Cbus Super has announced the successful completion of its merger with EISS Super, welcoming 17,000 new members.
It would now manage retirement savings of over $80 billion on behalf of 900,000 members, including more than 50,000 members in the electrical sector.
The funds had first signed a formal agreement to merge in September 2022.
The new members largely worked in the energy and electrical sector across metro and regional NSW, Cbus Super chair Wayne Swan noted, establishing Cbus as the leading fund for energy and electrical workers in Australia.
“The completion of the merger consolidates our commitment to workers in this sector and to their industry, a commitment we are incredibly proud of,” he said.
“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”.
The merger followed extensive due diligence and planning, which included developing defined benefit products for former EISS Super members.
“With Cbus, members of EISS Super will enjoy a lower percentage-based administration fee and most will pay lower overall fees post-merger,” Swan added.
“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”.
Lance Foster, former chief executive of EISS Super 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 was Cbus’ second merger to be completed in the past 13 months, following a merger with Media Super in April 2022. With these mergers, Cbus witnessed a combined inflow of over $10 billion in funds under management and growth in membership of 90,000 Australians.
