Tasplan and MTAA Super are considering merging, announcing they had entered a binding Memorandum of Understanding (MoU) to investigate the move just hours after Money Management’s sister publication, Super Review, confirmed that the former fund’s merger discussions with Statewide Super and WA Super had fallen through.
Statewide Super announced on Friday that it was no longer pursuing its merger discussions with Tasplan and WA Super, with Tasplan seemingly only finding out at the last minute. The fund told Super Review: “"Tasplan has today been advised by Statewide Super of their withdrawal from the triparted MOU process."
Should the merger between Tasplan and MTAA Super go ahead, it would create an industry super fund with more than $22 billion in funds under management and 328,000 members. Both funds said that the best interests of members would be the deciding factor in the MoU talks, with a priority on providing quality services and member outcomes.
“We anticipate that the increased scale will deliver efficiencies that can be passed on to members by way of product and service improvement, competitive fees and returns,” Tasplan chair, Naomi Edwards, and MTAA Super chair, John Brumby, said in a joint statement.
“While there is still much work to be done, we are excited by the prospect of building a fund of significant scale, enjoying widespread national membership and offering further improvements in benefits to our members over time.”