account as a fee cap refund.

 

Fees and costs

Refer to Fees and Costs fact sheet here.

Q. What are the Government taxes?

A. The Government applies tax at the rate of 15% to contributions that are made into your super fund (these include employer and salary sacrifice contributions and any personal contributions you’ve claimed a deduction for).

 

Q. What are the administration fees and costs?

A. They cover the administration or operation of Cbus Super and apply to the accumulation components of your account (Contributor financed benefit and basic benefit – other contributions account). The administration fees include costs that:

• relate to the administration or operation of the fund, and
• are not otherwise charged as an investment fee, an activity fee, an advice fee or an insurance fee.

 

Current administration fees comprise:

• $1.50 a week plus a percentage-based fee of 0.19% of your account balance a year (up to a maximum of $1,000 a year), deducted monthly or when you close your account.
• 0.03% of your account balance a year paid from fund reserves (not from your account).

 

Contribution caps

Refer to the Retirement Scheme Product Disclosure Statement for information on how your benefits are taxed, including notional taxed contributions.

Depending on how your super is invested, the balance can go up and down, even day-to-day.  

Even retired members are long-term investors, with investment timeframes often 20+ years after retirement. It’s important to keep in mind that ups and downs are a normal part of investing for the long term. Visit our Understanding Market Volatility webpage to learn more. 

The balance on your statement is at 30 June 2023. Your online account will show your latest estimated account balance.

We use a daily crediting rate to give you an estimated balance of your super at any time. These daily estimates can go up and down as the year goes on and as markets and asset values change. The daily crediting rate is an estimate of the investment earnings each day after fees and taxes have been deducted. 

More information about crediting rates can be found here.

More information about your retirement income estimate is available here, and you can find full details about your personal estimate in your annual statement.  

One of the assumptions we make is that you will retire in a couple, and your partner is the same age with the same super balance. We also assume that you own your home and have no other assets or income.

Yes, the Age Pension estimate is included based on the current pension rate for a couple. It assumes that you and your partner own your home when you retire and, other than the estimated super balance at retirement (at age 67) have no other assets or income. The actual pension amount you may be eligible for will depend on whether you (or your partner) are eligible and have other income or assets.  Bear in mind, the Age Pension rates and eligibility rules may change between now and when you retire. 

If you are Super Income Stream member, you can generate a personalised Centrelink schedule when you log into your income stream account, which you can download as a PDF.

Fees are charged monthly and deducted from your account on the last Friday of the month.

In 2022, the last Friday of June was the 24th, so the fee cycle for the financial year began on Saturday 25 June 2022, and ended on Friday 30 June 2023. Your fees have been capped at $1,000 for 365 days, but the fee cycle actually ran for more than 365 days this year, so the amount you were charged is slightly more than $1,000 to reflect these extra days. You’ll see this balance out in your statements over the years as the last Friday of June fee cycle moves each year.

How much cover you get and how much it costs will depend on your age and your occupation.  As you get older, the level of insurance reduces on a sliding scale.  If you require extra cover you can apply for it and it will be assessed according to your health and age.

No, the insurance is in addition to your account balance.

If you’re a Corporate Super member, you can amend your occupation category or insurance cover by sending us the Change my insurance form (PDF). 

Industry, Sole Trader or Personal members can log in to your member account to change your insurance online.

Click on the ‘Insurance’ tab across the top and then click the button ‘Go to insurance online’. This will take you to the TAL insurer website where you can:

• apply for, increase, decrease or cancel Death, TPD and Income Protection cover
• transfer existing insurance cover from another fund
• change your occupation category.

Or you can complete the Change my occupation form (PDF) and submit it to us.

You may have received automatic insurance cover based on your age and occupation category, or if you have reached age 25 and your account balance is $6,000 or more.

If you wish to cancel your insurance, you can do so online or call us on 1300 361 784, or complete the appropriate form at cbussuper.com.au/forms.

Expiry dates apply only to binding nominations. You will be formally notified by Cbus to update your binding beneficiary nomination before it expires. Expired binding nominations that are not renewed or updated will become non-binding beneficiary nominations. You can complete the relevant Renew your binding nomination form at cbussuper.com.au/forms.

To make a binding nomination, complete the relevant form at cbussuper.com.au/forms.

To make a non-binding nomination:

    Log into your member account at cbussuper.com.au/login.

    Click on the ‘Beneficiaries of my super’ tab across the top and then go to the non-binding beneficiaries section to view and edit your existing beneficiaries.

If you are nominating more than one beneficiary, the percentages must add up to 100%

Yes, you can change investment options at any time. Keep in mind that switching to a lower risk option during a period of market volatility may feel like the right decision if you’re close to or in retirement. However, even if you’ve stopped working, your savings could be invested for another 20+ years. 

If you want to check if you’re invested in the right option for you, contact our Advice Services Team on 1300 361 784. Our website also has lots of useful information.

The projection is based on you retiring at age 67 and assumes you will need your super to support 25 years in retirement. There is also a government requirement to show the projection over a 25 year period.

You can speak to our Advice Services team and they can go through the different calculators on our website. Or you can try out our retirement income calculator.

You are the only one included in the projection. However, we assume you have a partner when you retire, who is the same age as you and has the same super account balance at retirement.

The projection is just an estimate, not a guarantee. For more about the assumptions used to calculate your estimate, click here. You can find full details about your personal estimate in your annual statement. The actual money you get in your retirement may be very different from this estimate. Based on the current super and tax laws, the super amounts are shown in today’s dollars and include any Age Pension you may be entitled to. This is to help you compare them with your current living costs. This does not consider any other super accounts that you may hold or other assets that you own. 

For a more tailored projection of your retirement income, you can try out our retirement income calculator.

We’ve sent you a brief video to complement your annual statement. It shares some ideas you can think about that could improve your outcome when you retire.

You can click the ‘unsubscribe’ link in the email you received. Or you can give us a call to let us know you’d like to be removed from the list.

Please give us a call on 1300 361 784 so we can investigate further.

We’re committed to delivering great service to our members and have been creating video snapshots for over five years. They’re designed to answer the questions that are top of mind for members, including:

• How much super do I have?
• Will I have enough super in retirement?
• What can I do to improve my expected retirement income?

Generally, the feedback from members has been overwhelmingly positive, which is why we continue to create these videos.