The Tasmanian Government has announced it supported a merger between Tasplan, Quadrant and RBF Tasmanian Accumulation Scheme to create a single Tasmanian superannuation fund.
According to Tasplan Super, the government will carry out a tender process to find a new provider for the RBF defined benefits services, where the merged fund will be able to partake in the tender process for the defined benefits services.
The scheme will not lose any entitlements and the government will be financially responsible for the schemes. The new provider will not be supporting the schemes.
The merged funds will have around 165,000 members and will manage around $6.5 billion.
Quadrant Chair, Brent Armstrong, said the Tasplan and Quadrant merger was announced late last year and will merge on 30 November, 2015 as planned.
"The consolidation of the three funds will build an even more secure and sustainable Tasmanian super fund," Armstrong said.
The merged fund will help grow the financial services industry in Tasmania, and be competitive in the super industry in the long-term.
Tasplan and Quadrant chief executive, Wayne Davy, said that while he expects a positive future, full details of what the merged fund would look like were yet to emerge.
"Until we progress the merger, we won't know exactly what the merged fund will look like. For example, what fees, insurance and investment options the merged fund will offer," he said.
"However, the law says we can't merge unless we can show that the merger is in the best interests of our members."