The merger that was being explored between EISS Super and TWUSUPER will not proceed. EISS Super are now exploring other merger opportunities.
The superannuation industry has undergone immense regulatory change over the past few years and further changes are expected to occur that will make scale (the number of members in a fund and the value of assets managed by a fund) a critical factor in being able to operate in the long term in a manner that is in the best financial interests of members. APRA has stated that it believes the minimum level of scale needed is around $30 billion in assets under management1.
Due to these ongoing regulatory changes and updated statements from the regulator, the merger discussions and due diligence activities that were being undertaken by EISS Super and TWUSUPER were placed on hold by the EISS Super Board while it reviewed EISS Super’s merger strategy. TWUSUPER subsequently decided not to proceed with the merger. This means these discussions are now complete and the merger will not proceed.
The EISS Super Board remain committed to pursuing a merger that is in the best financial interests of our members. We have, and always will put our members first and to ensure our members interests are protected in the long term we are now exploring other merger opportunities. We will update members when further information is available.
The team at EISS Super remain committed to ensuring members continue to benefit from the recent improvements in our investment performance, low fees and the great personal service we provide and are looking forward to meeting with members face to face again as we continue to emerge from Covid-19 restrictions.
We are as always here to support you. If you have any questions, please contact us.
* Personal advice about what EISS Super investment option is right for you is provided to members at no extra cost – it is part of your membership. For other personal advice your first meeting is at no cost, and you can then decide if you would like to move forward with advice in your own time. All costs will be discussed and agreed with you in writing before you incur any costs.
1 APRA Deputy Chair Helen Rowell - Speech to AIST Conference of Major Superannuation Funds, 19 May 2021.
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