Retirement
Super funds set $21bn merger in their sights
A new super fund merger on the cards is set to amalgamate a 200,000-strong member base in a move valued at more than $21 billion.
Super funds set $21bn merger in their sights
A new super fund merger on the cards is set to amalgamate a 200,000-strong member base in a move valued at more than $21 billion.
NGS Super and Australian Catholic Super have jointly announced a plan to combine their asset pool and services.
According to a statement, the merger will create a $21 billion super fund that services members Australia-wide across independent and Catholic schools as well as the community sector.
Chair of Australian Catholic Super, David Hutton, said the fund had wanted to consider how to better strengthen the interests of members in the current environment.
For NGS Super chair Dick Shearman, the proposed merger is being driven by synergies between the two funds and is set to strengthen the fund’s position for the future.
“Our members’ interests are at the core of this merger, which represents the continued growth and improved ability of our fund to secure the financial futures of all our members,” he commented.
Both funds have considered the merger as ensuring the future security and sustainability of benefits to the members of both funds.
It’s also hoped it will enable the delivering of improved services and economies of scale.
Australian Catholic Super boasts 85,000 members and 15,000 employers, while NGS Super has $12 billion of assets under management while servicing approximately 120,000 members.
The merger will be subject to finalisation of comprehensive due diligence and assessment of member benefits.
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