Mine Super and TWUSUPER, two industry super funds, today announced the signing of the Successor Fund Transfer (SFT) Deed.
It represents a major milestone in the merger discussions of the two funds.
The SFT Deed follows the signing of a Heads of Agreement in April and which, on transfer, will create a combined fund managing nearly $20 billion on behalf of 150,000 members.
In a joint statement, Mine Super Chair, Christina Langby and TWUSUPER Chair, Nick Sherry said strong and major progress is being made towards merging the two funds and it is projected that strong financial benefits will result for members.
“Signing the SFT Deed is another meaningful step toward merging two culturally aligned and strong industry super funds that share a commitment to improving and protecting the retirement interests of members in the mining and transport industries,” Sherry said in a statement.
“Pleasingly, as our two funds have progressed the merger, we are establishing a stronger foundation for the future. We are more convinced than ever of the benefits members will see through the joining of our two funds with shared member first values”.
Mine Super and TWUSUPER confirmed the final stage of the merger would be dedicated to ensuring a seamless transition for members while maintaining the ongoing high levels of service members expect from each fund.
The combined entity will be co-chaired by Mine Super Chair, Christina Langby and TWUSUPER Chair Nick Sherry.
Vasyl Nair, currently CEO of Mine Super, will become the CEO of the combined fund.
Frank Sandy, CEO of TWUSUPER will work alongside Vasyl during the important transitional period.
The new fund brings together leaders from both the funds reflecting a shared vision for the future fund and ongoing collaboration between the teams.
Both funds confirmed no change to the anticipated completion of the merger in early 2024.