More than a year after it was first canvassed, Tasmanian-based superannuation funds, Quadrant and Tasplan, this week completed their merger.
Announcing completion of the process, Tasplan chief executive, Wayne Davy said it had resulted in the creation of a bigger, stronger Tasmanian super fund that was already invigorating the Tasmanian economy and putting the State on the national super map.
"Tasplan is dedicated to seeing Tasmania thrive," he said. "This is not just lip service — we're doing it already through investments, employment and a commitment to excellence."
He outlined the fund's commitment to investment in Tasmania, saying the Tasplan Board had extended its commitment to investing in Tasmanian businesses through the Tasmanian Growth and Development Fund by a further $20 million.
Further, he said the fund had added to employment in the state by bringing its administration and call centre operations from the mainland to Hobart.
Davy said that to support its new business model, the fund had employed 38 new, local staff bringing the number of full time equivalent staff to 88, with more recruitment likely.
He said that as a result of the merger with Quadrant, Tasplan Super now had $3.3 billion in combined funds, 100,000 members, 15,000 employers, nine investment options, and 88 employees.
The research house has offered a silver lining after super fund returns saw the end of a five-month streak last month.
A survey of almost 6,000 fund members has identified weakening retirement confidence, particularly among those under 55 years of age, signalling an opportunity for super funds to better engage with members on their retirement journey.
The funds have confirmed the signing of a successor fund transfer deed, moving closer to creating a new $29 billion entity.
A number of measures, including super on Paid Parental Leave, funding to recover unpaid super, and frameworks to encourage investment in the energy transition, have been welcomed by the superannuation industry.
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