EISS Super and TWUSUPER are pleased to announce that the two funds have entered into a Memorandum of Understanding (MOU) to commence a formal due diligence process exploring whether a merger of the two funds is in the best interests of their respective members.
Initial discussions have been very positive and indicate that building on the shared values and strengths could provide significant benefits to the members of both funds.
EISS Super CEO Alexander Hutchison said “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 their best interests. It’s early days, but we’re seeing a lot of potential benefits for members, so a merger looks promising.”
Frank Sandy TWUSUPER’s CEO said “Although early in the process, there appears to be a strong synergy between the funds operationally, which should translate to better member outcomes, as well as an alignment of our values and culture which is important for members. This merger can provide greater scale for both funds and has the potential to deliver cost savings to members across trustee services, administration and investments, while also providing members with better services, solid long-term investment returns and improved financial outcomes at retirement.”
As profit to member funds, EISS Super and TWUSUPER are strongly aligned, sharing a member first ethos. Both funds are committed to helping members secure their financial future through great service, solid investment returns and low fees.
The funds’ memberships also share some similarities with a high portion of members working in high-risk occupations, meaning both funds place great importance on providing quality insurance that is tailored to the needs of their members. Finally, there is alignment in the belief that, like all businesses, super funds have a social licence to improve the communities within which they operate and should seek to do so.
A merger between EISS Super and TWUSUPER would bring together two industry super funds, creating a fund with over $12 billion in funds under management and approximately 130,000 members across Australia.
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EISS Super is a multi-award-winning industry super fund* offering super, pensions, insurance and financial advice to hard working Australians that want to know their future is in safe hands.
Established in 1997, we started out as a super fund for energy and electrical workers and while we haven't forgotten where we came from, we’re now proudly supporting members across a wide range of industries.
We visit and support our members and the communities where they live and work to protect and build their financial future. We’re committed to providing great personal service to ensure our members get the most out of their super.
We’re one of the lowest cost superannuation funds in the market^. We keep fees low and reinvest in the products and services we provide to members so they can achieve a comfortable retirement.
We manage $6 billion of retirement savings on behalf of our members.
*EISS Super’s MySuper and Pension products have received 5 Star and AAA status awards from leading research agencies, The Heron Partnership and Rainmaker Information.
^ Rainmaker Benchmarking Report, March 2020.
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.
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