Cbus Super and Media Super have merged to create a single fund managed by the United Super Trustee, following a Successor Fund Transfer (SFT) on 9 April, 2022.
Media Super members were now part of Cbus, creating a merged industry superannuation fund of $75 billion, managed on behalf of nearly 850,000 members.
Cbus chief executive, Justin Arter, said: “The merger brings together two funds who share a commitment to maximising their members’ savings and to helping all members achieve better retirement outcomes”.
The merger followed a process of due diligence, with both funds working towards finalisation amidst the ongoing challenges of the COVID-19 pandemic and regulatory change.
Arter said: “Media Super proactively responded to the rapid regulatory changes within superannuation that are driving consolidation, seeking out a strong-performing fund to partner with.
“The merger will now bring many compelling benefits to Media Super members. They are part of a larger fund and that scale will drive greater scope to manage fees effectively, drive substantial investments that contribute to stronger long term returns, and provide access to innovative products and services including for those approaching or in retirement.”
Arter said members in the Media Super division would benefit from representation through Cbus’ national service and support footprint.
“We are all excited by the scale and strength achieved through this merger. The merged fund is on track to reach Cbus’ ambition to grow to $150 billion. We’ll leverage this to deliver enhanced products and services and to continue to seek out world-class investment opportunities for our 850,000 members,” he said.
Former Media Super CEO, Tony Griffin, reiterated the benefits for Media Super members from the combining of two well-performing funds, both being laser focussed on member outcomes.
“Media Super members now benefit from merging with a top tier performer who shares a like-minded commitment to member outcomes, and from the greater efficiencies this final stage now brings,” Griffin said.
“We are funds who have been intrinsic parts of our industries. At Media Super we have been proud to be the leading brand for members in the print, media, entertainment and arts industries.”
Following the SFT, a Limited Services Period applied while member accounts were being finalised. Members would start to receive welcome packs from the merged fund from early May.