NGS Super and Australian Catholic Superannuation (ACS) have announced that the two superannuation funds will not merge following discussions and extensive due diligence over the last 12 months.
The two funds announced merger plans in August 2020 and said today the regulatory and commercial environments had changed considerably since then.
NGS Super’s, chair Dick Shearman said: “Our members’ interests have always been at the core of this proposed merger and after very careful consideration we’re confident the best outcome is for both funds to continue independently”.
ACS’s chair David Hutton said: “We also remain committed to acting in the best financial interests of our members and will continue with our strategy to achieve greater scale into the future”.
The merger would have led to a $21 billion super fund with 200,000 members with two of the most significant non-Government school industry super funds.