Cbus and Media Super have signed a successor fund transfer (SCT) deed as the two superannuation funds look to merge.
The funds announced in July 2020 that a merger was on the horizon and the merged entity was now set to launch in the second half of FY22 and would manage over $70 billion in funds for around 850,000 members.
Under the SFT Cbus would retain the Media Super brand to communicate with members in the print, media, entertainment and arts, and broader creative industries. The investment, management and back office functions would 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.”
Cbus chair, Steve Bracks, said the merged fund could deliver more for members by delivering tailored industry specific products members needed with greater scale and efficiencies.