Retirement Income Strategy summary – updated January 2024

Updated 18 January 2024

Group Super has a clear purpose, ‘a better retirement and confidence along the journey’. The mission of the fund's trustee is defined as ‘higher retirement incomes for our members, current and former Commonwealth Bank employees and their spouses. Delivered in a way that creates justified trust and confidence’. 

A backdrop of change

While our purpose and mission remain unchanged, the trustees of Commonwealth Bank Group Super and Australian Retirement Trust entered into a Successor Fund Transfer Deed which was signed and exchanged on 20 October 2023. This Deed is an agreement to merge Commonwealth Bank Group Super with Australian Retirement Trust.

The merger is occurring in phases. Phase one of the merger occurred on 4 November 2023 and involved the transfer of those members with entitlements in Accumulate Plus or Retirement Access, and those members with Defined Benefit entitlements excluding lifetime pension members whose pensions commenced on or before 18 October 2023.

The second phase of the merger involves the transfer of Defined Benefit lifetime pension members anticipated to be during the first half of 2024. Phase two of the merger is conditional and will not proceed unless all applicable conditions in the Successor Fund Transfer Deed are satisfied or waived.

In February 2023, the Federal Government proposed a new objective for the superannuation system, as follows:

‘… the objective of superannuation is to preserve savings to deliver income for a dignified retirement, alongside government support, in an equitable and sustainable way.’ 

While this objective is the subject of consultation, and not yet legislated, it provides insight into the Government’s expectations for the future role of superannuation in retirement.

Our focus remains

Our Retirement Income Strategy (Strategy) remains focussed on the delivery of our purpose and mission in a way that considers the unique retirement needs of our members. The following is a summary of our Strategy.

What the Strategy aims to achieve

The Strategy is focused on members receiving a Defined Benefit lifetime pension and/or a reversionary lifetime pension. Although it is possible these remaining members may continue to work, they are deemed to be in retirement for the purposes of the Strategy.

The Strategy objective is to provide retirement income1 for the member until their death and it may continue to be paid to a reversionary beneficiary for the period of retirement2. It will achieve this objective by continuing to provide existing Defined Benefit lifetime pension members with a pension payment and support until the completion of the successor fund transfer.

The Strategy focusses on our members’ needs

Understanding our members, especially their financial needs, is a continuous part of implementing this Strategy. This Strategy has considered the broad retirement income needs of the remaining Defined Benefit lifetime pension members, acknowledging that limited information is available regarding specific circumstances of individuals as well as the limited product flexibility available to remaining members.

The level of Defined Benefit lifetime pension income is defined in accordance with Fund rules and therefore is exposed to limited risk. Additionally, members of Divisions B, C, D and E who were members of the Fund prior to 19 July 1996 remain eligible for the Commonwealth Guarantee.

The Strategy in action

We aim to continue to support Defined Benefit lifetime pension members by ensuring current services offered to our members in retirement are effective in helping them manage their lifetime pension payments from the fund.

We encourage members to take positive actions for the benefit of their retirement outcomes by making a range of services available for use by our members. 

Services we provide

• A dedicated ‘Retirement hub’ on the fund’s website. The hub is for members approaching or in retirement, and contains articles, helpful links and information on how to obtain advice on retirement.

• General information to our members from appropriately trained Helpline consultants about the pension being received.

• For members who seek financial advice a referral service is in place for full advice on a user pays basis.   


1 Retirement income is defined as income drawn from the Fund in the form of a Defined Benefit lifetime pension/reversionary pension payment only and is paid in accordance with Fund rules. It is acknowledged that retirement income can also be any other income that may be paid, for example a government age pension or income derived from other savings or investments.
2 Period of retirement is defined as the ‘period of time commencing when a member first commenced Defined Benefit pension, continuing until the member dies or is subsequently paid to a reversionary beneficiary'.

This document was issued on 18 January 2024 by Commonwealth Bank Officers Superannuation Corporation Pty Limited (ABN 76 074 519 798, AFSL 246418), trustee of Commonwealth Bank Group Super (ABN 24 248 426 898). This document may include general advice but does not take into account your individual objectives, financial situation or needs. When assessing whether the information is appropriate for you, please consider the Member Booklet for your Defined Benefit division available from our website You should also consider seeking professional financial advice before finalising any decisions that may affect your financial future.