Mine Super and TWUSUPER have progressed to the next phase towards creating a combined fund with nearly $20 billion in funds under management.
This followed a signing of a memorandum of understanding in December.
The industry super funds had now executed a heads of agreement in a continued commitment to the merger process.
“Our funds share a strong heritage of member first values, and our vision continues to be aligned in creating a sustainable fund which protects and promotes the retirement savings of workers in the mining and transport industries,” said TWUSUPER chair, Nick Sherry, and Mine Super chair, Christina Langby, in a joint statement.
The super funds had earlier expressed their shared vision of creating “a sustainable fund which protects and promotes the interests of workers in the mining and transport industries”.
If a merger proceeded, it would create a combined fund managing nearly $20 billion for over 150,000 members.
The next phase of the merger would now focus on planning and implementation to ensure a seamless transition to the merged fund for all members.
The merger was expected to be finalised in early 2024.
