TWUSuper and Mine Super in merger talks
Industry funds TWUSuper and Mine Super have entered into merger discussions.
The two funds confirmed today they had entered into a preliminary non-binding Memorandum of Understanding to explore a merger which, if successful, would see the creation of a $20 billion fund with over 150,000 members.
In a joint statement, Mine Super Chair Christina Langby and TWUSUPER Chair Nick Sherry stated 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. 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. It is anticipated that this process may 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”.
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