How to Rollover CBUS From Another Fund
Cbus refers to the Australian Construction & Building Industry Super (superannuitization). Superannuitization funds in Australia are managed investment funds given favorable tax treatment until age 60 when the distributions become tax free. Cbus claims that the average Australian will change jobs every six or seven years. This could result in many super funds sitting at different institutions, each paying annual fees. To reduce fees and keep account maintenance less complex, you can roll your previous employer super funds into your Cbus super account which has one of the lowest fees of all super accounts.
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Instructions
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Become a Cbus member (if you aren't already) and be currently employed in the construction, building or allied industries.
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Contact customer service representatives from your other existing super accounts. Ask what the exit fees are and what other benefits the super fund has.
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Compare the benefits of each super to the Cbus fund. If you are comfortable with the fees you must pay and are getting matching benefits, contact Cbus to obtain a rollover form. The form is down-loadable at cbussuper.com.au.
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Obtain a certified copy of your identification (driver's license or passport).
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Complete the form and submit it to Cbus with copies of the account statements you are rolling over. Also attach a certified copy of your driver's license of passport.
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Follow up with Cbus after three to four weeks to check on the status.
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