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.
