Mine Super and TWUSUPER have entered into a preliminary non-binding memorandum of understanding (MOU) to explore a merger of the two funds.
If undertaken, a merged entity would create a combined fund managing nearly $20 billion for over 150,000 members.
Mine Super chair Christina Langby and TWUSUPER chair Nick Sherry said in a joint statement issued last week that the two funds share a strong heritage of member-first values as “historically important” profit to member industry superannuation funds.
“Mine Super and TWUSUPER share the vision of creating a sustainable fund which protects and promotes the interests of workers in the mining and transport industries,” the pair said.
In accordance with the MOU, both Mine Super and TWUSUPER are currently undertaking extensive due diligence to determine the best outcome for all members and mining and transport operators arising from a prospective merger. The joint statement recognised that this process is anticipated to take several months.
“During this period, both funds remain committed to delivering the best outcomes for their members and will keep members informed of important milestones. There is no change to any aspect of any member’s funds, investments or insurance as a result of entering into this preliminary non-binding MOU.”