Two of the most significant non-Government schools industry superannuation funds are to merge – NGS Super and Australian Catholic Super (ACS).
The two funds announced their merger plans today stating that it would lead to the creation of a $21 billion superannuation und with approximately 200,000 members servicing independent and Catholic schools and the community sector across Australia.
Commenting on the merger move, Australian Catholic Super chair, David Hutton said that in the current environment, ACS wanted to consider how the interests of its members could be strengthened and better serviced within a larger like-minded education industry fund, while NGS Super chair, Dick Shearman said the proposed merger had been driven by synergies between the two funds and was set to strengthen the fund’s position into the future.
“Our members’ interests are at the core of this merger, which represents the continued growth and improved ability of our fund to secure the financial futures of all our members,” Shearman said.
The two chairs said the merging of the funds will ensure the future security and sustainability of benefits to the members of both funds and deliver improved services and economies of scale.
Hutton said the merger represented a great opportunity for its 85,000 members and 15,000 employers to be a part of the growth of a niche education and community services fund, with a national footprint.
The two funds will merge subject to finalisation of comprehensive due diligence and assessment of member benefits.