We are merging with VicSuper
Combining the two super funds will provide significant benefits to all our members.
This is an exciting announcement as this merger will offer considerable value to our members and our increased funds under management will allow us to be an even greater force for good in our members’ communities.
The size of First State Super’s and VicSuper’s combined assets means we will become one of Australia’s largest superannuation funds, managing $125 billion in savings on behalf of more than 1.1 million members. While we have agreed to merge, what we do won’t change. We’ll continue to engage with our members as we always have and continue our commitment to providing great services and advice.
More about VicSuper
VicSuper is a $24 billion-strong profit-to-member superannuation fund with over 249,000 members. Like us, VicSuper is committed to investing members’ retirement savings responsibly to generate long-term value and provide peace of mind through financial security in retirement.
We’re both award-winning funds, committed to delivering good for our members and their communities. Both organisations share strong cultural alignment and have very similar values, centred around putting members at the heart of everything we do.
What does the merger mean for you?
This merger will enable us to deliver an even better deal for our members.
- Significant scale benefits, that can benefit members’ retirement savings over the long term.
- Access to broader investment opportunities and increased diversification leading to cost savings over time.
- The ability to leverage the collective strength of education, advice and retirement solutions and the opportunity to provide great value and service to members.
- The capacity to develop innovative retirement income solutions to support our members to achieve better outcomes in retirement.
Who will be looking after your super?
Both First State Super and VicSuper have incredibly dedicated and knowledgeable teams that will be able to come together and continue to offer best in-class support to our members. Following the merger, Board Director representation will reflect the membership composition of the merged fund. The Board will continue to reflect equal member and employer representation with Neil Cochrane as our independent Chair and 14 Directors, four of whom would be from VicSuper’s nominating bodies.
First State Super’s current CEO, Deanne Stewart will be appointed as CEO of the merged fund. VicSuper’s current CEO, Michael Dundon will be appointed as Deputy CEO of the merged fund.
