Advocating for a better retirement system

Cbus

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.

Created in 1984 for building, construction and other allied industries to assist in giving their members a decent standard of living in retirement, Cbus’ 40 years of existence gives us a strong understanding of the unique challenges our members face in comparison to the general population of the same age.

It’s uncommon for our members to work full-time for the 40 years an average person is in work. Building and construction workers are more likely to have fragmented work patterns: periods when they’re on a contract, quieter times between jobs, casual or part-time work.

They are also more likely to have early, unplanned and sudden transitions in and out of retirement. It’s this reality about the retirement phase of superannuation that we’re bringing to the attention of policy makers.

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

1. Lower average retirement savings

Many of our members retire with modest super balances. We’re advocating so our 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 whereby they come in and out of the workforce – and the system needs to better support them.

3. System complexity

The retirement income system can be confusing and is constantly changing. We’re pushing for simpler rules and better support for us.

Our founding organisations and their members sacrificed so much to establish Cbus Super. Now, we’re advocating for a better retirement system for the millions of workers in trades or in insecure and physically demanding work.

To find out more on how Cbus Super can help you plan for retirement, visit cbussuper.com.au/retirement

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).