AustralianSuper has announced The Aviation Industry Superannuation Trust (TAIST) will join its ranks as the foundation member of a new Aviation Industry Division.
The TAIST trustee board identified improved benefits and services for its members and retaining close industry links as key issues in the review process.
TAIST fund secretary, Laurie Cox said, AustralianSuper’s “comprehensive insurance and their pension product were very attractive” when making the decision to join the multi-industry superannuation fund.
“In addition, their commitment to the aviation industry and recognition of the TAIST brand will provide a platform for future growth in the aviation industry,” Cox said.
AustralianSuper chief executive Ian Silk said the company was “thrilled” that TAIST had chosen to join the fund due to its “strong relationships in the aviation industry”.
AustralianSuper will establish a committee to oversee the operations of the new Aviation Industry Division. This board will consist of members of the current TAIST board, who represent both employers and members, and are appointed by the Regional Aviation Association of Australia, the Australian Federation of Air Pilots or the Australian Licensed Aircraft Engineers Association.
The merger is the latest in a series of tie-ups, and takes place at the same time as Western Australia’s largest industry fund, Westscheme, joins AustralianSuper.
As of 1 July, AustralianSuper has 1.8 million members and over $42 billion in funds under management.