EISS Super and TWUSuper confirm merger moves

NSW-based industry superannuation fund, EISS Super has confirmed it has entered into a Memorandum of Understanding (MOU) for a merger with TWUSuper.

A successful merger would see the creation of a fund with 130,000 members and over $12 billion in funds under management.

The two funds said today that initial discussions on the merger had been very positive.

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Commenting on the move, EISS Super chief executive, Alexander Hutchison, said he believed the fund had an obligation to its members to consider the benefits of a potential merger and to proceed if it was in their best interests.

“It is early days, but we are seeing a lot of potential benefits for members so a merger looks promising,” he said.

For his part, TWUSuper chief executive, Frank Sandy, said that there appeared to be strong synergy between the funds operationally.

“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,” he said.

Both noted that the funds’ memberships shared similarities with a high proportion of members working in high-risk occupations meaning both funds placed great importance on providing quality insurance that was tailored to the needs of their members.

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Get unions OUT of super!! They have no place rorting fees out of future retirement savings.

yeah!!! get them out. Let the corporations rort fees out of the retirement savings instead!

And there we have the heart of the problem. The perennial union attitude that any sort of dodgy behaviour can be rationalised on the basis of "our ideological enemies would be worse".

Correct. But at least now we know the corporations are accountable and have to pay remediation for any rorts or fee for no service, whereas no such luck for the poor members of union super who the corrupt regulator won't even look under the bonnet and aim to stop the issues and rorts.

Compare the pair, I know which one for members is more fair.

Joey Joe, now there's a dodgy name for a start. All enquiries, over the past 10 years have shown that Industry superfunds, where all earnings are returned to Members, as opposed to Retail superfunds where Profits are taken out of the fund by Commercial Shareholders, thus reducing the returns to members of the fund, easily out perform Retail superfunds. One can only conclude that you are simply a Troll, or that you are ignorant of the facts, or are part of a conspiracy by vested interests to cast doubt on the efficacy of Industry super funds. Anyway, I suggest anybody reading your rubbish, should make their own enquiries online and see that the facts differ from those that you have posted. If I'm wrong, please tell me why I'm wrong. Over to you, Joey.

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