Cbus and EISS Super sign merger memorandum
Cbus Super, Australia’s leading construction industry super fund, and NSW energy industry super fund EISS Super, have signed a memorandum of understanding to complete a merger in 2022.
Cbus is the fund for workers who build Australia. With $67 billion in funds under management, Cbus is one of Australia’s oldest and best performing industry super funds, returning on average 9.25% per annum over the last 37 years. Cbus’ MySuper investment option returned 19.34% for the 2021 financial year, a record year for the fund.
Cbus CEO Justin Arter said the merger would further strengthen Cbus’ position as a leading industry fund, “Cbus has had a connection and affinity with the electrical industry for decades.
“We have a strong and growing membership of 36,000 members in the electrical trades and strong relationships with industry leaders like the Electrical Trades Union, Master Electricians and NECA.
“Cbus is a specialist fund for workers who build Australia, a fund that tailors our services such as insurance to our members. By joining together with EISS Super, we will be able to deliver even more for members in the electrical sector by harnessing economies of scale.”
EISS Super Chairman Peter Tighe said based on discussions to date and the comprehensive proposal put forward by Cbus as part of EISS Super’s tender process, partnering with Cbus will ensure our members’ interests continue to be protected in the long term, “Cbus’ commitment to providing a shared future for all our members, including those invested in our defined benefit products was an important part of our decision.
“Cbus’ track record of strong investment performance coupled with its commitment to member service and existing connection to the energy industry, will help enhance the retirement outcomes of EISS Super members.
“We believe a merger between EISS Super and Cbus will provide our members with access to greater economies of scale and investment opportunities, which are critical to the successful delivery of positive long term outcomes for members.”
About Cbus: Cbus Super is the leading Industry Super Fund for the building, construction and allied industries. As one of Australia’s largest super funds, Cbus provides superannuation and income stream accounts to more than 775,000 members and we manage more than $67 billion of our members’ money (as at 31 October 2021). Our members include workers and retirees, their families and employers.
About EISS Super: EISS Super is a specialist super fund for the NSW energy industry offering super, pensions, insurance and financial advice to hard working Australians who want to know their future is in safe hands. Established in 1997, EISS Super manages $6.4 billion of retirement savings (as at 30 June 2021) on behalf of our members.
Media enquiries:
Cbus Super: Elisabeth Bowdler, 0417 736 434 or elisabeth.bowdler@cbussuper.com.au
EISS Super: Rebecca Urban, 0411 790 304 or rebecca@theshapeagency.com.au
United Super Pty Ltd ABN 46 006 261 623 AFSL 233792 as Trustee for the Construction and Building Unions Superannuation Fund ABN 75 493 363 262 (Cbus and /or Cbus Super). Refer to Cbus Product Disclosure Statement, Target Market Determination and Financial Services Guide for more information.
Energy Industries Superannuation Scheme Pty Limited ABN 72 077 947 285 RSE Licensee L0001373 and AFS Licence 441877 (EISS) is the Trustee of the Energy Industries Superannuation Scheme Pool A ABN 22 277 243 559 RSE R1004861 and Pool B ABN 64 322 090 181 RSE R1004878, and trading as EISS Super.