Cbus and Media Super merger progresses
A milestone has been reached in the Cbus Super and Media Super merger, with the two funds signing a Successor Fund Transfer (SFT) deed.
The merged fund, set to launch in the second half of FY2022, will manage over $70 billion in funds for around 850,000 members.
Under the SFT, Cbus will retain the Media Super brand to communicate with members in the print, media, entertainment and arts, and broader creative industries, whilst investment, management and back office functions will be shared.
Media Super Chair Susan Heaney said, “In an environment where the complexities of regulatory change, investment opportunities and member demand for digital and advisory services are growing, it is becoming increasingly difficult for smaller superannuation funds to remain cost-competitive and provide members with more choice and opportunity to grow their retirement savings.
“By belonging to a much larger fund, Media Super members will gain investment opportunities at a lower cost and benefit from a portfolio of products and services that will help improve their retirement outcomes.
“Our members have much in common with Cbus members in terms of the nature of their work. Many are self-employed, others work on fixed-term contracts or in casual employment. Like the construction sector, their workplaces are often changing and can be disrupted.
“By keeping the Media Super brand, our members can be confident that they will still have a voice within the larger fund, and that our focus and support for those employed in the print, media, entertainment and arts sectors will be maintained.”
Cbus Chair Steve Bracks said Cbus has an impressive track record, returning for members 9.25% on average each year for the last 37 years*, “Since 2017 Cbus has reduced our investment fees by $400 million, demonstrating the value of scale to members’ bottom line.
“Together Cbus and Media Super can deliver more for members, delivering the tailored, industry-specific products members need with greater scale and efficiencies.”
Adam Bennett, Media Super – firstname.lastname@example.org
Elisabeth Bowdler, Cbus – 0412 112 374, email@example.com
*Average return for the Growth (Cbus MySuper) investment option. Investment performance is based on the crediting rate, which is the return 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.