The industry super funds have executed a heads of agreement to create a combined super fund that would manage almost $20 billion for more than 150,000 members.
In a joint statement, TWUSUPER chair Nick Sherry and Mine Super chair Christina Langby stated both funds were committed 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 statement said.
The move comes after Mine Super and TWUSUPER entered into a preliminary non-binding memorandum of understanding (MOU) to explore a merger in December 2022.
“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,” Mr Sherry and Ms Langby said at the time.
The funds said the next phase of the merger would be focused on ensuring a seamless transition to the merged fund for all members. Subject to due diligence, it is anticipated that the merger will be finalised in early 2024.
TWUSUPER and Mine Super are industry funds for transport workers and mining and related industry workers, respectively.
“That focus on transport and mining won’t change. The combined super fund will have even greater scale and resources to keep backing the people who keep Australia moving,” the funds said in a statement.
“We will continue to deliver strong long-term investment returns, lower fees, and insurance that covers everyone in transport to deliver a better, more secure future for members.”
TWUSUPER currently manages $6.5 billion with 99,000 members, while Mine Super manages over $12.5 billion on behalf of its 55,000 members.