NGS Super and QIEC Super have today announced that they plan to merge and partner from 1 November, this year, resulting in a $10.3 billion superannuation fund with approximately 125,000 members.
Both funds felt that the partnership would ensure the future sustainability and security of the benefits they afford members and improve economies of scale.
QIEC Super chairperson, Terry Burke, said that in the fund needed to join forces with another fund to best serve its members’ interests.
“In the current regulatory and investment environment, QIEC Super needed to look beyond being a stand-alone fund and consider how the interests of its members could be strengthened and better serviced within a larger like-minded education and care industry fund,” he said.
NGS Super chairperson, Dick Shearman, also welcomed the merger, saying that it was driven by synergies between the two funds and would strengthen NGS’ future.
“Our members’ interests are at the core of this alliance, which represents the continued growth and improved ability of our fund to secure the financial futures of all our members.”
The merger is subject to finalisation of comprehensive due diligence and risk assessments. Regulatory approval is pending to enable existing service providers of both funds to continue to meet members’ needs until integration.
