Toyota Super will merge with Equipsuper as the requirements for running a stand-alone corporate super fund are becoming increasingly difficult.
The successor fund transfer would be effective 1 May with Toyota Super becoming a sub-fund of Equip. The merged fund would manage $860 million in retirement savings to 5,000 members and would provide greater investment and administration scale.
Toyota Super chair, Rob Purcell, said: “Toyota Super has served members’ interests very well. However, the requirements for running a stand-alone corporate superannuation fund are becoming increasingly difficult, largely due to complex and changing superannuation regulations. We are confident this move can provide even better member outcomes.
“Equipsuper is a great partner, offering members excellent benefits, economies of scale, value for money, investment expertise and high-quality member services.”
Chief executive of the joint venture, Scott Cameron, said the move was part of a strategy of scalable growth.
“We’re open for business,” he said. “Our aim is to grow to $50 billion in funds and roughly double our membership to 300,000 in the next five years.”