The superannuation fund that represents most of the Hunter Valley's miners will merge with a transport industry fund to create a $20-billion organisation.
Mine Super, which has been known by several names over its 83-year history, has a deep connection to the Hunter and very strong membership within the region.
The fund manages $12.5-billion and has more than 56,600 members, but will merge with TWUSUPER in the coming months to create Team Super.
It's understood Mine Super's two Hunter-based offices in Warners Bay and Newcastle will be retained as a condition of the successful merger.
About 50 per cent of the organisation's 107-strong workforce are based in the two offices. Mine Super declined to comment on potential job redundancies that may arise as a result of the merger.
"We do not make public comment on individual employment arrangements," a spokesperson said.
"Our Newcastle and Warners Bay offices will continue to be used to service our current and prospective members. Our staff will continue to operate out of these offices."
The new combined super fund will manage nearly $20 billion for more than 150,000 members.
The merger will lead to lower administration fees, with the savings to be passed on to members, along with broader investment opportunities, a spokesperson said.
'"Like Mine Super before it, Team Super will continue to help its members in the Hunter Region receive the best retirement outcomes possible," they said.
"Through increased scale, we believe we can further enhance our products and services as well as access greater investment opportunities."
TWUSUPER was established in 1984 for members of the transport industry. It manages $6.5 billion, including more than $400 million invested in transport infrastructure, with almost 100,000 members.
The two super funds signed a Successor Fund Transfer Deed at the end of 2023 and the merger is expected to be finalised by mid-2024, before the start of the new financial year.
"Mine Super and TWUSUPER have strong performing investment returns and we are currently exploring how we can bring these options together to deliver superior returns for members," a spokesperson said.
