Cbus launches ‘targeted’ campaign to bridge retirement info gap

Cbus Super has announced the launch of a “targeted campaign” designed to boost its members’ awareness of their eligibility for and understanding of government entitlements when approaching retirement age.

This comes after a survey of 4,000 Cbus members over the age of 50 found 90 per cent of them lacked the confidence to understand government entitlements, a concerning result given many Cbus members in particular nearing retirement have super balances often below $150,000 due to a combination of reasons – they began working before superannuation became compulsory, they had lower super rates earlier on and often experience periods of unstable work or unpaid super – and are more likely to rely on the Age Pension combined with other forms of retirement income.

Cbus research also found only 36 per cent of members approaching retirement have a ‘good’ understanding of the Age Pension eligibility criteria. The new campaign will deliver personalised communications to Cbus members at different points in their lives to provide clear and transparent information on the government support schemes and benefits that are available to them. This will include:

• Tailored communications at ages 57, 66 and 66.75 about Age Pension eligibility plus a reminder at age 68 to those who haven’t submitted their application and may be missing out;
• A new Age Pension calculator that estimates their level and provides information on completing applications;
• Information about other government entitlements like JobSeeker and Disability Support Pension;
• Retirement planning seminars for those with lower super balances; and
• Advice services to help members maximise their pension eligibility.

“One in three Cbus members together with their partners could be missing out on up to $46,000 per year through late Age Pension applications, but low confidence and complexity means many are leaving money on the table,” Cbus Super Acting Chief Member Officer, Bernie Dean, said.

“We’re seeing older tradies and construction workers relying on their super too soon, missing out on vital government payments that could help them live more comfortably.

“The system is complex, but we’re determined to make sure our members don’t miss out on money they’ve earned the right to receive. If you’re a former tradie in your 60s, we want you to check your eligibility – you might be entitled to more than you think.

“The main reason members tell us they don’t retire until 67 is that they cannot afford to retire earlier, as they’ll only receive the Age Pension from 67. But many are struggling with insecure work and dipping into their super just to make ends meet.”