TelstraSuper and Aware Super have completed their merger, with about 85,000 TelstraSuper members transferred into Aware Super through a successor fund transfer.
The transfer, executed on 30 April, creates a profit-to-member superannuation fund with approximately 1.3 million members and more than $235 billion in funds under management.
The two funds first announced plans to explore a merger in July last year, before signing a heads of agreement in October and executing the successor fund transfer at the end of April.
The transaction also marks the end of TelstraSuper’s direct member-facing services, after members were told they could continue using SuperOnline and the TelstraSuper app until 5.30pm on 30 April.
A phased limited-service period began on 17 April and is scheduled to continue until 11 May, when transferred members are expected to begin accessing Aware Super’s broader suite of services.
Under the successor fund transfer structure, TelstraSuper members did not need to take action for the move to proceed, with balances and benefits transferred automatically. TelstraSuper had also issued significant event notices to members setting out key details of the move, including changes to fees, insurance and investment arrangements.
Aware Super chief executive Deanne Stewart said the merger would allow members to benefit from the combined capabilities of both organisations.
“This merger is a significant achievement in the history of Aware Super and TelstraSuper and enables members to benefit from the deep retirement and advice capabilities of both organisations, greater scale and enhanced member outcomes.
“Remarkably, it has been achieved in only nine months which speaks to the alignment of values and strong execution capabilities of both organisations.
“We are thrilled to welcome TelstraSuper members to Aware Super and excited at the opportunities ahead to help them achieve their best possible retirement.
“Our sincere thanks to the TelstraSuper board, executive and broader team for their dedication to their members and making the merger a success.”
Former TelstraSuper chief executive Chris Davies said the fund had joined with “the right partner” to support members’ long-term interests.
“We’re pleased to see the merger successfully completed, and proud that TelstraSuper has joined with the right partner to support our members’ long-term best interests. Aware Super shares our deep commitment to members and is well placed to continue delivering strong retirement outcomes.
“Congratulations to everyone involved across both organisations for their hard work and unwavering focus on supporting our members – now and into the future.”
Aware Super and TelstraSuper signed the successor fund transfer deed on 16 March, which was the final major milestone needed to complete the transfer within the following two months.
At the time, Stewart said the signing of the deed had marked an important step in the process.
“We have passed a significant milestone in the merger process and are looking forward to welcoming TelstraSuper members to Aware Super.”
“Uniting two of Australia’s foremost retirement experts helps us keep costs low and deliver market leading retirement solutions and investment performance. Together, we will set a new benchmark in retirement outcomes for our members.”
Aware Super said it would continue a period of heightened support and additional resourcing over the coming weeks to ensure member questions and requests are responded to promptly.
The deal follows TelstraSuper’s abandoned merger with Equip Super, which was called off in May 2025 after TelstraSuper’s board determined the expected member benefits were no longer achievable.
