We are now Australia's second largest super fund. This means we can create a positive impact on a scale that simply wasn't possible before.
This merger builds on the shared heritage, values and strengths of our two successful and strongly aligned profit-to-member super funds, paving the way for new market leadership and innovation.
Neil Cochrane, Chairman of First State Super and Wayne Kayler-Thomson, Chairman of VicSuper talk on After Hours about how the aligned value of being a force for good is the foundation for the two funds coming together.
What are the benefits of merging for members?
By coming together on 1 July 2020, we became one of Australia’s largest super funds, managing over $125 billion^1 in savings on behalf of more than 1.1 million members from similar industries, such as education, healthcare and the public service.
The merger enables us to achieve greater scale, expanding our national footprint and opening the opportunity to invest in different ways.
Other significant benefits of scale for members, include:
- Driving down the cost per member to operate the fund, which means we can pass these savings onto members through lower fees,
- Having access to a broader range of investment opportunities, to help us continue to deliver strong, sustainable long-term returns to our members,
- Providing better support and services due to our larger team and ability to leverage the collective expertise of education, advice and retirement solutions, and
- Developing more innovative retirement solutions and products, to help our members get the best out of their retirement.
First State Super’s Deanne Stewart has continued as CEO, and VicSuper’s CEO, Michael Dundon, has been appointed as Executive Consultant - Group Development.
As at 1 July 2020. ↩