Mercer Super has announced it had acquired the Holden Employees Superannuation Fund (HESF).
This followed the fund’s merger with BT Super and Lutheran Super, and recently reached 850,000 members and $63 billion in funds under management.
The two funds signed an agreement to merge HESF into Mercer Super Trust through successor fund transfer (SFT). The SFT was expected to occur on or around 1 June, 2023.
“We’re very proud of the partnership we’ve built with HESF over many years, and look forward to welcoming HESF members to Mercer Super in the coming weeks,” said Tim Barber, Mercer Super’s chief executive.
“Mercer Super is on a growth trajectory, and our intention is to keep growing and investing in Mercer Super for the benefit of our members. Scale provides natural flow-on effects for members, with the identifiable benefit being competitive fees,” he added.
Barber also identified the ‘less tangible benefits’ of the merger, including enhanced education, engagement, expanded choice and an improved member experience.
“We have an ongoing commitment to improving our capability and capacity to help even more Australians through their retirement journey,” he concluded.
In a recent interview with Super Review, the chief executive noted that Mercer was not “merging to survive”, but instead was focused on adding value to its client proposition.
“We would like to do more mergers if the right ones arise, we think that growth is now enabled and we are in a stronger position to grow now because our competitive position is enhanced,” he said.
The $3 million super tax bill is expected to become a key election issue after the Senate dismissed a motion to discharge the legislation.
A report advocating for reduced union involvement in super funds was tabled on Thursday on behalf of Senator Andrew Bragg.
Qantas Super has announced the completion of its merger with the Australian Retirement Trust.
The Coalition has made headlines in recent months over its alleged plans to dismantle the superannuation system, but the shadow assistant treasurer insists top Coalition members support super.