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Anglicans merge with ARF
The Australian Retirement Fund looks likely to become a little larger following the in principle decision by Anglican Superannuation Australia (ASA) to merge into the big industry fund.
The chief executive of Anglican Superannuation Australia, Alan Hall, said the decision to merge had followed a comprehensive tendering process conducted by Rice Walker Actuaries aimed at finding a fund that would provide a “caring” service for ASA members. The merger, if it ultimately proceeds, will add 2,100 members to ARF plus $150 million in funds under management.
ASA’s membership is made up of Anglican clergy and lay people employed by the Anglican Church and related organisations.
“We are confident our members will embrace a greater range of high quality products and services available through ARF,” Hall said. “Our members deserve to be looked after and we have negotiated to offer them access to dedicated financial planning services and improved insurance arrangements.”
The ASA decision to merge with ARF comes at the same time as ARF and the Superannuation Trust of Australia (STA) finalise their own merger arrangements and just weeks after mid-size fund FinSuper decided to merge with ARF.
The merger activity within ARF and separately within STA means the combined entity will be much larger than originally envisaged when merger talks began more than 18 months ago.
AUTHOR
Mike Taylor
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