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Mercer Super completes $1.1b TAL SFT
Mercer has completed the $1.1 billion transition of all TAL Superannuation and Insurance Fund (TSIL) members to Mercer Super.
In an announcement, Mercer said the successor fund transfer (SFT) encompasses services across superannuation and investment consulting.
As at 1 June, 23,000 accumulation members of TSIF joined Mercer Super, with a further 15,000 risk only (retail insurance) members joining the existing accelerated protection division of Mercer Super.
Mercer Super head, Tim Barber, said: “Working closely with TAL, we’ve developed solutions to complex issues in order to deliver a simpler proposition for members. The vast majority of TAL members will have lower fees, and all will have access to a wider array of investment options.
“It’s an exciting time at Mercer Super as we invest further in improving the efficiency and competitiveness of our fund. We’ve already made significant changes by making adjustments to our products and fees.
“Our corporate superannuation division has been a significant part of Mercer Super and we continue to grow our proposition for our employer clients. We’re also investing in a number of initiatives outside of corporate superannuation to strengthen our presence, and we look forward to sharing our progress in due course.”
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