Mine Super and TWUSUPER have announced a new merger timeline and expect to formally come together in early 2025.
In a joint statement, Mine Super chair Christina Langby and TWUSUPER chair Nick Sherry explained the reason behind the slight delay.
“The merger of our two funds remains in the best financial interests of our members and significant progress towards achieving this outcome has been made, including streamlining our investment and insurance offerings,” they explained.
“Extending the completion date enables both funds to focus on a smooth transition for members.”
Mine Super and TWUSUPER added that, while merger delays are “not uncommon”, the funds remain committed to ensuring external service providers, regulators, and members are engaged throughout the process.
The merger was first announced in December 2022 and a successor fund transfer (SFT) was signed at the end of September 2023.
Vasyl Nair, chief executive of Mine Super, was named as the head of the new combined fund, which will have more than 150,000 members and $20 billion in funds under management.
Last year, the funds unveiled the name of their merged fund – Team Super.
According to Mine Super chair Langby and TWUSUPER chair Sherry, the name was chosen to reflect the industry base of both funds.
“The name Team Super reflects the existing industry base of both funds – transport, energy, and mining workers and a deep ongoing commitment to the history and service to these sectors,” they said.
“The new profit-to-member industry fund will focus on growth across the industry sectors, while improving the best outcomes possible for members.
“Team Super reflects the vision of a genuine merger, with the opportunity for future merger partners, which reflects the true ‘team’ approach, with an ongoing focus on growth in a particular industry or workplace sector.”
Both Mine Super and TWUSUPER were among the top five performing growth options in the last calendar year, according to Chant West analysis.
Mine Super held the top spot with a return of 11.8 per cent, followed by Vision Super (11.7 per cent), IOOF Balanced Investor Trust (11.2 per cent), and Aware Super Balanced (11 per cent).
The fifth spot was taken by TWUSUPER Balanced (MySuper) at 10.6 per cent.
