On 13 April 2021, EISS Super and TWUSUPER signed a Memorandum of Understanding (MOU) to explore the potential benefits a merger of the two funds may provide to members and to determine whether it is in the best interests of our members to proceed.
Signing an MOU is an important step in the merger process, but we are still in the early stages. The below diagram outlines the process that will be followed.
We have an obligation to our members, to consider the benefits of a potential merger and to proceed with that merger if it is in the best interests of our members.
Initial discussions between EISS Super and TWUSUPER have been very positive and indicate that building on our shared values and strengths could provide significant benefits to the members of both funds.
As a result, we have signed a MOU which will allow us to further explore the benefits a merger may provide to members and determine whether it is in the best interests of our members to proceed.
As always, the best interests of our members will be the determining factor in any decision that is made.
Signing an MOU does not change anything for you as a member. It simply means that EISS Super and TWUSUPER are commencing a formal due diligence process which will explore whether a merger of the two funds is in the best interests of you, our members.
Signing an MOU is an important step in the merger process, but we are still in the early stages. We will inform you of any important decisions that are made.
Having signed an MOU, we are now in a formal due diligence period with TWUSUPER where we will share information and work together to more fully understand the benefits that a merger could deliver to our members.
At the completion of this phase, if it is determined that merging is in the best interests of members, we will sign an agreement to merge. The two funds will then develop a detailed merger plan and work to that plan to merge the two funds.
EISS Super and TWUSUPER are both profit to member funds and share a member first ethos.
We are both committed to helping our members secure their financial future through great service, solid investment returns and low fees.
We are also firm believers in the importance of protecting your and your family’s livelihood through quality insurance and aim to improve the lives of our members by supporting the communities where they live and work.
Based on initial discussions, a merger between EISS Super and TWUSUPER has the potential to deliver cost savings to members across trustee services, administration and investments, while also providing you with better services, solid long-term investment returns and improved financial outcomes at retirement.
The due diligence process that we have now commenced will allow us to further explore these potential benefits and determine whether a merger is in the best interests of our members.
Before we can determine whether this merger will proceed there is a large amount of work to be undertaken throughout the due diligence process.
We will keep you updated of any decisions that are made.
No – it is business as usual. At this stage we are simply further exploring what looks to be a good opportunity to improve outcomes for you, our members.
You can contact us in all the usual ways, and we will inform you of any important decisions that are made as part of this process.
TWUSUPER was created in 1984 as the industry super for people working in the broader transport and logistics industries. Today TWUSUPER has $6 billion in funds under management on behalf of some 100,000 members across Australia working in road, aviation, bus, waste and recycling and affiliated industries.
TWUSUPER has a history of strong risk-adjusted investment returns, focus on insurance tailored for a risky industry as well as personalised service.
Due to the nature of the transport industry, with people working long hours, they appreciate service and education delivered in the workplace and at convenient locations such as seminars.
The values that underpin TWUSUPER, are expressed in a commitment of understanding our members, their lives and working to build a better tomorrow.
No, your entitlements through the Retirement Scheme and Defined Benefit Scheme will not be affected.
If we proceed with the merger, the merged fund will continue to administer EISS Super’s defined benefits and provides services to members.
Your defined benefit lifetime pension will not be affected.
If we proceed with the merger, the merged fund will continue to administer EISS Super’s defined benefit lifetime pensions and provide services to members.
Yes - We will advise you of any decisions that are made and will be updating these FAQs as well.
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