In December 2021, Cbus and NSW energy industry super fund EISS Super signed a memorandum of understanding to complete a merger in 2022.
With $67 billion in funds under management (as at 31 October 2021), Cbus is one of Australia’s oldest and best performing industry super funds, returning on average 9.25% per annum over the last 37 years^. Cbus’ Growth (MySuper) investment option returned 19.34% for the 2021 financial year, a record year for the fund*. Effective 14 February 2022, the Growth (Cbus MySuper) investment option has been renamed to Growth (MySuper).
Cbus CEO Justin Arter said the merger would further strengthen Cbus’ position as a leading industry fund.
“Cbus has had a connection and affinity with the electrical industry for decades,” he said.
“We have a strong and growing membership of 36,000 members in the electrical trades and strong relationships with industry leaders like the Electrical Trades Union, Master Electricians and NECA.
“Cbus is a specialist fund for workers who build Australia, a fund that tailors our services such as insurance to our members. By joining together with EISS and Media Super, we will be able to deliver even more for our members by harnessing economies of scale.”
The merger with EISS, will follow that of Cbus and Media Super after the two funds signed a Successor Fund Transfer (SFT) deed last year.
Members in the print, media, entertainment and arts, and broader creative industries will join the fund, making Cbus a $70 billion funds under management.