Green light for Cbus and CONNECT merger
28 June 2010
Industry superannuation funds Cbus and CONNECT today announced they have formally agreed to
merge effective 1 October 2010.
Earlier this year the two boards confirmed they had signed a Heads of Agreement providing in-
principle support for a merger subject to a due diligence process. That due diligence is now
complete and the two super funds are transitioning to a single entity over the next three months.
In welcoming the decision, Cbus Chair Steve Bracks AM said “this is a real win-win situation”.
“There is a natural fit for the two funds coming together,” Mr Bracks said. “We have a strong
shared vision for our industry, and are committed to delivering the best retirement outcomes and
services – for both our members and employers.”
CONNECT Chairman Mac Russell also welcomed the agreement and congratulated chief executives
Sean Leonard and David Atkin on overseeing a smooth process.
“Both boards are satisfied that this will deliver real member benefit over the long term,” he said.
The merger comes on the eve of the release of the Cooper review which has flagged reforms to
promote fund consolidation.
“The process we have undergone has been detailed and rigorous in terms of financials, governance
and member benefits,” Mr Russell said. “I admit it has been complex, but the open and
collaborative approach taken by both funds was the key to successfully navigating a path forward.”
The Cbus board size and its employee-employer composition will not change as a result of the
merger.
Established in 1984, Cbus is the industry superannuation fund for the construction, building,
infrastructure and allied industries. With almost $14 billion in funds under management, and
around 580,000 members and 67,000 participating employers, Cbus is one of Australia’s largest and
most successful super funds.
CONNECT is the superannuation fund for electrical and communications industry contractors. Since
its establishment in 1985, Connect has grown to almost $700 million in funds under management,
more than 27,000 members and 4,000 participating employers.
CONNECT brings its strong electrical industry heritage with it to build on Cbus’ own history of
achievement in the construction and building industries.
For further information:
David Atkin
Sean Leonard
Chief Executive Officer
Chief Executive Officer
Cbus
CONNECT Super
03 9657- 4200 / 0419-570-580
0407-477-422
NEWS 
