Media Super & Cbus sign final agreement
Print industry super fund Media Super and Cbus have signed their merger agreement, and say the funds are now working towards completing the merger process by the middle of next year.
The Media Super brand will remain, and the fund says it will remain committed to supporting the print industry – it sponsors many events, including the annual Print2 Parliament events, and awards, particularly for young people in the industry.
The merged fund will have more than $70bn in assets, and manage the retirement savings of around 850,000 members.
Cbus is ten times larger than Media Super, both in funds and members, with Media Super aiming to reap benefits from economies of scale. Both funds are regularly among the strongest performers in the Super world, with Cbus delivering a record-breaking 20.3 per cent return in 2020/21.
Media Super is the print industry’s super fund, and although not all printers are in it, print is the biggest sector of members, which also includes those from the entertainment and news industries.
Media Super says that members will still benefit from products and services tailored to the industry, while also gaining access to the benefits of size and scale that come with belonging to a larger fund.
It says those benefits include access to more investment opportunities, greater scope to manage fees effectively and access to innovative products and services, including for those approaching or in retirement.
It says Media Super has been performing well for its members, with strong long-term returns and competitive fees and service offerings.
There are many super fund mergers underway at the moment. This merger is different as both funds retain their brands. Media Super and Cbus are now focused on transition planning to integrate investment, administration and operations. This is a comprehensive process, with both funds saying they are ensuring the plan will deliver a result that’s in the best financial interest of members.