Active Super has detailed the progress being made in the fund’s merger with Vision Super.
Acting chief executive Donna Heffernan said the merger to create a combined $28 billion fund “continues to progress” with an expected completion date forecast for late 2024.
The merger was first discussed between the two funds in June 2022 and a heads of agreement was asigned between the two funds a year later.
Heffernan took on the role from Phil Stockwell last June and will act in the CEO role until the merger with Vision Super is complete, at which point Vision Super CEO Stephen Rowe will lead the merged fund.
Heffernan said: “Following the signing of a heads of agreement in June, our merger discussions with Vision Super continue to progress. Active Super and Vision Super have a similar history as super funds servicing current and former local government employees in our respective states of NSW and Victoria.
“Vision Super is aligned with our core values and this should enable a merged fund to deliver solid long-term returns to maximise retirement outcomes for our members. We will keep you informed as the matter progresses and we remain committed to continue providing high-quality services throughout the merger process.”
As well as the merger, Heffernan said the fund has also resumed its retirement seminars, launched a chatbot, and expanded the retailers involved in its Super Booster scheme.
Active Super was formerly known as LGS Super until its rebrand in May 2021 and has $13.8 billion in assets under management while Vision Super has $12.5 billion.
This is one of several mergers taking place this year with Australian Retirement Trust expected to merge with Alcoa Super and AvSuper as well as Mine Super merging with TWUSuper.