CBUS Retirement Submission

Published: 21 Jun 2024

Our superannuation fund Cbus Super recently made a submission to the Federal Government’s consultation on Superannuation in Retirement. The Government has sought views on how the superannuation system can provide the security that people need as they live longer and healthier lives in retirement.

Cbus was created by unions – including the predecessor to the CFMEU – in 1984 when construction and building workers won the right to superannuation. This was a huge step in giving working people a decent standard of living in retirement. Today, Cbus is the leading Industry Super Fund for the building, construction and allied industries. Cbus’ 40 years of existence and ongoing partnership with the CFMEU gives them a strong understanding of the unique challenges CFMEU members face in comparison to the general population of the same age.

It's common for us to not work full-time for the 40 years an average person is in work. We’re more likely to have fragmented work patterns: periods when we’re really busy, quieter times between jobs, casual or part-time work. We may also have early, unplanned and sudden transitions in and out of retirement. It’s this reality about the retirement phase of superannuation that Cbus is bringing to the attention of policy makers on your behalf.

In Cbus’s submission, the focus was on three main areas:

1. Lower average retirement savings – Some workers retire with modest super balances. Cbus is advocating so their members can get the most out of their super, even with modest balances.

2. Early and non-linear retirement transition - Retirement doesn’t always come when expected. Some of our members find themselves retiring earlier than planned due to injuries or health or experience a phased retirement – and the system needs to better support them.

3. System complexity – the retirement income system can be confusing and is constantly changing. Cbus is pushing for simpler rules and better support for all our members.

It was founding organisations, like the CFMEU, and our members who sacrificed so much to establish Cbus Super. Now, we are advocating through Cbus for a better retirement system for the millions of workers in trades or in insecure and physically demanding work.

If you’re thinking about retirement and unsure what to do, you can talk to your local Cbus coordinator who can provide face-to-face support when you or your worksite needs it. Get in contact today if you need help cbussuper.com.au/contact

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.

United Super Pty Ltd ABN 46 006 261 623 AFSL 233792 as trustee for the Construction and Building Unions Superannuation Fund (Cbus and/or Cbus Super).