AustralianSuper and LUCRF Super aim to finalise the merger by the end of the 2021/22 financial year, according to an announcement.
Both industry superannuation fund boards had approved a heads of agreement as the two funds continued advanced discussions. This followed due diligence completed by both funds.
LUCRF Super chief executive, Charlie Donnelly, said: “A successfully completed merger with AustralianSuper will provide LUCRF Super members with market leading capabilities that will provide high performing investment products and quality services”.
Also commenting, AustralianSuper chief executive, Paul Schroder, said the fund remained focused on helping members to achieve their best financial position in retirement.
Australia’s second-largest super fund has confirmed it is expanding its presence in the UK following significant investment in the region.
A member of the super fund has approached ASIC to investigate potentially misleading or deceptive representations by UniSuper regarding the holdings of its sustainable portfolios.
The median growth fund delivered 1.9 per cent in March, adding to the “stunning” rally that has seen super funds gain 11 per cent since November.
Vanguard has affirmed its support for the current super performance test, emphasising the importance of keeping the process straightforward.
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