Cbus and Media Super have merged
Cbus Super and Media Super have merged, following a Successor Fund Transfer (SFT) on 9 April 2022.
The merger creates a strong national industry superannuation fund of $75 billion, managed on behalf of nearly 850,000 members (combined figures as at 31/12/21).
The merger follows a rigorous due diligence process, with both funds working towards finalisation amidst the ongoing challenges of the COVID-19 pandemic and regulatory change.
Cbus CEO Justin Arter welcomed new Media Super members across the Print, Media, Entertainment, Arts and broader creative industries, “This is a great outcome for members of both industry super funds as we welcome Media Super members to Cbus.
“We have shared authenticity and origins through the industry fund model, with a combined 68 years of superannuation experience. Cbus is one of the oldest and one of the most successful industry funds since formation in 1984, and Media Super is now part of that story as we continue with our wider growth plan.
“The merger brings together two funds who share a commitment to maximising their members’ savings and to helping all members achieve better retirement outcomes.
“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.
“And on a more practical level for members, members in the Media Super division have representation through our national footprint, with our provision of service and support to members around Australia.
“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.”
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.
“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. In this next chapter, members will benefit from Cbus retaining our brand, focus, and from the commitment of Cbus’ investment team to achieve the best outcomes from investing back into our industry. These fundamentals will now maximise opportunities and strong retirement outcomes. This has been all about doing the right thing by our members within this environment of consolidation.”
About:
- Following the SFT, Media Super members are now part of Cbus.
- The merger creates a single fund, which is now managed by the United Super Trustee.
- The merger brings together the two funds’ investment, administration and operations, with both Cbus and Media Super retaining their brands.
- The Media Super brand will continue to operate as the leading brand for members in the printing, media, entertainment and arts industries.
- Following the SFT, a Limited Services Period applies while member accounts are finalised.
- Members will start to receive welcome packs from the merged fund from early May.
Issued 31/12/21 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). This information is about Cbus and doesn’t take into account your specific needs. You should look at your own financial position, objectives and requirements before making any financial decisions. Read the relevant Cbus Product Disclosure Statement and Target Market Determination to decide if Cbus is right for you. Contact us or visit cbussuper.com.au for a copy.
Cbus is the leading Industry Super Fund for the building, construction and allied industries. As one of Australia’s largest super funds, we provide superannuation and income stream accounts to more than 778,000 members and we manage over $68 billion of our members’ money (as at 31 December 2021). Our members include workers and retirees, their families and employers.
As of April 2022, Media Super is now a division of Cbus, offering Media Super products. For more than 30 years Media Super has been the industry super fund for Print, Media, Entertainment and Arts, and broader creative industries. At 31 December 2021 Media Super provided superannuation and retirement accounts to 72,000 members and managed $7 billion.