West Australian-based industry fund, Concept One is to merge with WA Super.
Super Review has had it confirmed that the decision to move towards a merger had been signed off today after around four months of negotiations between the two funds.
The merger will confirm WA Super’s status as the dominant superannuation entity in Western Australia.
The two funds have announced the signing of a non-binding MOU to explore a potential merger.
The board must shift its focus from managing inflation to stimulating the economy with the trimmed mean inflation figure edging closer to the 2.5 per cent target, economists have said.
ASIC chair Joe Longo says superannuation trustees must do more to protect members from misconduct and high-risk schemes.
Super fund mergers are rising, but poor planning during successor fund transfers has left members and employers exposed to serious risks.