Merger update
Reading time: Are you a TWUSUPER member?
As well as updating this page, we will also communicate directly with members at key points during the merger - so it's important you check your details are up to date. This includes your mobile number, email address and postal address. The easiest way to do this is through Member Online, but you can also check by calling us on 1800 222 071 between 8am and 8pm (AEST/AEDT) weekdays.
The timeline so far
-
Mine Super and TWUSUPER complete phase one of merger
21 May 2024
Mine Super and TWUSUPER continue to make significant progress towards their merger which will see the two funds unite as Team Super in early 2025. Mine Super has recently enhanced its investment and insurance structures to benefit members and simplify the path for merger completion as reported in the media.
Team Super will create a $21 billion fund for over 150,000 members. The newly merged fund is expected to continue to deliver strong returns, lower fees, and insurance tailored to workers in the transport, energy and mining industries. The name Team Super reflects the existing industry bases of both funds and an ongoing commitment to the history and service of these sectors.
In a joint statement, Mine Super Chair, Christina Langby and TWUSUPER Chair, Nick Sherry stated:
“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. Extending the completion date enables both funds to focus on a smooth transition for members”.
While delays in super fund mergers are not uncommon, the focus has always been on ensuring a high-quality outcome for members of both funds. Mine Super and TWUSUPER remain committed to ensuring external service providers, regulators and most importantly, members, are engaged throughout the process.
Additional information
About Mine Super
Established in 1941, Mine Super has evolved in recent years to become an open-offer industry superannuation fund with a strong commitment to its mining heritage. Managing over $14 billion on behalf of its 56,000 members, Mine Super is a strong supporter of the workers in the mining and related industries.
About TWUSUPER
TWUSUPER was established in 1984 to look after members in the transport industry. As the industry superannuation fund for transport, it has over $400 million invested in transport infrastructure around Australia. TWUSUPER manages $7 billion with almost 100,000 members.
-
Mine Super and TWUSUPER launch Team Super
18 December 2023
The super fund for Transport, Energy and Mining workers
Mine Super and TWUSUPER are pleased to announce that in 2024 the two funds will merge together under the new name Team Super.
The announcement of the Team Super name is another significant milestone in the proposed merger between the two funds which remains on track to be completed by mid 2024.
Mine Super Chair, Christina Langby and TWUSUPER Chair, Nick Sherry commented:
"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".
"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".
Mine Super and TWUSUPER will provide a further update on the progress of their proposed merger early next year.
Additional information
For Mine Super media enquiries, contact:
Jack Gordon | jgordon@citadelmagnus.com | 0478 060 362For TWUSUPER media enquiries, contact:
Nick Lucchinelli | nick@hortonadvisory.com.au | 0422 229 032 or Brian O’Neil | bconeil@prx.com.au | 0411 055 284About Mine Super
Established in 1941, one of the first industry superannuation funds with an ongoing commitment to its mining heritage. Mine Super is an open offer superannuation fund which manages over $12.5 billion on behalf of its 55,000 members and continues to be a strong supporter of workers in the mining and related industries.
About TWUSUPER
Established in 1984, one of the first new industry funds of the modern system, to provide superannuation to workers in the transport industry. TWUSUPER manages $6.5 billion, including $400 million invested in transport infrastructure around Australia, with 99,000 members.
-
Mine Super and TWUSUPER achieve merger milestone
2 October 2023
Successor Fund Transfer Deed signed
TWUSUPER and Mine Super, two industry super funds, today announced the signing of the Successor Fund Transfer (SFT) Deed, a major milestone in their merger discussions. 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 reported that 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”.
“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 whilst 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 be remaining to 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.
Additional information
For TWUSUPER media enquiries, contact:
Nick Lucchinelli | nick@hortonadvisory.com.au | 0422 229 032 or Brian O’Neil | bconeil@prx.com.au | 0411 055 284For Mine Super media enquiries, contact:
Jack Gordon | jgordon@citadelmagnus.com | 0478 060 362About TWUSUPER
TWUSUPER was established in 1984 to look after members in the transport industry. As the industry superannuation fund for transport, it has over $400 million invested in transport infrastructure around Australia. TWUSUPER manages $6.5 billion with almost 100,000 members.
About Mine Super
Established in 1941, Mine Super has evolved in recent years to become an open-offer industry superannuation fund with a strong commitment to its mining heritage. Managing over $12.5 billion on behalf of its 55,000 members, Mine Super is a strong supporter of the workers in the mining and related industries.
-
TWUSUPER and Mine Super move forward on merger plans
21 April 2023
A better future for everyone in transport and mining
We are pleased to advise that TWUSUPER and Mine Super are moving towards a merger following the execution of a Heads of Agreement to create a combined industry super fund managing nearly $20 billion for over 150,000 members.
In a joint statement, TWUSUPER Chair Nick Sherry and Mine Super Chair Christina Langby stated their continued commitment 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."
Next Steps
Both TWUSUPER and Mine Super will continue our due diligence and planning to confirm if the merger is in the best interests of our members, and develop an operating model to provide quality services to members. Subject to due diligence, it is anticipated that the merger will be finalised in early 2024
What that means
Since 1984 TWUSUPER has been the industry super fund for the people who keep Australia moving. Forty years later it still matters that people in transport have a super fund created for and by the transport industry, tailored to its needs, run only to benefit members, and with a focus on the future.
Both TWUSUPER and Mine Super have long track records of delivering a better future for people in transport and mining, with services tailored to the unique needs of these key industries.
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.
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 and Mine Super enter MOU
19 December 2022
TWUSUPER and Mine Super have entered into a preliminary non-binding Memorandum of Understanding (MOU) to explore a merger of the two funds. If undertaken, a merged entity would create a combined fund managing nearly $20 billion for over 150,000 members.
TWUSUPER and Mine Super 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 undertaking extensive due diligence to determine the best outcome for all members and mining and transport operators arising from a prospective merger. This process may take several months.
TWUSUPER remains committed to delivering for members. 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.