Local authority and water industry employees will come under one umbrella after Vision Super announced it is merging two of its funds.
Vision Super Fund will merge with Local Authorities Super Fund (LASF) from 30 June.
The funds came to the decision and trustees signed off on the merger upon consulting with the Australian Prudential Regulation Authority after an assessment was made that members will get equivalent rights.
“We’re very pleased to announce the merger of the Local Authorities Superannuation Fund and the Vision Super Fund,” Vision Super CEO Stephen Rowe said.
“This consolidation will allow Vision Super to reduce operating and regulatory costs, which will benefit our members.”
Assets will total $7 billion under the merger.
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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