Retirement
TelstraSuper and Aware Super merge, creating a powerhouse with over $235 billion in funds
Retirement
TelstraSuper and Aware Super merge, creating a powerhouse with over $235 billion in funds
In a strategic move that underscores the growing trend of consolidation in the superannuation industry, TelstraSuper and Aware Super have successfully completed their merger, creating a formidable entity with approximately 1.3 million members and over $235 billion in funds under management. This merger, finalised in less than a year since the initial proposal, is a testament to the shared vision and operational synergy between the two organisations.
TelstraSuper and Aware Super merge, creating a powerhouse with over $235 billion in funds
In a strategic move that underscores the growing trend of consolidation in the superannuation industry, TelstraSuper and Aware Super have successfully completed their merger, creating a formidable entity with approximately 1.3 million members and over $235 billion in funds under management. This merger, finalised in less than a year since the initial proposal, is a testament to the shared vision and operational synergy between the two organisations.
The merger process, which began with exploratory discussions in July last year, quickly gained momentum. By October, the two funds had signed a Heads of Agreement, and on 30 April, they executed the Successor Fund Transfer (SFT) that officially brought about the unification. This swift execution highlights the alignment of values and the robust execution capabilities of both super funds.
Deanne Stewart, CEO of Aware Super, expressed her enthusiasm for the merger, noting its significance in the history of both funds. "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," she said. Stewart further highlighted the speed of the merger, stating, "Remarkably, it has been achieved in only 9 months which speaks to the alignment of values and strong execution capabilities of both organisations."
The merger brings approximately 85,000 TelstraSuper members into the Aware Super fold, expanding the fund's reach and influence in the superannuation sector. Stewart warmly welcomed the new members, saying, "We are thrilled to welcome TelstraSuper members to Aware Super and excited at the opportunities ahead to help them achieve their best possible retirement." She also extended her gratitude to the TelstraSuper team for their dedication, adding, "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 CEO Chris Davies also expressed his satisfaction with the merger's completion. He emphasised the importance of finding the right partner to ensure the long-term best interests of TelstraSuper members. "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," Davies said. He affirmed Aware Super's commitment to delivering strong retirement outcomes, noting, "Aware Super shares our deep commitment to members and is well placed to continue delivering strong retirement outcomes."
Davies also commended the efforts of both organisations in bringing the merger to fruition. "Congratulations to everyone involved across both organisations for their hard work and unwavering focus on supporting our members - now and into the future," he remarked.
In the wake of the merger, Aware Super has committed to a period of heightened support and additional resourcing in the coming weeks. This is to ensure that member questions and requests are addressed promptly, reflecting both organisations' commitment to maintaining high standards of member service during the transition period.
The merger between TelstraSuper and Aware Super is indicative of a broader trend in the superannuation industry, where funds are seeking to consolidate to achieve greater scale and efficiency. By combining resources and expertise, the newly merged entity is well-positioned to enhance member outcomes and adapt to the evolving landscape of retirement savings and investment.
As the dust settles on this significant merger, the focus will now shift to integrating operations and delivering on the promises made to members. With the combined strengths of TelstraSuper and Aware Super, the future looks promising for the expanded membership base, who can expect enhanced services and improved retirement prospects.
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