Cbus and Media Super merger progresses
Following a thorough due diligence process Cbus and Media Super have agreed to progress to the next stage of their merger in 2021.
The funds will now commence work on a merger plan, which will integrate investment, administration and operations over the next year with both Cbus and Media Super retaining their brands.
Media Super is the industry super fund for the printing, entertainment, arts and media industries. Cbus is the industry super fund for the building, construction and allied industries. A merger will create a fund managing approximately $60 billion on behalf of 840,000 members nationally.
Cbus Super Chair Steve Bracks said, “The due diligence process provided an independent assessment that the merger is in the best interests of our members. This partnership brings together two strong and aligned industry super funds. Together Cbus and Media Super can deliver more for members, delivering the tailored, industry-specific products members need with greater scale and efficiencies. I am very pleased to be announcing that the merger is progressing.”
Media Super Chair Susan Heaney said, “There will be no change to our core focus on the printing, entertainment, arts and media industry. As part of a larger fund, our members will benefit from the cost benefits of increased scale, access to new opportunities in investments and ever-improving products and services. Like us, Cbus are an intrinsic part of their industry and local community and dedicated to delivering better retirement outcomes for their members. This is an exciting development for Media Super.”
The merger is scheduled to be complete late 2021.
We are committed to keeping our members and employers informed of the merge process and progress every step of the way. If at any time you would like more information or would like to discuss your account, do not hesitate to contact us by calling the Helpline on 1800 640 886, lodging an enquiry through your online account, or contacting your Business Development Manager.