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Mine Super and TWUSUPER progress merger with SFT signing
Mine Super and TWUSUPER have announced the next milestone towards creating a nearly $20 billion fund with the signing of the successor fund transfer (SFT) deed.
It follows the signing of a heads of agreement in April and signing of a memorandum of understanding in December 2022.
In a joint statement, Mine Super chair, Christina Langby and TWUSUPER chair, Nick Sherry, who will become co-chairs of the combined entity, reported strong and major progress is being made towards the merger.
“Signing the SFT Deed is another meaningful step toward merging two culturally aligned and strong industry super funds that share a commitment to improving and protecting the retirement interests of members in the mining and transport industries,” the statement read.
“Pleasingly, as our two funds have progressed the merger, we are establishing a stronger foundation for the future. We are more convinced than ever of the benefits members will see through the joining of our two funds with shared member first values.”
Vasyl Nair, currently CEO of Mine Super, will become the CEO of the combined fund.
Meanwhile, Frank Sandy, CEO of TWUSUPER, will be remaining to work alongside Nair during the transitional period.
The final stage of the merger will be dedicated to ensuring a seamless transition for members whilst maintaining the ongoing high levels of service members expect from each fund, they said.
Both funds have confirmed there is no change to the projected timeline of completing the merger in early 2024.
Upon completion, the combined fund will represent some 150,000 members.
AUTHOR
Rhea Nath
Rhea L Nath is a journalist at Money Management and Super Review, with a focus on financial advice, investments, funds management, and superannuation. Previously, she covered small business and entrepreneurship news at Dynamic Business and multicultural issues at Indian Link Media Group. In 2022, she was named Young Journalist of the Year at the NSW Premier’s Multicultural Communications Awards.
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