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Major Queensland funds complete merger
Sunsuper has officially finalised its merger with AustSafe Super, bringing its funds under management to $64 billion and its member base to 1.4 million.
The merger would mean one in five workers in Queensland would be Sunsuper’s of members, and should produce total savings to members of $10 million per year.
Sunsuper credited the funds’ shared values as the driver of the merger, especially where rural and regional members were concerned.
“Like AustSafe Super, Sunsuper has a long heritage of supporting rural and regional areas and we remain committed to the strong foundations AustSafe Super has built in these communities over the last 30 years,” Sunsuper chair, Andrew Fraser, said.
The merger saw an advisory board of directors from both funds established to specifically focus on members in rural and regional communities.
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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.
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