Important information for your Super Income Stream

The Coronavirus (COVID-19) has created a unique situation and many of our members feel concerned about its impact.

Some temporary but important changes have been made to your Super Income Stream draw downs, to try and ease some of the financial stress and impacts on your balance.

Option to reduce minimum drawn down payments

The law requires you to draw a minimum income from your account each year. As a result of investment market volatility, this minimum has been halved for the current financial year and next financial year ending 30 June 2021.

 

Your age

New minimum payment

Under 65

2%

65 to 74

2.5%

75 to 79

3%

80 to 84

3.5%

85 to 89

4.5%

90 to 94

5.5%

95 and over

7%

It may not be a financially viable option for everyone to reduce their payments. But if you can temporarily reduce how much you receive for the next year or two, this will give your savings more time to recover some of the investment losses experienced recently.

Here's how you can change your income payments:

  • log into your online account, or
  • call 1300 361 784 (but note we’re experiencing higher than normal call volumes).

Re-assess Centrelink Age Pension entitlements

Centrelink works out if you quality for the Age Pension. One of the factors they use is your income stream account balance, and a lower account balance might result in an increase to Age Pension entitlements for some.

Here's how you can have your Age Pension reassessed:

  • Step 1 -  Get an updated Centrelink Schedule from Cbus
    • by logging into your online account, or
    • by calling 1300 361 784 (but note we’re experiencing higher than normal call volumes).
  • Step 2 - Lodge the updated Schedule with Centrelink

It’s fast and easy for you to manage your account online 

You can login to:

  • see your current account balance and earnings
  • update your personal details
  • view or switch your investment options
  • register for Cbus Self Managed investment option*
  • change your payment frequency or amount
  • make a partial withdrawal from your account#
  • change details of who will receive your super benefits when you die.
Disclaimer

* eligibility criteria applies

# online limits apply

Learn more about Cbus Super Income Stream

Register for an online account

Before you can log in, you'll need to register your details. It's quick and easy.

Register for a password

How do I log in to my account?

Once you’ve registered, log in via the link below, or go to Member login at the top right corner of our website.

Log in now

 

We’re here to help

Call Cbus Advice Services on 1300 361 784

Press 4 to be connected

8am to 8pm Monday to Friday AEDT

Email: advice@cbussuper.com.au

Or use our online form to request a call from Advice Services.

Read our Financial Services Guide (PDF)