POWERED BY MOMENTUM MEDIA
(April-2003) Schools on recess
Merger talks between the Non-Government Schools Superannuation Fund (NGS Super) and the Independent Schools Superannuation Trust have been suspended.
NGS Super CEO Sue Willems confirms that talks are “in limbo”, noting: “They are not definitely off. They are not definitely on.”
Willems says: “It’s a very big deal merging funds and a number of issues were thrown up [during talks] and people had to go away and think about them… We are just working through the issues that emerged and negotiations could start up again at any time although there’s no timeline.”
She adds that although one party called off the talks, “both parties were happy to step back a bit”.
The merged fund would have had 80,000 members and over 900 non-government schools under its wing. It would also have had assets of almost $1 billion and would have benefited from the improved economies of scales needed in an increasingly challenging market.
Willems says while her fund is not in any specific merger talks with any other funds at this stage, it is talking to some small NSW school-based funds which have either closed down their corporate funds or are unhappy with their master trusts and want to roll into NGS Super.
AUTHOR
Zilla Efrat
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