Industry super funds Vision Super and Active Super have signed a successor fund transfer deed and are set to merge on 1 March 2025. With Vision Super set to be the successor fund, the funds are moving closer to creating a new, larger entity with around $29 billion in funds under management and 170,000 member accounts.
Vision Super Chair Graham Sherry said: “This is an exciting milestone in our merger process. The signing of the successor fund transfer deed brings us a very significant step closer to realising the benefits of this merger for our members.
Active Super Chair Kyle Loades said “The combined strength of a single fund across NSW and Victoria, with a focus on delivering sustainable long-term returns and strong retirement outcomes for members, will serve our members in local government and beyond for decades to come.”
“With over 100 years’ combined experience serving our members in local government across New South Wales and Victoria, the two most populous states in Australia, the merged fund is set to become the preeminent traditional local government fund in Australia. This merger represents a significant step forward in our mission to provide exceptional service and strong returns to our members across the country,” the Chairs said.
Vision Super’s Chief Executive Officer, Stephen Rowe, will be Chief Executive Officer of the merged fund. Stephen is excited to see this substantial milestone achieved and noted the expected benefits for members were strong.
“We expect to see benefits for members over time including cost savings and greater economies of scale as time goes on as the merged fund will strive to deliver improved products and services”, Stephen said.
Donna Heffernan, Active Super’s Acting Chief Executive Officer, will work alongside Stephen during the transition period. The fund will continue to maintain its presence in Sydney and across regional NSW in Newcastle, Wollongong, Ballina, Wagga Wagga and Orange, as well as Melbourne and regional Victoria.
The merged fund will be internally administered, using Vision Super’s existing Acurity Registry platform, which the fund has used since 2016. Transition is well underway in advance of the SFT date of 1 March 2025.
“Internal administration allows us to provide efficient, award-winning member service[1] at a competitive cost,” Stephen said.
This media release contains general information only.
Key Facts:
Background:
Active Super, formerly known as Local Government Super, was established in NSW in 1997 and managed around $14.77 billion in net assets for over 82,500 members and around 87,600 member accounts+. It has been open to the public since 2009.
Vision Super was founded in 1947 for Victorian local government and authorities’ workers. Vision Super’s net assets are around $13.9 billion for over 84,000 member accounts*. It has been open to the public since 2006.
+As of 31 March 2024.
About us:
Issued by LGSS Pty Limited (ABN 68 078 003 497) (AFSL 383558) as Trustee for Local Government Super (ABN 28 901 371 321) (‘Active Super’) and Vision Super Pty Ltd as Trustee of the Local Authorities Superannuation Fund (ABN 24 496 637 884) (‘Vision Super’)
Contact details:
Media contact:
Vision Super: Rebekka Power – 0404 796 183 [email protected]
https://www.visionsuper.com.au/
Active Super: Chantal Walker - 0427945112 [email protected]
Activesuper.com.au
