15 May 2023
MEDIA RELEASE
Cbus Super has successfully completed its merger with EISS Super, welcoming 17,000 new members and establishing itself as the leading fund for energy and electrical workers in Australia, Cbus Super Chair Wayne Swan announced today.
The merger follows extensive due diligence and planning, to deliver benefits for both Cbus and former EISS Super members. This included developing defined benefit products for former EISS Super members.
“Today we welcome 17,000 new members into Cbus who are largely working in the energy and electrical sector across metro and regional NSW,” Mr Swan said.
Cbus now manages retirement savings of over $80 billion on behalf of 900,000 members*, including over 50,000 members in the electrical sector.
Mr Swan added, “The completion of the merger consolidates our commitment to workers in this sector and to their industry, a commitment we are incredibly proud of.
“There will be scale-related benefits for our new members from being in a top tier performing fund and from the greater efficiencies that result from the merger. This consolidation will help all members achieve better retirement outcomes.
“With Cbus, members of EISS Super will enjoy a lower percentage-based administration fee Ϯ and most will pay lower overall fees post-merger.
“EISS Super members have also joined a fund that can provide tailored insurance for members in hazardous work and a greater number of investment options.
“We thank everyone at EISS Super including former Chair Peter Tighe and former CEO Lance Foster for their work to achieve this great outcome for their members.
“Due to the efforts of both Funds we have achieved a successful transition in the best financial interests of all members.
“We are proud to be the fund of choice for employers and workers in the electrical and energy sector and to consolidate our role as the leading fund for those who build and maintain Australia.”
Former CEO of EISS Super Lance Foster said, “It has been a pleasure being part of the retirement journeys of our members and we’re confident that the merger with Cbus Super is in our members’ best financial interests. I also want to thank the teams from both Funds for their professionalism and commitment to getting the right outcomes for members.”
This is the second merger Cbus has completed in the past 13 months, following a merger with Media Super in April 2022. The two mergers have seen a combined inflow into Cbus of over $10 billion in funds under management and growth in membership of 90,000 Australians.
Background:
Following the SFT, EISS Super members are now part of Cbus Super. All EISS Super member accounts were closed and automatically transferred to a new Cbus Super account.
Ϯ There will be changes to fees and costs after the merger. Most members will pay lower fees when they move to Cbus Super.
To help with the transfer of member accounts to Cbus Super, transactions and services for EISS Super member have been limited since 28 April 2023. This limited service period will continue until 31 May 2023.
Media enquiries:
Elisabeth Bowdler, 0412 112 374 or elisabeth.bowdler@cbussuper.com.au
*As at 12 May 2023.
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. Refer to Cbus Product Disclosure Statement, Target Market Determination and Financial Services Guide for more information. Call 1300 361 784 or visit cbussuper.com.au for a copy.
Cbus is the leading Industry Super Fund representing those that help build and maintain Australia. As one of Australia’s largest super funds, we provide superannuation and income stream accounts to more than 875,000 members and we manage more than $73 billion of our members’ money (as at 31 December 2022). Our members include workers and retirees, their families and employers. As of April 2022, Cbus merged with Media Super and offers 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.
Issued 15 May 2023, United Super Pty Ltd ABN 46 006 261 623 AFSL 233792 as Trustee for Construction and Building Unions Superannuation Fund (Cbus and/or Cbus Super) ABN 75 493 363 262.