Celebrating our Centenary milestone in 2016

It was an important and rare milestone in 2016, when we celebrated the 100-year anniversary of our fund.

From a small foundation in 1916, our fund has grown over the years to now care for more than 75,000 members and over $9 billion of savings on their behalf, making us one of the largest corporate super funds in Australia.

Our Centenary was not only a significant milestone for our fund but is also a testament to the Commonwealth Bank Group’s strong commitment to providing for the financial wellbeing of its employees and their families.

Congratulations to our competition winners!

GS-IM-093

Thank you to everyone who submitted an entry to our centenary competition! We received some great responses to our entry question “What does ‘retirement’ look like to you, and how are you going to make it happen?”

Read more on what retirement looks like to our winners!

A century of change

A proud history with the Commonwealth Bank

Our fund has grown just as the Bank has, but we had more humble beginnings. In 1916 when the Bank established an employee superannuation fund, the idea of saving for the future was rather novel.

The fund started out with around £3,000 in assets and just over 500 members (which was actually about how many people were working with the Bank back then). In the early days, the Governor of the Commonwealth Bank was responsible for the fund. Today, we have a dedicated trustee board solely focussed on managing our fund.

With every anniversary comes another year of experience and with over 100 years under our belt, our goal is to continue providing you with the tools and support to help ensure you’re getting the most out of your super!

A few things you might not know about our fund

  • 86 members in 1916 were on active war duty in World War I; 14 lost their lives in service to the country that year and were listed in memoriam in our first annual report
  • Sir Denison Miller, the first Governor of the Commonwealth Bank of Australia, was responsible for the fund’s management until 1922
  • A separate arrangement was created for employees considered ‘temporary’ (mainly women who, until 1966, had to leave the workforce upon getting married!)…however the benefits of this scheme actually proved to be better for women in WWII when they were desperately needed to remain longer in the workforce while most of the men were overseas
  • Before 1991 when supervisory rule changes came into effect, the rules of the fund couldn’t be altered unless first reviewed and approved by the Minister of Finance or the Treasurer
  • Growth of the original fund has been steady and impressive:
    • In 1916, we started out with 516 members and around £3,000 in assets
    • By 1941, this had grown to 5,646 members and over £2 million in assets
    • By 1966, there were 18,282 members and over $90 million in assets
    • By 1991, fund membership totalled 41,017 and over $4 billion in assets
    • Today we have over 75,000 members and over $9 billion in assets!