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.”
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
Retirement reimagined as Australian optimism meets inflation worries in 2023 super fund insights
The latest reports on retirement confidence among Australians present a spectrum of sentiments, with fresh data revealing surprising optimism in some quarters while exposing underlying concerns in ...Read more
Superannuation
Aussie retirees face a shortfall as ideal retirement nest egg doubles what super will deliver
As Australians look towards retirement, the desired superannuation balance that many believe will ensure a comfortable retirement has significantly outpaced what they are on track to actually save. Read more
Superannuation
Super funds eye 6.5% return in 2023, despite a rocky start
As the year draws closer to its climax, Chant West unveils its projection for super funds in what can only be described as a year of economic ebbs and flows. Read more
Superannuation
A deep dive into Australia’s superannuation system
Australia has a robust retirement savings system known as superannuation designed to provide financial security to Australians in their post-work years. Read more
Superannuation
50,000 super fund members impacted by data breach
Around 50,000 member records were impacted by the breach that took place earlier this month. Read more
Superannuation
Two super funds tipped to reach $1tn by 2040
KPMG has released the findings from a new review. 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
Retirement reimagined as Australian optimism meets inflation worries in 2023 super fund insights
The latest reports on retirement confidence among Australians present a spectrum of sentiments, with fresh data revealing surprising optimism in some quarters while exposing underlying concerns in ...Read more
Superannuation
Aussie retirees face a shortfall as ideal retirement nest egg doubles what super will deliver
As Australians look towards retirement, the desired superannuation balance that many believe will ensure a comfortable retirement has significantly outpaced what they are on track to actually save. Read more
Superannuation
Super funds eye 6.5% return in 2023, despite a rocky start
As the year draws closer to its climax, Chant West unveils its projection for super funds in what can only be described as a year of economic ebbs and flows. Read more
Superannuation
A deep dive into Australia’s superannuation system
Australia has a robust retirement savings system known as superannuation designed to provide financial security to Australians in their post-work years. Read more
Superannuation
50,000 super fund members impacted by data breach
Around 50,000 member records were impacted by the breach that took place earlier this month. Read more
Superannuation
Two super funds tipped to reach $1tn by 2040
KPMG has released the findings from a new review. Read more