Fillable PDS Accum Plus Employee Spouse (Australian National University)

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Member Guide for Accumulate Plus
For Group employee members and spouse members
Product Disclosure
Statement (PDS)
Preparation date: 1 April 2020
Issued 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 Plus
MySuper authorisation: 24 248 426 878 648
Unique Super Identifier (USI): OSF0001AU
Super Product Identification Number (SPIN):
OSF0001AU
Contents
1. About Accumulate Plus .............................................2
2. How super works ...................................................... 3
3. Benefits of investing with
Accumulate Plus ....................................................... 4
4. Risks of super.............................................................6
5. How we invest your money ..................................7
6. Fees and costs ...........................................................9
7. How super is taxed ................................................. 11
8. Insurance in your super ........................................12
9. How to open an account ..................................... 14
Member Guide for Accumulate Plus
2
1. About
Accumulate Plus
Since 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 booklet
This 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 works
Superannuation 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 account
If 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 fund
Super 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 super
Super 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 benefits
Your 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 Plus
Whatever 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 life
We’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
flexibility
When 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 together
We 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.
5oursuperfund.com.au 1800 023 928
Investment choice
Investment 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 options
Insurance 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 contributions
Not 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 too
Your 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.
6 Member Guide (PDS) for Accumulate Plus
4. Risks of super
All 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.
7oursuperfund.com.au 1800 023 928
5. How we invest your money
We 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
choices
You 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 options
These 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 options
These 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 choice
When 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
options
You 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.
8 Member Guide (PDS) for Accumulate Plus
About the default investment option
Investment 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 risk
Medium–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.
9oursuperfund.com.au 1800 023 928
6. Fees and costs
DID 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 paid
Investment 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 applicable
Switching fee Nil Not applicable
Advice fees relating to all members
investing in a particular MySuper
product or investment option
Nil Not applicable
Other fees and costs
4
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.
10 Member Guide (PDS) for Accumulate Plus
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 costs
Tax 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 fees
It’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.
11oursuperfund.com.au 1800 023 928
7. How super is taxed
Super 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 contributions
Warning! 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 returns
Investment 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 withdrawals
Tax 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.
12 Member Guide (PDS) for Accumulate Plus
• 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 super
Insurance 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
cover
You 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 cover
You’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 early
Your 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 decreases
Default 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
13oursuperfund.com.au 1800 023 928
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 cover
If 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 cover
You 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 cover
You 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 policy
Insurance cover in Accumulate Plus is provided through
policies we hold with an insurer. This PDS and the
Reference Guides provide a summary of insurance
14 Member Guide (PDS) for Accumulate Plus
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 account
Members 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 cases
You 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 employee
As 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 kit
Once 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 period
If 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 complaints
Any 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 information
Web 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 us
Call 1800 023 928 from 8am to 7pm
(AEST/AEDT) Monday to Friday, or
+61 2 9267 5392 if outside Australia
Email oursuperfund@cba.com.au
Fax (02) 9303 7700
Post GPO Box 4758 Sydney NSW 2001
Our ratings
Accumulate Plus has the highest rating from three
industry rating agencies. For more information on
these ratings, visit oursuperfund.com.au/ratings.
SUPERRATINGS
PLATINUM 2019
MYCHOICE SUPER
10
10 YR PLATINUM
PERFORMANCE
2
009
–
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 account
Please phone us on 1800 023 928 with any questions about this form or Accumulate Plus.
This is an interactive form
SAVE PRINT CLEAR
Fields marked with an asterisk (*) must be completed for the purposes of anti-money laundering and counter-terrorism laws.
Use of this form
You 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 applicant
Fields marked with an asterisk (*) must be completed.
Title:
Mr Mrs Miss Ms Other Sex: Male Female
Full given name(s)* Surname*
*Residential address – PO Box is not acceptable
Unit
number
Street
number
Street
name
Suburb State
Post
code
Country
Postal address – if different to above
Unit
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.
2
Section 3. Contribution to open account
Applications 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 selection
You 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 facility
You 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’ access
You 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 netbank
Commonwealth 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.
3
GroupSuper/1522/0420
Section 7. Declaration and signature – to be completed by new member applicant
I 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: oursuperfund@cba.com.au
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
GroupSuper/1522/0420
Providing your TFN
Under 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 account
The 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 funds
You 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 cover
You 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 account
If 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 agreement
Our 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 oursuperfund@cba.com.au
• Write to Commonwealth Bank Group Super, GPO Box 4758,
Sydney NSW 2001.
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PDS Accum Plus Employee Spouse (Australian National University)

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Completed 11 February 2021

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