Open letter to members
From Cbus CEO Kristian Fok, February 2025.
Dear Members
I am writing to let you know about the new comprehensive work program Cbus has agreed to with the Australian Prudential Regulation Authority (APRA) as part of an enforceable undertaking (EU) to continue to improve our service offering to our members.
This new undertaking in agreement with APRA and Rectification Plan in response to the independent Deloitte Review, builds on progress the Fund has already made to strengthen its foundations and how we operate.
Since becoming CEO in June 2023 my focus has been on making sure we’ve got the right capabilities in the right jobs to deliver for our members.
We acknowledge the importance of the work program required under the EU as it will enable us to improve members’ experience and continue generating strong, long-term returns to help members achieve the retirement they deserve.
The Board and Management are united in a commitment to improve services so that we meet the highest standards that are rightfully expected of us by our members as one of Australia’s leading superannuation funds.
We want to continue to be one of the top five best performing funds for the past ten years*, delivering 10.77% for 2024† and lifting members’ assets to more than $100 billion‡.
The Cbus APRA Enforceable Undertaking is available on the APRA website.
The Cbus Rectification Plan available on the Cbus website.
I want to reassure you that this doesn’t affect member accounts and we remain completely focused on improving the way Cbus delivers services to provide the best possible retirement outcomes for our members.
Kristian Fok
*Taken from the SuperRatings FCRS SR50 Balanced (60-76) Index (December 2024). The default Growth (MySuper) investment option obtained a top 5 performance ranking over 10 years and 20 years for the period ending 31 December 2024. SuperRatings is a rating agency that collects information from super funds to enable performance comparisons - visit www.superratings.com.au for details of its rating criteria. Past performance is not a reliable indicator of future performance.
†Investment performance for the default Growth (MySuper) investment option for the period 1 January to 31 December 2024. Investment performance is based on returns minus investment fees, taxes, and until 31 January 2020, the percentage-based administration fee. Excludes fees and costs that are deducted directly from members’ accounts. Past performance is not a reliable indicator of future performance.
‡As at 27 January 2025.
Insurance is issued under a group policy with our insurer, TAL Life Limited ABN 70 050 109 450 AFSL 237848.