Retirement
Merger of Cbus and Media Super now complete
The merger has created a $75 billion super fund with nearly 850,000 members.
Merger of Cbus and Media Super now complete
The merger between Cbus Super and Media Super has now been finalised following the completion of a successor fund transfer.
After originally announcing their intention to merge in 2020, the two super funds completed a “rigorous due diligence process” amid the challenges of the pandemic and regulatory change.
The merged fund will manage a total of $75 billion on behalf of nearly 850,000 members as of the end of last year.
Cbus CEO Justin Arter said the merger was a great outcome for both industry funds, which have 68 years of superannuation experience combined.
“The merger brings together two funds who share a commitment to maximising their members’ savings and to helping all members achieve better retirement outcomes,” he said.
“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.”
Mr Arter said that the scale of being part of a larger fund would 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.
“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,” he said.
“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.”
As part of the merger, the two funds’ investment, administration and operations have been brought together, while Cbus and Media Super will both retain their brands.
“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,” said former Media Super CEO Tony Griffin.
“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.”
RELATED ARTICLES
Superannuation
Survey reveals Australians' reliance on superannuation for retirement
A new survey by AustralianSuper has found that only 32% of Australians believe they could save for retirement without compulsory superannuation. Read more
Superannuation
AMP launches national campaign to boost super engagement
AMP has unveiled a new national advertising campaign aimed at encouraging Australians to engage more actively with their superannuation. Read more
Superannuation
AustralianSuper urges action on gender pay gap for Equal Pay Day
AustralianSuper, Australia's largest superannuation fund, is calling for increased focus on the gender pay gap and its long-term impacts on women's retirement savings this Equal Pay Day, August 19. Read more
Superannuation
AMP advisers focus on super contributions and home ownership queries
Financial advisers are prioritizing assistance with superannuation contributions, transfer balance caps, death benefits, and home ownership issues, according to recent data from AMP Advice. Read more
Superannuation
Aware Super reports strong 11.02% return for flagship investment option
Aware Super, one of Australia's largest superannuation funds, has announced an 11.02% return for its High Growth accumulation option in the 2024 financial year. Read more
Superannuation
Retirement savings strategies: How to boost your superannuation
Superannuation is a pivotal part of retirement planning in Australia, offering a tax-effective way to save for your later years. As you navigate through your working life, enhancing your ...Read more
Superannuation
Aware Super takes on Australia's gender retirement gap, aiming for financial equality
Aware Super, one of Australia's largest superannuation funds with a 70 per cent female membership, is on a mission to close the gender gap that sees women retire with 30 per cent less super than men ...Read more
Superannuation
Age Pension increase prompts Australians to review their finances
The increase in the Age Pension, which takes effect today, should serve as a prompt for many older Australians to ensure they're maximizing their income as cost-of-living pressures persist, according ...Read more
Superannuation
Survey reveals Australians' reliance on superannuation for retirement
A new survey by AustralianSuper has found that only 32% of Australians believe they could save for retirement without compulsory superannuation. Read more
Superannuation
AMP launches national campaign to boost super engagement
AMP has unveiled a new national advertising campaign aimed at encouraging Australians to engage more actively with their superannuation. Read more
Superannuation
AustralianSuper urges action on gender pay gap for Equal Pay Day
AustralianSuper, Australia's largest superannuation fund, is calling for increased focus on the gender pay gap and its long-term impacts on women's retirement savings this Equal Pay Day, August 19. Read more
Superannuation
AMP advisers focus on super contributions and home ownership queries
Financial advisers are prioritizing assistance with superannuation contributions, transfer balance caps, death benefits, and home ownership issues, according to recent data from AMP Advice. Read more
Superannuation
Aware Super reports strong 11.02% return for flagship investment option
Aware Super, one of Australia's largest superannuation funds, has announced an 11.02% return for its High Growth accumulation option in the 2024 financial year. Read more
Superannuation
Retirement savings strategies: How to boost your superannuation
Superannuation is a pivotal part of retirement planning in Australia, offering a tax-effective way to save for your later years. As you navigate through your working life, enhancing your ...Read more
Superannuation
Aware Super takes on Australia's gender retirement gap, aiming for financial equality
Aware Super, one of Australia's largest superannuation funds with a 70 per cent female membership, is on a mission to close the gender gap that sees women retire with 30 per cent less super than men ...Read more
Superannuation
Age Pension increase prompts Australians to review their finances
The increase in the Age Pension, which takes effect today, should serve as a prompt for many older Australians to ensure they're maximizing their income as cost-of-living pressures persist, according ...Read more
