Cbus is focused on providing superannuation investment, services & retirement planning for Australian's within the building, construction & allied industries. Cbus serves over 89,000 employers & 722,000 industry & general public members. Cbus is one Australia's largest superannuation funds. Cbus has over $27 billion of members superannuation funds under management.
Looking for CBUS's pds?
The Product Disclosure Statement for CBUS covers:
- How super works for CBUS
- Fees & Charges associated with CBUS
- Risks associated with CBUS
- How super annuation investments are made for CBUS
- Taxes associated with superannuation and CBUS
- Insurances associated with CBUS
- How to open an account for CBUS
pds stands for Product Disclosure Statement. Superannuation may sound complex but it is really just the money you put away for your retirement. CBUS is required to provide a product disclosure statement to ensure that each customers understands how their superannuation works. Superannuation is a financial product, and as a financial product is requires the statement of disclosure regarding the product. Product disclosure statements are a standard for financial services products in Australia.
Each of your employers contributes 9.5% of your ordinary time earnings (which is most likely your salary) to a superannuation fund, where that money is then invested, ready for your retirement. These contributions make up the Superannuation Guarantee (SG) and provide the base for your superannnuation. The Government is committed to increasing the amount of super that each employer must contribute, to sure up the retirement of those that rely upon super. The Federal Government has set the SG percentage rate to 9.5% until 1 July 2021 when it will gradually increase by 0.5% each year until it reaches 12% for the year starting on or after 1 July 2025. The increased Superannuation Guarantee ensures more funds will be available for each person in their retirement.
Are you eligible for SG?
Most employees working in Australia will be eligible for the Superannuation Guarantee (SG). There are a few exceptions to the rule tho. If you're an employee that is paid less than $450 per month, you will not receive the SG. If you're under 18 and working less than 30 hours per week, you will not receive the SG. In most other cases, your employer will be required to pay the SG on your behalf at the rate specified by the statute.
Accessing your Superannuation
There are restrictions on when and how you can access your superannuation. The Federal Government has placed modified the restrictions on when you can access your super. Generally, your super benefits are stored in a super or some form of rollover fund until you retire from the workforce on/or after reaching your preservation age. Your preservation age will vary between 55 and 60 years of age, depending on when you were born. If your date of birth is after 30 June 1964 your preservation age will be 60. For most people the preservation age is now 60, it was previously 55. The increase aims to sustain superannuation retirement benefits or future generations.
To download the PDS from CBUS click here.
More About CBUS
Established in 1984 to provide superannuation services for members of the building, construction and allied industries, their families and employers, Cbus today is one of Australia’s leading industry superannuation funds.
Driven by a core commitment to maximise returns to members, and not profits to shareholders, Cbus has a membership of more than 722,000 industry and general public members, and 89,000 employers.
Cbus has a variety of products and investment options to suit Australians working in the building, construction and allied industries.
Cbus manages $27 billion of members’ funds as at 30 June 2014, and has a history of strong investment performance* over the long-term. Cbus’ advantages include:
no entry fees; no commissions; automatic insurance cover (subject to eligibility); access to low cost health cover; and access to low cost banking. By investing in the building and construction industry through its $2.8 billion property development company, Cbus Property, Cbus creates jobs for our industry by developing significant buildings across Australia.
Cbus values its strong bonds with both its member and employer organisations.