Members of Division B generally began employment with the Commonwealth Bank before 1990, and didn't take up any subsequent transfer offers. This division was closed to new members in 1990.

This is a high-level overview of Division B features, providing general information only. Division B is operated in accordance with the trust deed and fund rules. Please refer to your Member Booklet if you need more information.

Please note: The benefits described below are representative of your division's benefits in the fund. Preservation and tax requirements that affect what can be accessed in cash or tax payable on any cash component are not detailed in this overview. Please refer to your Member Booklet for more details.

 

  • Contributions
    • You must contribute 5% of super salary (after-tax) into Division B – these are your basic contributions.

      You can also contribute up to an additional 5% of super salary (after-tax) into Division B – these are your supplementary contributions.

  • Retirement benefit
    • The retirement benefit in Division B is generally:

      • An indexed lifetime pension – calculated based on your salary, retirement age and years of service, plus
      • A non-indexed lifetime pension – based on your accumulated contribution balance. Alternatively, you can elect to take this component as a lump sum, plus
      • In some cases, an interim lump sum (note: only applicable if membership commenced before 1 July 1990)

      Benefits are payable upon retirement from age 55, or must be paid at age 65 if you are still in employment with the Group at that age.

      If your retirement pension has become payable after you have reached age 55 because you have left employment with the Group, you can begin receiving pension payments immediately, even if you have not reached your preservation age.

      Read more about retirement benefit options.

  • Benefits in other circumstances
    • Resignation, retrenchment or super choice before age 55

      If you resign, are retrenched or choose to move to another super fund before age 55, you can leave (or defer) your benefits in Division B in order to receive a retirement pension at age 55.

      Alternatively, you can choose to withdraw a lump sum amount. This amount may be significantly less than what you would be entitled to if you chose to leave your benefits in Division B and receive a retirement pension at age 55. Generally, in this case you will need to direct us to transfer this amount to another superannuation fund.

      Read more about benefit options payable upon resignation, retrenchment or super choice before age 55.

      Invalidity before age 60

      If you make a claim for total and permanent incapacity which occurs before age 60 and that claim is accepted, you will receive your retirement benefits, calculated as if you had continued working until age 60. Read more about benefit options payable upon invalidity.

      Death

      If you have a spouse, as defined for Division B, they will receive a reversionary lifetime pension upon your death. A child allowance may also be payable where relevant. If you do not have a surviving spouse or any dependent children, your Total Accumulated Contributions, Interim Benefit and Superannuation Guarantee Benefit, less any Surcharge Account balance, are payable as a lump sum to your legal personal representative (i.e. the executor or administrator of your estate) or to another person(s) determined by the trustee.

      Read more about benefit options payable upon death.

  • Changes in work arrangements
    • Leave without pay (LWOP)

      Generally, you must continue to make basic contributions equal to 5% of your super salary in order to maintain your Division B benefits at a level similar to the benefits that would be available if you had continuously worked full time. If you do that, your LWOP is counted as fund membership for benefit calculation purposes and your benefits accrue as if you were not on LWOP.

       

      Instead of continuing contributions, you can notify us in writing that you wish to suspend your basic contributions, and effectively your fund membership, for a specified period. In this case, your period of LWOP is not counted for benefit calculation purposes and no new benefits will accrue.

       

      Benefits payable in the event of retirement, death or disablement will be lower if you choose to suspend your contributions and membership.

      For more information, please refer to the Leave without pay: Division B fact sheet.

      Working part-time

      If you change to part-time employment, you must continue to make basic contributions but they will be calculated based on 5% of your part-time super salary. You can also choose to increase your supplementary contribution rate, to a maximum total rate of 10%.

      Changing your working hours does not have any immediate effect on your benefit accrual up to the time of the change, but will affect the rate at which you accrue new benefits going forward.

      For more information, please refer to the Working part-time: Division B fact sheet.

  • Beneficiaries
    • The rules for Division B determine who can receive a benefit in the event of your death – you cannot nominate a beneficiary for this division.

      Read more about these rules in your Member Booklet.

  • Contributions
    • You cannot contribute to your deferred/post-employment benefits remaining in Division B.

  • Deferred retirement benefit
    • The deferred retirement benefit in Division B is generally:

      • An indexed lifetime pension – calculated based on your salary and years of service as at the date you left employment, plus
      • A non-indexed lifetime pension – based on your accumulated contribution balance. Alternatively, you can elect to take this component as a lump sum, plus
      • An interim lump sum, if not already paid.

      If you were originally retrenched, you can choose to receive your retrenchment lump sum prior to turning age 55, in which case you will generally need to direct us to transfer this amount to another superannuation fund.

       

      Deferred benefits must generally be paid at age 55. However, if your preservation age is older than 55, we must withhold your pension payments until you reach your preservation age.

       

      Read more about deferred retirement benefit options.

  • Benefits in other circumstances
    • Withdrawal before age 55

      You can withdraw a lump sum amount before you have reached age 55, in which case generally you will need to direct us to transfer this amount to another superannuation fund. This may be significantly less than what your deferred retirement pension entitlements would otherwise be at age 55.

      Read more about benefit options payable upon withdrawal before age 55.

      Invalidity before age 55

      If you make a claim for total and permanent incapacity that occurs before age 55 and that claim is accepted, generally you will receive your deferred retirement benefit, discounted based on your age at that time. Read more about benefit options payable upon invalidity.

      Death

      If you have a spouse, as defined for Division B, they will receive a reversionary pension upon your death. A child allowance may also be payable where relevant.

      If you do not have a surviving spouse or any dependent children, your Total Accumulated Contributions, Interim Benefit and Superannuation Guarantee Benefit, less any Surcharge Account balance, are payable as a lump sum to your legal personal representative, i.e. the executor or administrator of your estate, or to another person(s) determined by the trustee.

      Read more about benefit options payable upon death.

  • Beneficiaries
    • The rules for Division B determine who can receive a benefit in the event of your death – you cannot nominate a beneficiary for this division.

      Read more about these rules in your Member Booklet.

This information is provided by Commonwealth Bank Officers Superannuation Corporation Pty Limited (ABN 76 074 519 798, AFSL 246418) as trustee for Commonwealth Bank Group Super (ABN 24 248 426 878). It is factual information only and does not take into account your objectives, financial situation or needs. You should consider seeking professional advice before making any decisions about Commonwealth Bank Group Super.