Equip has merged with BOC Super, bringing 3,000 members with $765 million in retirement savings to the multi-sector fund.
Scott Cameron, chief executive of Equip, said the fund was looking forward to welcoming the new members, and providing the products and services needed to help them prepare for their retirement.
“It became clear early on that BOC Super was a great fit for Equip, as over its long history, it’s shown the same commitment as Equip to putting its members firs,” Cameron said.
“This merger will bring a raft of member benefits, including access to the investment earnings of a larger, more diverse investment pool, greater investment choice and low investment fees.”
The trustee of BOC Super believed Equip, being a large ‘profit to member’ fund, was better placed to deliver a high level of choice and services to BOC Super members going forward, given the pace of change in the superannuation industry.
Cameron said: “We’ve drawn on our strong track record when it comes to managing mergers to ensure the smooth transition of new members to the fund, so they can access the benefits of consolidation.”
BOC Limited, the employer of the members of BOC Super, would maintain its level of support for employee members of Equip. Following the merger, BOC Limited would continue super contributions of up to 13% and had agreed to meet the cost of standard insurance and administration for its employees.
In a statement, Equip said the completion of the BOC Super merger and the Toyota Super merger in May highlighted its leadership in the superannuation industry in bringing funds together through Successor Fund Transfers (SFTs).
It said both SFTs built on Equip’s joint venture with Catholic Super in 2020. The partnership stood at 140,000 members and $30 billion in total funds under management.
“We’re well positioned for growth, and very much open for business. This merger supports our strategic goal of growing to $50 billion in funds under management and roughly double our membership to 300,000 in the next five years,” Cameron said.