Cbus Super lowers weekly administration fee
26 September 2024
Media release
Cbus Super is cutting its weekly administration fee by a third meaning more in members’ savings accounts for a better retirement.
All Cbus Super members will benefit from the weekly administration fee reduction – from $1.50 a week to $1.00* – which will begin from 28 September 2024 and forms part of a suite of member initiatives the Fund is delivering in its 40th anniversary year.
Cbus Super CEO Kristian Fok said, “Cbus Super strives to provide members with good value, and the Fund’s recent growth allows us to give back to members.
“We focus on tailored products –delivering value and strong long term returns –and on lowering costs because we are a specialist fund for our hard-working members.
“We are delivering on this commitment to members by dropping the weekly fee that helps to cover the day-to-day management of member accounts.
“This reduction will put more into accounts for all members for their retirement savings.”
From 28 September, Cbus will provide long-term members of ten years plus with a rebate on their future insurance premiums. The ten years is calculated from the date of the first insurance payment and the insurance does not need to be held continuously in that first ten years†. Following recent mergers, long term membership and active insurance for Media Super and for EISS Super accumulation accounts will be acknowledged and calculated from the date members joined the previous fund before merging with Cbus†.
Kristian Fok said, “Cbus Super holds one of the largest group insurance contracts in the world and we are proud to acknowledge longer serving members through an insurance loyalty rebate. Over 260,000 insured members will benefit. Cbus Super members with insurance coverage activated ten years ago, will receive a two per cent insurance rebate and members of 20 years or more receive four per cent†.”
There are wider insurance premium changes which most members benefit from as well. For example, a decrease in costs for some Income Protection categories. There will be a 5% premium drop for Sole Trader members in the manual occupation category with a 2-year benefit period and a 30-day waiting period‡.
Media enquiries: Elisabeth Bowdler, 0412 112 374, elisabeth.bowdler@cbussuper.com.au
*The current $1.50 weekly administration fee will be reduced to $1.00 for all divisions of Cbus Super, including accumulation, Retirement Scheme defined benefit members, and account-based pension members, and to all divisions of Media Super. This reduction will save members $26 a year. The total administration fees are now a weekly and percentage fee. The percentage fee is 0.19% of an account balance each year – up to a maximum of $1,000 a year.
†The insurance loyalty rebate applies to all insurance cover types – death, TPD and Income protection cover for cover first activated more than 10 years ago and if you’ve held insurance for any period of time. Eligibility criteria varies for Cbus members, former EISS Super accumulation members and Media Super. For more information see on the eligibility see cbussuper.com.au/super-value and mediasuper.com.au/supervalue. The rebate is effective from 28 September 2024 and applied to future premiums and is deposited into members’ accounts.
‡Further details: Cost-and-fee-changes-28-september (PDF)
Insurance is issued under a group policy with our insurer, TAL Life Limited ABN 70 050 109 450, AFSL 237848.
All figures as at 30 June 2024 unless otherwise noted. This information is about Cbus Super. It doesn’t account for your specific needs. Please consider your financial position, objectives and requirements before making financial decisions. Read the relevant Product Disclosure Statement (PDS) and Target Market Determination to decide if Cbus Super is right for you. Call 1300 361 784 or visit cbussuper.com.au.
Cbus is the leading Industry Super Fund representing those that help build, maintain and shape Australia. As one of Australia’s largest super funds, we provide superannuation and income stream accounts to more than 920,000 members (as at 30 June 2024) and we manage $94 billion of our members’ money (as at 30 June 2024). Our members include workers and retirees, their families and employers. As of April 2022, Cbus merged with Media Super and offers Media Super products. In May 2023 Cbus Super successfully completed its merger with EISS Super, establishing the Fund as the leading fund for energy and electrical workers in Australia.
Issued 26 September 2024, United Super Pty Ltd ABN 46 006 261 623 AFSL 233792 as Trustee for Construction and Building Unions Superannuation Fund (Cbus and/or Cbus Super) ABN 75 493 363 262.