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(April-2005): Legal supers merge
The Legal Industry Superannuation Scheme and the Law Industry Superannuation Trust have merged to form one fund, Legalsuper.
The merger, which was formalised in late February, has resulted in a fund with over 35,000 members and $500 million in funds under management.
Announcing the merger, the chairmen of the two funds, Rod Smith and Robert Laurie said their boards regarded the move as being in the best interests of members.
“It will increase economies of scale and generate operational cost savings,” the chairmen said.
“Amalgamation of both funds’ operations will strongly position Legalsuper to help the legal industry successfully transition through the choice of fund regime,” Laurie said.
He said the merger had the full support of both the employer and employee representative organisations in each state who had recognised the benefits for members of belonging to a stronger fund with greater resources for member.
Laurie said the merger would be implemented progressively to allow the new board to become directly involved in deciding arrangements.
AUTHOR
Mike Taylor
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