CareSuper and MIESF have signed a binding agreement to merge the two funds.
CareSuper and the Meat Industry Employees’ Superannuation Fund (MIESF) have entered into a binding agreement to merge the funds, creating a $57 billion super fund.
In November, the funds announced to have signed a Heads of Agreement to explore the transfer of MIESF 17,000 members into CareSuper.
This next step in the merger process comes after an extensive due diligence process, with the merger expected to be completed in late 2025.
The merger will be subject to both funds completing their respective members’ best financial interests and equivalent rights assessments and signing a Successor Fund Transfer (SFT) Deed.
Having undertaken the required due diligence processes, we are confident a shared future is the best way forward to continue delivering competitive fees and outstanding value
“As member-focused industry super funds, this binding agreement is a critical and positive step forward in serving our members’ best financial interests,” the Chairs of CareSuper, Linda Scott, and MIESF, Chris White, said in a joint statement.
“Both funds recognise our shared focus on putting members first and the importance of providing strong retirement outcomes combined with excellent service and personalised advice to our members.
“Having undertaken the required due diligence processes, we are confident a shared future is the best way forward to continue delivering competitive fees and outstanding value,” they said.
Until the SFT deed is signed, both funds will continue to operate independently, with administration, investment, and member service managed by each fund.
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