The $700 million not-for-profit fund Lutheran Super has announced it is to merge into Mercer Super, with the transfer set to take place in the fourth quarter this year.
John Grocke, chair of Lutheran Super, said the merger is in the best interests of its 5,700 members, including more than 300 pensioners.
“From the outset, we have sought a merger partner that could deliver the best retirement outcomes possible for our members,” Grocke said.
“Following a rigorous process, we’re pleased to have chosen the Mercer Super Trust, where our members will access a wider range of services, options and personalised support to get the most out of their super or pension,” he added.
“Importantly, members will continue to benefit from our tailored balanced investment option as well as other characteristics of the existing plan.”
The merger follows the announcement at the end of May that BT Super would merge into the Mercer Super Trust.
Tim Barber, CEO of Mercer Super, said the firm looked forward to serving Lutheran Super members.
“Mercer is proud of its long-term partnership with Lutheran Super, having provided administration, investment management and consulting services for the fund over many years,” Barber said.
“We know well the commitment they have to helping their members enjoy a healthy retirement, and we look forward to welcoming them to Mercer Super,” he added.
