Member Guide for Accumulate Plus · 2020-04-14 · Member Guide for Accumulate Plus For Group...

Member Guide for Accumulate PlusFor Group employee members and spouse members

Product Disclosure Statement (PDS)Preparation date: 1 April 2020Issued by: Commonwealth Bank Officers Superannuation Corporation Pty Limited (ABN 76 074 519 798, AFSL 246418), trustee of Commonwealth Bank Group Super (ABN 24 248 426 878).

For Accumulate PlusMySuper authorisation: 24 248 426 878 648Unique Super Identifier (USI): OSF0001AUSuper Product Identification Number (SPIN): OSF0001AU

Contents1. About Accumulate Plus ............................................. 22. How super works ...................................................... 33. Benefits of investing with

Accumulate Plus .......................................................44. Risks of super.............................................................65. How we invest your money ..................................76. Fees and costs ...........................................................97. How super is taxed ................................................. 118. Insurance in your super ........................................129. How to open an account ..................................... 14

Member Guide for Accumulate Plus2

1. About Accumulate PlusSince 1916, Commonwealth Bank has provided an employee super fund to support its people in preparing for retirement.About our fund We’re one of the largest corporate super funds in Australia, looking after $12 billion of retirement savings on behalf of 74,000 people. Our members and pensioners are exclusively current Commonwealth Bank Group employees and former employees who chose to stay with us after leaving the Group, and their spouses and partners. To help you make the most of your financial wellbeing for the future, we focus on offering flexible and cost-effective products and services to help you understand how best to maximise your retirement savings. Visit oursuperfund.com.au for more on our fund, or visit oursuperfund.com.au/fundinfo for our MySuper product dashboard and other information required by law (e.g. trustee and executive remuneration).

Products to support you We offer you the flexibility of super and income stream accounts to support you at various stages of your life:• You can accumulate contributions and super

rollovers in an Accumulate Plus account. This account offers eight investment options, including a MySuper approved option, to help you build your super, and flexible insurance options to help protect your financial future. You can keep your Accumulate Plus as a Retained Benefit member if you leave the Group – read more in our separate PDS. Your spouse or partner can also open an Accumulate Plus account.

• When you’re ready and eligible to access your super savings, you may choose to move some or all of your super into a Retirement Access account. This account provides flexible income stream payment options and investment options to suit your needs. Retirement Access also includes a transition to retirement income stream. Find out more in the PDS for Retirement Access on our website.

Important information about this bookletThis PDS is a summary of key information about an Accumulate Plus account, which is issued under Division F of the fund’s trust deed. This PDS doesn’t describe all the features of Accumulate Plus – more detail on some topics is in our Reference Guides, which form part of, and should be read together with, this PDS. You should consider all of the information in this PDS and the Reference Guides when deciding to invest in or continue to hold an Accumulate Plus account.The information in this PDS and our Reference Guides is general information only and doesn’t take into account your individual objectives, financial situation or needs. You should consider the information and how appropriate it is to your objectives, financial situation and needs before making a decision about Accumulate Plus. You should seek financial advice tailored to your personal circumstances from an authorised financial adviser.We may change features of the fund as described in this PDS or the Reference Guides. We’ll notify you of changes that adversely affect you as required by law. If changes aren’t materially adverse, we may issue an Update Notice before or after the change instead of updating the PDS or Reference Guide. It’s possible that changes may occur without prior notice to you. You should check for the most recent PDS, Reference Guides or Update Notices, available free of charge from oursuperfund.com.au/pds or call us for a copy. Taxation considerations are general and based on present taxation laws and may be subject to change. You should seek independent, professional tax advice before making any decision based on this information. The trustee is also not a registered tax (financial) adviser under the Tax Agent Services Act 2009. You should seek tax advice from a registered tax agent or a registered tax (financial) adviser if you intend to rely on this information to satisfy the liabilities or obligations or claim entitlements that arise, or could arise, under a taxation law.Investments in the fund are not investments of Commonwealth Bank of Australia or its subsidiaries (the Group). Neither the fund nor the Group guarantees the repayment of capital or the performance of the investment options or any particular rate of return from the investment options.

3oursuperfund.com.au 1800 023 928

2. How super worksSuperannuation is, in part, a compulsory way to help you save for your retirement. The government provides tax savings and other incentives to help boost your super, so it may be a good long-term investment option.

Super and your accountIf you’re aged 18 or over and earn at least $450 (before tax) per month, an employer must generally contribute 9.5% of your salary to your super. This is known as the Super Guarantee (SG). The SG rate is intended to increase to 10% from 1 July 2021. You can also make your own contributions to help grow your super. Super contributions, as well as investment returns on your super, are generally taxed more favourably than other types of investments outside super. However, there are limits on contribution amounts before you incur additional tax.

Reference Guide: Contributing to your super.

What helps grow your super?• Receiving employer contributions or making your

own before-tax or after-tax contributions • Transferring, or rolling-in, super from another fund• Receiving other contributions, such as a super

co-contribution or spouse contribution• Positive investment returns.

What reduces your super?• Fee and insurance premium deductions• Negative investment returns• Withdrawing super or transferring (rolling) out to

another super fund or product• Tax, where applicable.

Choosing your super fundSuper is your money for retirement, so it’s important that contributions are paid to the fund of your choice. Most employees can nominate their fund of choice to receive employer super contributions, even if this is different to the fund that an employer may use by default.

The great news is that the Group, as well as any other employers you have now or in the future, can contribute to your Accumulate Plus account and help grow your super savings with us.

Reference Guide: Contributing to your super, or visit oursuperfund.com.au/new-employer.

Withdrawing your superSuper is designed to provide you with savings or income to support you in retirement. By law, most of your super must stay in the super system until you meet a condition that allows you to withdraw it in cash. These rules are known as preservation.You can only withdraw the preserved part of your super in cash once you permanently retire after reaching your preservation age, which is between ages 55 and 60, depending on your date of birth. If you’ve reached your preservation age but haven’t permanently retired, you can begin withdrawing your preserved super as a transition to retirement income stream, but there are limits on how much you can withdraw each year. Once you turn 65, all of your super becomes unpreserved, whether you are retired or not.There are some other limited circumstances in which preserved super can be withdrawn in cash, e.g. permanent incapacity or financial hardship, but strict conditions apply. You may also have some non-preserved super in your account, which you can withdraw in cash at any time.

Reference Guide: Withdrawing your super.

4 Member Guide (PDS) for Accumulate Plus

Death benefitsYour super account balance, plus any applicable benefit if you have insurance cover, becomes payable upon your death, but a death benefit from super isn’t automatically covered by a Will if you have one. You need to make a non-lapsing death benefit nomination with us if you have specific wishes about who should receive a death benefit, otherwise it’s paid out to your eligible beneficiaries at our discretion. By law, there are only certain people you can nominate as a beneficiary for your super.

Reference Guide: Death benefits.

Try this! For more on how super works, visit oursuperfund.com.au or the government’s MoneySmart website, www.moneysmart.gov.au.

You should read the important information about how super works before making a decision.

Go to oursuperfund.com.au/pds for:• Reference Guide: Contributing to your super for

more on contributions, caps and how to contribute • Reference Guide: Withdrawing your super for

more on when you can withdraw your super • Reference Guide: Death benefits for more

on payment of death benefits and nominating beneficiaries.

The material relating to how super works may change between the time when you read this Statement and the day when you acquire the product.

3. Benefits of investing with Accumulate PlusWhatever you’re looking for in a super fund, we’ve got it covered!To help you save more for your retirement, we understand that it’s important for you to feel confident that you belong to a fund that offers flexible product features and services, as well as a strong focus on ensuring fees and costs remain competitive. For many years our Accumulate Plus product has held the highest ratings from three industry rating agencies, SuperRatings, Chant West and SelectingSuper. See the back of this PDS or visit oursuperfund.com.au/ratings to find out more.

Your fund for lifeWe’ve developed products to support you throughout your different life and career stages – whether you’re working with the Group or another employer, not working but still building your super savings, or ready to begin receiving an income from your super. No matter what stage you’re at, you can keep growing your Accumulate Plus account and when the time is right, you may want to consider one of our Retirement Access income stream options. Read more in the PDS for Retirement Access at oursuperfund.com.au/pds.

Did you know? Even if you leave the Group and change jobs in the future, you can keep building your super with us? You can ask any employer to contribute to your Accumulate Plus account – find out more at oursuperfund.com.au/new-employer.

It’s about giving you flexibilityWhen we design the features of Accumulate Plus, we want to give you access to a range of flexible choices for the important aspects of your account.

Bringing your super togetherWe make it easy for you when you want to bring super from another fund into Accumulate Plus. Call us to get started, or log into your account online to search for and consolidate other super accounts. We can even help you find lost super.

Reference Guide: Contributing to your super, or visit oursuperfund.com.au/consolidate.


Investment choiceInvestment returns are an important part of your super. Our range of eight investment options – including four pre-mixed or diversified options and four single asset class options – give you the flexibility to choose the right option or combination of options to suit your personal needs and goals.

Page 7 of this booklet, or Reference Guide: Investments.

Insurance optionsInsurance cover may help provide financial security in the unfortunate event of your disability or death.Most new Group employee members are generally entitled to default Death and Total and Permanent Disablement (TPD) cover. This cover begins automatically once you meet certain age and balance criteria, or if you request an early opt-in to begin your cover within the allowable period. Depending on your own needs, there’s flexibility to cancel or decrease cover at any time, or apply to increase cover subject to application and assessment.

Page 12 of this booklet, or Reference Guide: Insurance cover (Death & TPD).

Top-up contributionsNot only can any employer contribute to your Accumulate Plus account, but you can also top up your super by making your own salary sacrifice (pre-tax) contributions or after-tax contribution. In some cases, you may also be eligible for a government contribution.

Reference Guide: Contributing to your super.

Join up your spouse or partner tooYour family’s financial wellbeing is important to us as well. Although our fund is not open to the public, your spouse or partner is welcome to open an Accumulate Plus account. They enjoy the same competitive fees and many of the same membership features that you do.

Page 14 of this booklet.

Online access and NetBank link Our online account tool, FirstNet, gives you easy 24/7 access to see your account details and make some transactions online.We also make it even easier for you to see your super alongside your everyday finances. If you’re a Commonwealth Bank customer with a NetBank ID, you can see your Accumulate Plus account balance in NetBank and the CommBank App.

Log in at oursuperfund.com.au/login or read Reference Guide: General information for more on this feature, including privacy and opt-out details.

You should read the important information about the benefits of investing with Accumulate Plus before making a decision.

Go to oursuperfund.com.au/pds for our Reference Guides for more information on the features of Accumulate Plus.The material relating to the benefits of investing with Accumulate Plus may change between the time when you read this Statement and the day when you acquire the product.


4. Risks of superAll investment products, including super, have risks. The level of risk that’s right for you depends on a range of factors, such as age, how long your super will be invested, your personal risk tolerance, and what other investments you may have. You should consider your own circumstances and goals when making any decisions about your financial future.

Investment risks• Your super is influenced by investment returns.

There’s no guaranteed rate of returns and returns may be positive or negative, which means the value of your super rises and falls, particularly over shorter timeframes. If returns are negative, this reduces the value of your super.

• Investment returns vary and future returns may differ from past returns. Past returns are not a reliable indicator of future returns.

• Each option has a different level of investment risk and potential level of investment return:

– Options with higher weightings to growth type assets such as shares, real assets, multi-assets and alternatives, may have higher investment risk and returns generally rise and fall in the short term but there’s potential for higher average returns and growth over the longer term.

– Options with higher weightings to defensive type assets such as cash and fixed interest may have a more stable range of short-term returns but there’s potential for lower average returns and growth over the longer term.

• Diversification, meaning spreading investments across different types of assets, is an important way to help manage investment risk and reduce the overall effect of volatility of returns. Our Conservative, Moderate, Balanced and Growth investment options diversify your balance by investing in a range of different asset classes. If you invest in our single asset class options, you need to consider the overall diversification and risk exposure of your super.

• If you’ve never made an investment choice, your super is invested in our Balanced (MySuper) investment option by default (page 7). This option has a Standard Risk Measure of 5, which is Medium-High, and may suit those who expect

their super to be invested for five years or more. The annual investment return for this option may be negative for around three to less than four years in every 20 years. We don’t represent that this is the most appropriate investment option for your circumstances.

Insurance risks• Accumulate Plus provides options for death and

disability insurance cover, but these may or may not suit your individual needs.

• If you’re eligible for default Death and TPD cover, this cover only begins once you meet certain age and account balance criteria, or if you request an early opt-in within the allowable period. Default cover arrangements (if eligible) may or may not be the most appropriate type or level of cover for you – you should consider your own circumstances and/or seek professional financial advice to decide what’s best for you.

• Any application for new, increased or transferred cover is subject to eligibility conditions and may be accepted or declined by the insurer.

• Your cover may end or be cancelled automatically in some circumstances.

• Payment of an insurance benefit is subject to the insurer and the trustee accepting your claim under the terms of the insurance policy and the trust deed.

Other risks• Laws relating to super, or associated areas such as

tax or social security, may change in the future.• Your super savings may not adequately provide for

or support you in your retirement.• Caps apply to the amount that can be contributed

into super and transferred into retirement-phase income streams. It’s your responsibility to monitor your position against the caps to ensure you don’t incur additional tax.


5. How we invest your moneyWe offer a range of eight investment options, including a MySuper approved option. Each option has a different investment objective, level of risk and potential return.

Your investment option choicesYou can invest in any one or more of the following investment options, depending on your individual needs and goals.

Diversified options Single asset class options• Conservative• Moderate• Balanced (MySuper)• Growth

• Cash• Fixed Interest• Australian Shares• International Shares

Diversified investment optionsThese options diversify your account by investing in a range of asset classes. This may help reduce your overall investment risk exposure if one asset class or asset isn’t performing well at a particular time. Each option has a different level of risk and potential return. They all invest in our same underlying asset classes but in different proportions, to give you flexibility to choose what suits your needs and goals.Single asset class investment optionsThese options invest predominantly in one asset class, unlike our diversified options. If you invest in one or more of these options, you should take care to consider the overall diversification and risk exposure of your account.

Reference Guide: Investments for more on our investment options and how they invest your super.

The Balanced (MySuper) option applies if you don’t make a choiceWhen your Accumulate Plus account is opened, we invest it in our default Balanced (MySuper) investment option, unless you’ve completed an application form and told us otherwise. Our default option has a Standard Risk Measure of 5, which is Medium-High. It may be best suited to members whose super will be invested for five years or more.

Page 8 for more on the default option.

We don’t represent that the default investment option is the most appropriate option for you. You should consider your own circumstances and/or seek professional financial advice to decide what’s best for you.

Switching investment optionsYou can switch between investment options, including investing in more than one option, at any time. You can choose to switch for just your account balance and/or to switch for any future deposits. There’s no fee for investment switches.

Warning: When choosing the option(s) to invest in or deciding if the default option is right for you, you should consider the investment objective and potential investment return, level of risk and your investment timeframe taking into account your own circumstances and goals.


About the default investment optionInvestment option name

Balanced (MySuper)This is an approved MySuper option.

Description This diversified investment option has underlying investments across most major asset classes. It may be suited to members looking for a higher weighting to asset classes seeking growth, with a smaller allocation to those seeking income generation.

Investment objective To achieve an average return over a 10-year period of at least CPI + 2.5% per annum, after taxes, investment fees and asset-based administration fees are deducted.

Minimum suggested investment timeframe

Medium to long term – 5 years or more This timeframe is determined taking into account this option’s investment objective.

Investment riskMedium–High

1 765432 A negative annual investment return may be expected for 3 to less than 4 years in every 20 years.

Strategic asset allocation

Asset class Allocation Fixed Interest & Cash 17% (13−21%) Alternatives 10% (5−15%) Real Assets 18% (9−27%) Multi-Assets 25% (20−30%) Shares 30% (25−35%)

Longer-term benchmark targets are shown but we may vary the benchmark allocations within the bracketed ranges. Actual allocations may vary from benchmarks due to investment fluctuations. Within our Shares asset class, all developed market currency exposure of the international shares allocation is 25% hedged with the emerging market currency exposure unhedged.

Reference Guide: Investments for more on our range of investment options and how they invest your super.

Tip! We’ve arranged for a team of financial advisers, Advice Essentials, to provide phone-based personal advice if you’d like help choosing the right investment option for your account. There’s no additional cost to use this service.* Call us and ask to speak with the Advice Essentials team or visit oursuperfund.com.au/advice to find out more.

You should read the important information about how we invest your money before making a decision.

Go to oursuperfund.com.au/pds for:• Reference Guide: Investments for more on our range of investment options, factors to consider when investing,

switching, unit pricing and transaction processing, how we invest your super, and managing investment risk.• Reference Guide: Fees and other costs for more on fees that apply to investment options. The material relating to how we invest your money may change between the time when you read this Statement and the day when you acquire the product.

* Advice Essentials operates under Commonwealth Financial Planning Limited (ABN 65 003 900 169, AFSL 231139). No additional cost applies for intra-fund advice relating to certain options about your account in the fund. A fee may apply for advice outside the intra-fund scope; the adviser will let you know beforehand if this applies.


6. Fees and costsDID YOU KNOW? Small differences in both investment performance and fees and costs can have a substantial impact on your long-term returns. For example, total annual fees and costs of 2% of your account balance rather than 1% could reduce your final return by up to 20% over a 30 year period (for example, reduce it from $100,000 to $80,000). You should consider whether features such as superior investment performance or the provision of better member services justify higher fees and costs. You or your employer, as applicable, may be able to negotiate to pay lower fees. Ask the fund or your financial adviser.TO FIND OUT MORE: If you would like to find out more, or see the impact of the fees based on your own circumstances, the Australian Securities and Investments Commission (ASIC) website (www.moneysmart.gov.au) has a superannuation calculator to help you check out different fee options.

Note: The information above is required by law – we don’t negotiate fees with members, advisers or employers.This section shows the fees and other costs that you may be charged for your account. These fees and other costs may be deducted from your account, from investment returns or from the fund assets as a whole. You should use the information in this section to compare the fees and costs of Accumulate Plus with other super products. Other fees, such as advice fees for personal advice and insurance fees, may also be charged but these will depend on the nature of the advice or insurance you choose (or default insurance that may be provided to you). Entry and exit fees cannot be charged. Taxes, insurance fees and other costs relating to insurance are set out in another part of this document. You should read all the information about fees and other costs because it is important to understand their impact on your investment.Accumulate Plus – Balanced (MySuper) Type of fee Amount (net of GST) How and when paidInvestment fee 1, 2,3 0.50% of account balance

per year (estimated for the 12 months to 30 June 2019)

Deducted daily from the option’s assets before unit price calculation, reducing investment returns

Administration fee 1, 3 i) Fixed fee of $77.65 per year plus ii) Asset-based fee of 0.17% of account balance per year

Fixed fee of $6.47 deducted from your account balance monthly; Asset-based fee deducted daily from the option’s assets before unit price calculation, reducing investment returns

Buy/sell spread Nil Not applicableSwitching fee Nil Not applicableAdvice fees relating to all members investing in a particular MySuper product or investment option

Nil Not applicable

Other fees and costs4 Fees (premiums) will apply if you have insurance cover

Deducted from your account balance monthly in advance

Fees for personal advice may apply if you use this feature

Amount is agreed between you and your adviser and deducted from your account balance

Indirect cost ratio Nil Not applicable – we’ve determined to include all indirect costs as part of the investment fee

Notes to this table (also continues over the page)1 The actual fees applied are generally less than the figures shown above, as we may pass on any tax benefit that

the fund is entitled to by reducing the fees you pay – read our Reference Guide: Fees and other costs for details.2 Fees for other investment options are different – read our Reference Guide: Fees and other costs for details.

Remember that past costs are not a reliable indicator of future costs.


3 If your account balance is less than $6,000 at the end of the fund’s income year, the total combined amount of administration fees, investment fees and indirect costs charged to you is capped at 3% of the account balance. Any amount charged in excess of that cap must be refunded. Read our Reference Guide: Fees and other costs for details.

4 Read the relevant Reference Guide: Insurance cover for more on insurance fees (premiums). Read the ‘Additional explanation of fees and costs’ section of our Reference Guide: Fees and other costs for more on advice fees.

Example of annual fees and costs This table gives an example of how the fees and costs for the Balanced (MySuper) option for this superannuation product can affect your superannuation investment over a 1 year period. You should use this table to compare this superannuation product with other superannuation products.

Example – Balanced MySuper option

Balance of $50,000

Investment fees 0.50% For every $50,000 you have in the superannuation product, you will be charged $250 each year

Plus Administration fees

0.17% + $77.65 ($1.49 per week)

And you will be charged $85, together with $77.65 in administration fees regardless of your balance

Plus Indirect costs for the superannuation product

Nil And indirect costs of $0 each year will be deducted from your investment

Equals Cost of product

If your balance was $50,000, then for that year you will be charged fees of $412.65 for the superannuation product

Note: Additional fees may apply.Figures in this example are based on the investment fee estimated for the 12 months to 30 June 2019. The total cost of product does not include insurance premiums. This example is for illustrative purposes only. Your actual account balance varies each day based on contributions and deductions, and investment returns applied through daily unit pricing. This affects the actual amount of the asset-based fees and costs charged to you. In addition, the actual amount you pay is generally less than the gross amounts shown, as we may pass on any tax benefit that the fund is entitled to by reducing your administration and investment fees.

Warning! You may pay additional fees to your financial adviser if you consult one. Read the statement of advice you’re given by your adviser.

Tax and insurance costsTax may apply to your super and insurance premiums apply if you have cover. More information is provided in the How super is taxed (page 11) and Insurance in your super (page 12) sections of this PDS.

Changes to feesIt’s important to us to ensure our fees remain competitive to help you save more towards your future. We may vary fees or introduce a new fee at our discretion at any time without your consent. If we increase a fee other than investment fees or if we introduce a new fee, we notify you at least 30 days before the change is to take effect. If we increase investment fees, we notify you as required by law.

You should read the important information about fees and costs before making a decision.

Go to oursuperfund.com.au/pds for: • Reference Guide: Fees and other costs for

additional explanation of fees and costs, including definitions of the fee types described in this section.

• Reference Guides: Insurance cover for more on insurance costs and premium rate tables.

The material relating to fees and costs may change between the time when you read this Statement and the day when you acquire the product.


7. How super is taxedSuper may be a tax-effective way of saving for retirement compared to other types of investments. However, there can be significant tax implications associated with super.

You should read the important information about how super is taxed before making a decision.

Go to oursuperfund.com.au/pds for: • Reference Guide: How super is taxed for more on

how to provide your TFN and how super is taxed • Reference Guide: Contributing to your super for

more on caps that apply to super contributions.The material relating to how super is taxed may change between the time when you read this Statement and the day when you acquire the product.

Make sure we have your tax file number (TFN)

Warning! You should provide us with your TFN. It is not an offence to choose not to provide your TFN but if we don’t have it, we may not be able to accept contributions from you into your account and additional tax may apply in some circumstances. It may also make it harder to locate different super accounts in your name and receive all your benefits when you retire. You can provide your TFN by calling us, logging into your account online at oursuperfund.com.au/login or completing our Tax File Number notification.

Tax on contributionsWarning! There are adverse tax consequences if you exceed the contributions caps for super. It’s your responsibility to monitor your position against the caps to avoid additional tax.

For concessional contributions, such as employer, salary sacrifice and personal concessional contributions:• Contributions up to the concessional contributions

cap are generally taxed at a concessional rate.• Excess contributions above the cap are included in

your assessable income and taxed at your marginal tax rate (plus applicable levies, less a 15% tax offset for contributions tax already paid), plus an excess concessional contributions charge is payable. Excess contributions also count towards your

non-concessional contributions cap. You can elect to withdraw up to 85% of any excess contributions, although the excess charge is still payable.

• Additional tax may apply if we don’t have your TFN.Note: Your gross contribution amounts count towards the cap. Contributions from Commonwealth Bank are generally shown in your benefit statement or online account as the net amount, which is less 15% contributions tax. To confirm the gross amount for the cap purposes, refer to your payslip.For non-concessional contributions, such as personal after-tax and spouse contributions:• No tax applies on contributions up to the non-

concessional contributions cap.• Excess non-concessional contributions generally

incur additional tax, applied by the ATO. You can elect to withdraw any excess contributions to reduce the tax payable.

If applicable, we deduct 15% contributions tax from concessional contributions, including personal contributions for which you provide a valid notice of intent to claim as a tax deduction. If you contribute to your spouse’s super, you may be entitled to a tax offset for your spouse contributions.

Reference Guide: How super is taxed.

Tax on investment returnsInvestment returns on an Accumulate Plus account are taxed, generally at a rate of up to 15%. This tax isn’t deducted directly from your account balance but instead it’s deducted from the market value of the investment option’s assets before unit prices are calculated, reducing investment returns.

Tax on withdrawalsTax may be payable on super you withdraw in cash once you meet a condition of release, depending on your age at the date of withdrawal:• Aged 60 or over: All super benefits are tax-free.


• Under age 60: Tax is generally payable on the taxable component of your super.

If applicable, we deduct any tax and levies before we pay the benefit to you.Tax may apply to a death benefit regardless of your age if that benefit is paid to someone who’s not your

‘dependant’ as defined by tax law, which may be different to the definition that applies under super law.Different tax treatment may apply to a withdrawal for a terminal medical condition or for temporary residents.

Reference Guide: How super is taxed.

8. Insurance in your superInsurance cover may help provide financial security for you and your dependants if something happens to you. Insurance premiums are deducted from your account, which reduces your super balance.Accumulate Plus offers the following types of cover:• Death and Total and Permanent Disablement

(TPD), where a lump sum equal to your insured cover may be payable if you die, become terminally ill or become totally and permanently disabled. You can have Death-only cover, but you can’t have TPD-only cover.

• Salary Continuance, sometimes known as income protection, where a monthly benefit may be payable if you are totally or partially disabled due to sickness or injury for longer than the waiting period. The monthly benefit may be less than your insured cover, depending on your actual income at the time of a claim.

Default Death and TPD coverYou may be eligible to receive default Death and TPD cover, which means cover is provided without having to apply or provide medical evidence to the insurer. Premiums for default cover are deducted from your account.Eligibility criteria for default coverYou’re generally eligible for default Death and TPD cover if all of the following apply to you: i) You’re employed by the Group on a permanent

basis or on a fixed term arrangement – some conditions apply

ii) We received an employer contribution from the Group within 120 days from the date you started employment or the date you first became eligible under (i)

iii) You’re less than age 70.

Default cover starts automatically once certain conditions are met, or you can opt-in earlyYour default cover (if eligible) starts on the earliest of the following dates:• Early opt-in: You request to start your cover

within 120 days of joining Accumulate Plus, or first becoming eligible for default cover, by completing our Early opt-in to default insurance cover form, or

• Automatic start: The date you’re aged 25 or over and your account balance reaches at least $6,000.

Important note! Premiums are deducted from your account balance from the first monthly premium due date after your default cover begins.

We don’t represent that any default Death and TPD cover that may be provided to you is the most appropriate type or level of cover for you. You need to consider your own circumstances and/or seek professional financial advice to decide what’s best for you.Salary Continuance isn’t provided by default. You can apply for cover if required. Eligibility conditions apply.

Calculating your default cover, including where your salary increases or decreasesDefault Death and TPD cover in Accumulate Plus is calculated as four times your notional salary, generally updated monthly. ‘Notional salary’ is defined in our Reference Guide: Insurance Cover (Death & TPD).If the Group notifies us of a change in your notional salary, your amount of cover changes accordingly. This includes where salary increases or decreases because you change your full-time or part-time employment


status. Your monthly premium also changes based on your new cover amount. You can choose to have your cover fixed at a specific amount if you don’t want it linked to your salary.You can cancel or decrease your default cover at any time by calling us. You can also apply to increase your cover if needed by completing our Insurance application form. Eligibility conditions apply for increasing cover.

Reference Guide: Insurance cover (Death & TPD).

Applying for coverIf you’re not eligible for default cover (see previous section) or if your default cover hasn’t yet begun, you may be eligible to apply for Death and TPD or Death-only cover through the insurer’s standard application and assessment process. Eligibility conditions apply.Salary Continuance isn’t provided by default. You can apply for cover if required. Eligibility conditions apply.

You should read our Reference Guide: Insurance cover for the applicable cover to decide if cover is appropriate for you.

Did you know? If you transfer a super balance into Accumulate Plus from another fund, you may be eligible to transfer insurance cover from that fund as well. This may make it easier to consider consolidating your super accounts. Read the relevant Reference Guide: Insurance cover for more information.

Cancel, decrease, increase or apply for coverYou can cancel or decrease your insurance cover or apply for new or increased cover, at any time, subject to the terms and conditions set out in this PDS and the relevant Reference Guide: Insurance cover. You can call us to cancel or decrease your cover. Visit oursuperfund.com.au/forms for the applicable form for other changes. We don’t charge you a fee to apply for cover or change your cover. Remember that insurance premiums, based on your new level of accepted cover, are deducted from your account balance each month.

Tip! As life and personal circumstances change so too can your insurance needs, which makes it

important to regularly check if your cover is still appropriate. If you no longer need the same level of cover, it’s easy to cancel or decrease cover. Similarly, you may need additional cover in some circumstances. For certain life events, we offer a shorter application and assessment process to increase your cover – read Reference Guide: Insurance Cover (Death & TPD) for more details.

Paying for insurance coverYou pay insurance premiums for all insurance cover you have in Accumulate Plus, including default cover you receive automatically if eligible (page 12). Premiums are deducted from your account balance in advance at the beginning of each month. Insurance premium rates are based on your sex and age so even if your cover amount doesn’t change, your monthly premiums still generally increase on your birthday each year.As a guide, depending on your age, the gross annual premium rates per $1,000 of Death and TPD cover in Accumulate Plus range from $0.11 to $17.51 for females or from $0.22 to $21.87 for males.

Warning! Unless you cancel your cover in writing or by calling us, or we cancel it automatically due to super laws or policy terms, premiums continue to be deducted monthly from your account. Your cover ends if there isn’t enough money in your account to cover your premium when due.

You should read the important information about insurance in your super before making a decision.

Go to oursuperfund.com.au/pds for:• Reference Guides: Insurance cover for more on

insurance cover, including how to decrease, cancel or apply for cover; transferring cover; life events option; cost of cover (premiums); how benefits are paid and disability definitions; and exclusions.

The material relating to insurance in your super may change between the time when you read this Statement and the day when you acquire the product.

About the insurance policyInsurance cover in Accumulate Plus is provided through policies we hold with an insurer. This PDS and the Reference Guides provide a summary of insurance


cover. The full terms and conditions of cover are set out in the insurance policy.In some cases, different terms and conditions may apply, e.g. where a claim relates to a death or disablement that occurred before the date the current document was issued. Contact us for more information if needed.

Payment of any insured benefit is subject to the insurer and the trustee accepting your claim under the rules of the insurance policy and trust deed.

Warning! An insurance benefit may not be payable in some cases, e.g. if you don’t meet the definition of disabled under the insurance policy or if an exclusion applies. Read the information about exclusions in the relevant Reference Guide: Insurance cover to decide if cover is appropriate for you.

9. How to open an accountMembers of our fund are exclusively current and former employees of Commonwealth Bank Group and their spouses or partners.

Eligibility to join Members of our fund can stay with us for life but as a corporate super fund, to be eligible to join, you must be a current employee of the Group, a member of another product or division in our fund, or the spouse or partner of a current member. You should keep this in mind if you’re considering closing your account, as you may not be able to re-join in the future.Note: The ‘Group’ includes Associated Employers defined under the trust deed, e.g. Bankwest.An application is only needed in some casesYou should complete our membership application form if you’re a :• spouse or partner of a fund member• current or deferred Defined Benefit member• Retirement Access member of our fund.For spouse applications, the current member also needs to complete some parts of the application and make a spouse contribution to open the account. You can’t open a spouse account with another type of contribution or a rollover, although these can be accepted once the account is open.An Accumulate Plus account is separate to Retirement Access or Defined Benefit membership and doesn’t affect your benefits in that division.You don’t need an application form if you’re a current Group employeeAs the Group’s selected default super fund, an account is opened automatically for you when the Group sends your first super contribution to us. This is generally your

first pay period after joining the Group or if the Group contributes to another super fund for you, the first pay period after you nominate ‘Commonwealth Bank Group Super’ under choice of super fund rules – visit Sidekick for more on super choice.

Your welcome kitOnce your account is set up, we send you a welcome kit, generally within one to two weeks, with your account number, online account details and other important information about your membership.

Cooling-off periodIf you complete an application to open an Accumulate Plus account, a 14-day cooling-off period applies. If you decide that the account doesn’t meet your needs, you should advise us in writing within 14 days of the earlier of (i) the date you receive our welcome letter or (ii) five business days after your account is opened. The cooling-off period lapses if any transaction is made on your account within the 14-day period. A cooling-off period doesn’t apply if your account is opened automatically with a contribution from the Group.

Compliments or complaintsAny feedback, compliments or complaints can be provided by calling us on 1800 023 928, or written complaints can be sent to our Complaints Officer, GPO Box 4758, Sydney NSW 2001. Our complaints and dispute resolution process fact sheet is available from our website or by calling us on 1800 023 928.

For a PDS, Reference Guides, forms or other informationWeb oursuperfund.com.au

Your account online Login oursuperfund.com.au/login

or click ‘Member login’ from any page on our website

If you have a Commonwealth Bank NetBank ID, you can also see your account balance in NetBank and the CommBank App.

If you need to contact usCall 1800 023 928 from 8am to 7pm

(AEST/AEDT) Monday to Friday, or +61 2 9267 5392 if outside Australia

Email [email protected] (02) 9303 7700Post GPO Box 4758 Sydney NSW 2001

Our ratingsAccumulate Plus has the highest rating from three industry rating agencies. For more information on these ratings, visit oursuperfund.com.au/ratings.

SUPERRATINGS PLATINUM 2019MYCHOICE SUPER

1010 YR PLATINUMPERFORMANCE2009–2019

SuperRatings, Chant West and SelectingSuper have consented to the statements about their respective ratings and products appearing in this document and have not withdrawn that consent. For more about the methodology used by each agency, see their websites at www.superratings.com.au, www.chantwest.com.au or www.selectingsuper.com.au. The Chant West ratings logo is a trademark of Chant West Pty Limited and used under licence.

GroupSuper/1516/0420

Application for Accumulate Plus accountPlease phone us on 1800 023 928 with any questions about this form or Accumulate Plus.

This is an interactive formSAVE PRINT CLEAR

Fields marked with an asterisk (*) must be completed for the purposes of anti-money laundering and counter-terrorism laws.

Use of this formYou only need to complete this form if you're opening an Accumulate Plus account and you're (i) a spouse or de facto of a current fund member or (ii) a member of another division of the fund (e.g. Retirement Access or Defined Benefits). You don't need to complete this form if you're a Commonwealth Bank Group (including an Associated Employer) employee – to have employer contributions paid to Accumulate Plus, you can nominate 'Commonwealth Bank Group Super' under choice of fund rules with your HR/Payroll team and an account is opened automatically when we receive the first contribution from the Group. For more about Accumulate Plus, read our Member Guide (Product Disclosure Statement (PDS)) and Reference Guides from oursuperfund.com.au/pds or call 1800 023 928 for a copy.

Checklist for completing this form

Which best describes your reason for completing this form to open a new Accumulate Plus account? I'm the spouse or de facto of a current member of the fund – the new member applicant should complete sections 2, 4, 5, 6 and 7 and the

current fund member must also complete sections 1, 3 and 8.

I'm a Defined Benefit member of the fund – you should complete sections 1, 2, 3, 4, 5, 6 and 7.

I currently have a Retirement Access account in the fund – you should complete sections 1, 2, 3, 4, 5, 6 and 7.

Section 1: Details of existing member (*required)Complete details of your existing fund membership. If this application is for a new spouse account, the existing fund member must complete this section so we can process this application as quickly as possible.

Current account/member number 0 52

Which of the following applies to you?

Currently employed by Commonwealth Bank Group – date you last commenced employment No longer employed by Commonwealth Bank Group

Section 2: Details of new member applicantFields marked with an asterisk (*) must be completed.

Title: Mr Mrs Miss Ms Other Sex: Male FemaleFull given name(s)* Surname*

*Residential address – PO Box is not acceptableUnit number

Street number

Street name

Suburb State Post code Country

Postal address – if different to aboveUnit number

Street number

PO Box

Street name

Suburb State Post code Country

Your main country of residence* Date of birth* Occupation*

Tax file number – – Under the Superannuation Industry (Supervision) Act 1993, you are not obliged to disclose your TFN but there may be consequences – read more in the 'Providing your TFN' section, including the important note, on page 4.

Either* Mobile number and/or Daytime phone number Email

By providing your mobile, you consent to its use for security validations, e.g. to access your statement or transact online. By providing your email, you consent to receiving communications such as newsletters, significant event notices and other important information to this email, although from time to time we may still need to send you information by post. Note: If no mobile, you must give a daytime contact number.

2Section 3. Contribution to open accountApplications must be accompanied by a minimum opening amount of $100 as a member or spouse contribution. For spouse accounts, the opening contribution must be a spouse contribution from the existing member, who should complete section 3 below. The spouse contributions must be from a bank account in which the existing member is an account holder. You can't open an account with a rollover, except where you're transferring from a Retirement Access account in our fund – in this case, there's generally at least one NSW bank business day where this money is not invested.Important note: There may be circumstances in which we can't accept a contribution, e.g. if you chose not to provide your TFN in section 2 or if you're over age 65 – read the 'Providing your TFN' section, including the important note, on page 4.

I authorise the fund to make a one-off direct debit contribution of $ as follows (all details must be provided): Name of Australian financial institution Branch number (BSB) Account number

— Name of account holder

Note: Our Direct Debit Request Service Agreement is provided on page 4 of this form. Direct debit is not available on the full range of bank accounts – if in doubt, refer to your bank or financial institution.

I'm transferring the following amount from my existing Retirement Access account $

I enclose a cheque for $ payable to 'Commonwealth Bank Group Super'.

Section 4. Investment options

4A. Investment selectionYou should read the PDS and Reference Guide: Investments before making any investment selection. Your selected option(s) also apply to all future contributions and/or transfers unless you tell us otherwise. If you don't select an option(s) or your selection doesn't total 100%, the default Balance (MySuper) investment option applies. We make no representation that this default option is the most appropriate option for you. You can change your investment selection at any time. If you select more than one option, you can nominate the one option from which the monthly administration fee and any insurance premiums are deducted. If you don't nominate an option for this purpose, fees and premiums are deducted based on the trustee’s default order, which is generally from the most conservative of your options first.

Choose one or more of the following investment options:Diversified options Single asset class options

Conservative Moderate Balanced Growth Cash Fixed Interest

Australian Shares

International Shares

TOTAL

% % % % % % % % = 100%

Deduct fees from this investment option (name one of your selected options, if more than one above)

4B. Auto-rebalancing facilityYou can elect to have your account automatically rebalanced on a regular basis in line with the investment selection you chose in section 4A. Before enabling this option, please read the PDS and Reference Guide: Investments to understand the effects of auto-rebalancing.

Choose one of the following options: Yes – enable auto-rebalancing on my account on the following basis (choose one frequency): Annually or Quarterly No – I do not want auto-rebalancing enabled on my account

Section 5. Online account ‘transact’ accessYou automatically have ‘enquiry’ access to view your account online via FirstNet. To be able to transact online, e.g. switch investment options, you must request ‘transact’ access to your account by completing this section below.

I want online ‘transact’ access I do not want any online access, including enquiry access

Section 6. Viewing your account balance in netbankCommonwealth Bank Group customers with a NetBank ID can automatically view an Accumulate Plus balance in NetBank and the CommBank App. Exchanging some member information with the Group is required to make this feature available – to find out more, read our Reference Guide: General information or our privacy policy. To opt out of exchanging member information with the Group for these purposes, complete this section below.

I want to opt out of exchanging information with the Group for the purposes of viewing my account in these platforms.

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Section 7. Declaration and signature – to be completed by new member applicantI hereby apply for membership of Accumulate Plus. I declare and agree that:• I've received and read the Member Guide (PDS) for Accumulate Plus and the material incorporated by reference (Reference Guides),

together referred to as ‘the PDS’. This application form was included in or accompanied by the PDS and I've accepted the offer in Australia.• If I've received this PDS from the internet or other electronic means, I've received it personally or a printout of it, accompanied by or

attached to this application form.• The information I've given in this application is correct and complete.• I undertake to provide the fund any requested information relating to my membership and to notify the fund if that information changes.• I understand that membership of Accumulate Plus is subject to the terms of the fund’s trust deed and the insurance policy if applicable. If

there are any differences between what's written in the PDS and the trust deed or insurance policy, the trust deed or insurance policy prevails. • If I'm withdrawing or transferring money from another account in the fund to open this Accumulate Plus account, there will generally be at

least one NSW bank business day where this money is not invested.• By providing an email address I consent to receiving communications, notices, including statements, newsletters and other important

information, to my email address, and by providing a mobile number I consent to its use for security validations, and I understand that I can change these contact preferences at any time.

• By providing my tax file number, I give consent to its use and disclosure as set out in Reference Guide: How super is taxed.• I have read and understood the Privacy section of Reference Guide: General information and I acknowledge and consent to the use and

disclosure of my personal information as detailed in that section.• I agree with the terms and conditions for transacting with the fund as set out in Reference Guide: General information.• Any future investments will be invested in line with the last investment selection I have made, or invested into the default option if I've never

selected an option or if my selection does not total 100%, unless I instruct you otherwise.• The fund and/or its related entities will not be liable to me or other persons for any loss suffered (including consequential loss) in

circumstances where transactions are delayed, blocked, frozen or where the fund refuses to process a transaction.• Investments in the fund and its investment options are not investments, deposits or other liabilities of Commonwealth Bank of Australia or

its subsidiaries and are subject to investment and other risks, including possible delays in repayment and the loss of income and principal invested.

• Neither the fund nor Commonwealth Bank of Australia or its subsidiaries guarantee the repayment of capital or the performance of options or any particular rate of return from the investment options.

Direct Debit Request Authorisation• I/We authorise and request Commonwealth Bank Officers Superannuation Corporation Pty Limited (APCA ID 303908) to arrange for funds

to be debited from my/our account at the financial institution identified in section 3 and as prescribed through the Bulk Electronic Clearing System (BECS).

• I/We have read and understood the Direct Debit Request Service Agreement on page 4 of this form.Signature of new member applicant

Print name

Date

If your opening contribution (section 3) is a direct debit from a joint bank account, the joint account holder must also authorise the direct debit below.Signature of joint bank account holder (if applicable)

Print name

Date

Section 8. Only required if application is for a spouse account – in which case the existing member should complete below• I declare that the new member applicant named in section 2 of this form is my ‘spouse’, who is defined for the purposes of opening a spouse

account as (i) a person who is legally married to me, (ii) a person (whether of the same or opposite sex) with whom I am in a relationship registered under a prescribed state/territory relationships register, or (iii) a person (whether of the same or opposite sex) who, although not legally married to me, lives with me on a genuine domestic basis in a relationship as couple.

• I understand that all contributions to the applicant’s account, whether made by me or the applicant, are preserved in the applicant’s name.Direct Debit Request Authorisation• I/We authorise and request Commonwealth Bank Officers Superannuation Corporation Pty Limited (APCA ID 303908) to arrange for funds

to be debited from my/our account at the financial institution identified in section 3 and as prescribed through the Bulk Electronic Clearing System (BECS).

• I/We have read and understood the Direct Debit Request Service Agreement on page 4 of this form.Signature of existing member (if applicable)

Print name

Date

If your opening spouse contribution (section 3) is a direct debit from a joint bank account, the joint account holder must also authorise the direct debit below.Signature of joint bank account holder (if applicable)

Print name

Date

Please return your completed form to Commonwealth Bank Group Super: Mail: GPO Box 4758, Sydney NSW 2001 Email: [email protected]

Member interests in Commonwealth Bank Group Super (the fund) (ABN 24 248 426 878) are issued by Commonwealth Bank Officers Superannuation Corporation Pty Limited (the trustee) (ABN 76 074 519 798, AFSL 246418).

4


Providing your TFNUnder the Superannuation Industry (Supervision) Act 1993, we are authorised to collect, use and disclose your TFN. We may disclose your TFN to another super provider when your benefits are being transferred, unless you request to us in writing that your TFN is not disclosed to any other super provider.Declining to quote your TFN to us is not an offence. However, giving your TFN to us will have the following advantages:• We will be able to accept all permitted types of contributions to

your account*.• Other than the tax that may ordinarily apply, you will not pay more

tax than you need to. This affects both contributions to your super and benefit payments when you start drawing down your super benefits.

• It will make it much easier to find different super accounts in your name so that you receive all your super benefits when you retire.

If you complete a TFN declaration for your employer, they are required to notify us of your TFN. If, at any time, you have provided your TFN to your employer for super purposes, they are required to notify us of your TFN when a contribution or allocation is made to your account. The legal purposes for using a TFN may change in the future. If laws change, the consequences of not providing the TFN may also change.*Important note: Our fund rules generally require an application to be accompanied by an opening contribution. In order to accept a voluntary personal or spouse contribution, by law we must hold a TFN. If a TFN isn't provided on this application, we can't accept the opening contribution and therefore can't open a new account. If the new member applicant is over age 65, there are also other restrictions on making member contributions – read our Reference Guide: Contributing to your super for more.

Other features and options available for your accountThe following is an overview of some features and options available in Accumulate Plus. Please refer to the most up-to-date PDS and Reference Guides before finalising any decisions about your account – visit oursuperfund.com.au/pds or call us for a copy. Forms are available from oursuperfund.com.au/forms.Consolidate or transfer super from other fundsYou can transfer super from another super fund into Accumulate Plus by logging into your account online at oursuperfund.com.au/login, calling us, or completing our Request to transfer my super balance form. Important: Whenever you change funds you should check how it might affect any benefits you have in your other fund, such as insurance cover. We don’t charge you a contribution or transfer fee.If you transfer your total account balance from another fund, you may be eligible to transfer any Death and Total and Permanent Disablement (TPD), Death-only and/or Salary Continuance (income protection) insurance cover you have in that fund as well. This may make it easier for you to consider consolidating your super. Find out more in our relevant Reference Guide: Insurance cover.Insurance coverYou may be eligible to apply for Death and TPD or Death-only cover, and/or Salary Continuance cover. Find out more in the relevant Reference Guide: Insurance cover for more information.Beneficiaries for your accountIf you have specific wishes about who should receive the balance of your account if you die, you should make a non-lapsing death benefit death nomination. Find out more in our Reference Guide: Death benefits.

Direct debit request service agreementOur commitment to you• We will send you confirmation of the direct debit.• Where the due date for a direct debit request falls on a non-

business day, we will debit the amount on the next business day.• We will provide written notice of any proposed changes to your

direct debit arrangements with no less than 14 days notice. If you are unhappy with any changes we make, you may cancel your direct debit arrangement without fee or charge by providing us with written notice as outlined under the heading ‘Your rights’.

• We will keep all information provided by you, and details of your nominated account at the financial institution, private and confidential. The financial institution may require such information to be provided in the event of a claim or relating to an alleged incorrect or wrongful debit.

• We will investigate and deal promptly with any queries, claims or complaints regarding debits, providing a response within 5 business days.

Your commitment to us• Direct debit through BECS is not available on all accounts. You are

advised to check your account details against a recent statement from your financial institution and if uncertain, you should check with your financial institution before completing the Direct Debit Request.

• It is your responsibility to ensure that the authorisation on the direct debit request is identical to the account signing instruction held by the financial institution of the nominated account.

• It is your responsibility to ensure that sufficient funds are available in the nominated account to meet the drawing. We do not issue an invoice or billing advice for the debit. If you are uncertain as to when the debit will be processed to your account, you should check with your financial institution.

• It is your responsibility to advise us if the account nominated by you to receive the drawings is altered, transferred or closed.

• It is your responsibility to arrange with us a suitable alternate payment method if the drawing arrangements are stopped by either you or the nominated financial institution.

• It is your responsibility to meet any charges resulting from the use of the direct debit system. This may include fees charged by us as a result of drawings returned unpaid, with such fees being equal to actual costs we incur.

Your rights• To stop a debit payment, you may request to defer, alter or cancel

the drawing by advising us in writing prior to the direct debit being enacted. You can write to us at GPO Box 4758, Sydney NSW 2001. You can also request to cancel the debit directly with the financial institution.

• All transactions disputes, queries, and claims should be raised directly with us. We will provide a verbal or written response within 5 business days from the date of the notice. If the claim/dispute is successful, we will reimburse you by way of cheque or electronic credit to your nominated account. You can also direct any dispute or claims directly to the financial institution.

Use the following details to contact us regarding direct debit arrangements or enquiries:• Phone 1800 023 928 or email [email protected]• Write to Commonwealth Bank Group Super, GPO Box 4758,

Sydney NSW 2001.

Member Guide for Accumulate Plus · 2020-04-14 · Member Guide for Accumulate Plus For Group...

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