Today, industry super funds Mine Super and TWUSUPER announced they have reached an important milestone, with the execution of a Heads of Agreement to work towards a combined fund managing nearly $20 billion for over 150,000 members.
In a joint statement, TWUSUPER Chair Nick Sherry and Mine Super Chair, Christina Langby stated their 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.”
The next phase of the merger will be focussed on planning to ensure a seamless transition to the merged fund for all members. If successful it is anticipated that the merger will be finalised in early 2024.
About TWUSUPER
Established in 1984, one of the first new industry funds of the modern system, to provide superannuation to workers in the transport industry. TWUSUPER manages $6.5 billion, including $400 million invested in transport infrastructure around Australia, with 99,000 members.
About Mine Super
Established in 1941, one of the first industry superannuation funds with an ongoing commitment to its mining heritage. Mine Super is an open offer superannuation fund which manages over $12.5 billion on behalf of its 55,000 members and continues to be a strong supporter of workers in the mining and related industries.