Sunsuper looks to a second merger with Australia Post Super Scheme

Sunsuper is looking to explore another merger, this time with the Australia Post Superannuation Scheme (APSS), with the two funds having signed a non-binding heads of agreement to explore a merger.

Last week, Sunsuper had signed a heads of agreement to merge with QSuper.

If the merger with APSS proceeded after a due diligence review, the merged fund would provide a dedicated Australia Post corporate plan within its structure.

This would maintain the APSS’s defined benefits, funded by Australia Post, while APSS members’ accumulation balances would be transferred to comparable investment products within the merged fund.

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APSS was closed to new Australia Post employees in 2012 and had nearly 30,000 members with around $8 billion in funds under management.

The Australia Post Group had another default super arrangement with about half of its workforce but this would be unaffected by merger discussions with Sunsuper.

Sunsuper chair, Andrew Fraser, said: “The APSS looks to join us at an exciting time for our fund. It demonstrates our commitment to offering a high-quality solution to employers of the size and national reach of Australia Post, a focus that will continue in a Sunsuper and QSuper merged fund”.