EISS Super has revised its merger strategy that has resulted in changes to a number of the fund’s strategic objectives and associated expenditure including sponsorship arrangements.
In a statement following the prudential regulator’s decision to impose licence conditions on the fund, EISS said its board reviewed its merger strategy in September.
“The EISS Super board reviewed its merger strategy in September 2021 and are currently exploring a number of merger opportunities that will ensure our members’ interests continue to be protected in the long term,” EISS said.
“The revised merger strategy has also resulted in changes to a number of the fund’s strategic objectives and associated expenditures, including reviewing our sponsorship arrangements.
“As a result, the additional licence conditions will not impact on our ability to manage the fund or service our members.
The fund noted it believed it was in the best interests of its members that EISS Super merged with another fund.
“We believe it is in the best interests of our members that EISS Super merges with another fund, with the goals of maintaining our service and product offering while achieving cost savings, enhanced investment performance and better retirement outcomes,” it said.
In October, 2021, TWUSuper announced it had decided not to proceed with a merger with EISS Super following due diligence.