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Statewide Super and Local Super merge to create $4 billion fund
Statewide Super and Local Super have merged to create a $4 billion, 160,000 member-strong superannuation fund.
The decision to merge was agreed after an investigation by the trustees of both funds determined it would be in all members' best interests.
A memorandum of agreement to merge was signed by both parties in July 2011.
Former chair of the Statewide board Nick Begakis will remain on the board, while former chief executive of Statewide John O'Flaherty will assume the position of chief executive officer.
Former chief executive of Local Super Nic Szuster will become deputy chief executive.
New board chairman Juliet Brown said the fund would provide better efficiencies for members and employers.
Brown said members would receive more efficient service and performance improvements, and savings in investment fees.
The fund would work on ways to make it easier for employers to meet their super obligations by "providing ready access to a highly trained, service-focused client service team and a wide range of products and services designed to support them and their staff," she said.
She said it would be "business as usual" for the newly merged fund, which is yet to finalise a name.
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