Money reveals the Best Pension Fund from the Best of the Best awards
Cbus has retained pole position as the 2021 Best Pension Fund, for the second year running. It has been one of the most consistent pension funds, and is a lead performer across multiple asset classes.
While Cbus traditionally serves the construction sector, following its upcoming merger with Media Super in 2021 other groups had better watch out.
Cbus is an ESG leader, manages some of its funds in-house and is a market leaders in transparency. It is particularly renowned in unlisted assets, as its in-house property funds management business is arguably one of the best.
This year the fund installed a new chief executive in Justin Arter, who was previously chief executive of the Victorian Funds Management Corporation, the funds management arm of the Victorian Government.
On joining Cbus, Arter said he was excited to lead the fund and continue its success in maximising the retirement futures of its 750,000 members.
Robbie Campo, Cbus group executive, brand, advocacy and product, says the team is delighted to know it is providing a retirement income solution to members of such a high quality to be awarded Best Pension Fund.
"We were really pleased with this recognition and it will provide non-Cbus members with the opportunity to consider our pension products and advice," says Campo.
"It's recognition for Cbus's focus on the needs of our members - to provide confidence in retirement that they can draw a sufficient income and have the flexibility to access more if they need to.
"We deliver great products and service that work in with the age pension. The product and services which support the product have continued to evolve since its initial launch to take account of changing needs and opportunities to provide the best value for members."
Even though most Australians will be eligible for the age pension, the income it provides is unlikely to be enough on its own to provide a comfortable retirement, which is why Cbus Super says it focuses on its pension members.
It has positioned the product so that it also works for retiring members with modest balances. "It's an important step because members often discount the pension product because they think they don't have enough money to get one," says Campo.
The Cbus Super Income Stream offers good pension flexibility, with members able to select from fortnightly through to annual payment frequencies.
The fund also recently updated its online and app experiences, which are now directly configured for retirees, with the key information easily accessible, such as last pension payments or account balance.
Cbus has been a solid performer this year in the pension space with further awards in the categories of Best Growth Pension Product and Best Moderate Pension Product.