Cbus Super and Media Super have now merged, following a Successor Fund Transfer (SFT), creating a strong national industry superannuation fund of $75 billion managed on behalf of some 850,000 members.
Media Super members are now part of Cbus, with the merger creating a single fund managed by the United Super Trustee.
The merger has also brought together the two funds’ investment, administration and operations, with both Cbus and Media Super retaining their brands.
Following the SFT, a Limited Services Period applies until 26 April while member accounts are finalised. Members will start to receive welcome packs from the merged fund from early May.
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,” Arter said.
“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.”
According to Arter, the merger will 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,” he said.
“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 spoke about the member outcomes from the merger.
“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. 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.”
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