Aware Super and The Victorian Independent Schools Superannuation Fund (VISSF) have entered into merger talks.
The two funds have signed a non-binding Memorandum of Understanding to explore the benefits of a merger.
VISSF has a more than 60-year history as the default fund for teachers at independent schools across Victoria.
Aware Super has nearly 200,000 members working in the education industry and the fund believes the potential merger will help it build scale in the sector.
Aware Super said it hoped to complete the due diligence process in the coming weeks.
There is a need for Australia’s superannuation funds to simplify their investment menus, according to the firm, given over a third of funds have more than 30 options, of which one or more are “arguably subscale”.
The research house is set to offer research ratings of superannuation funds for the first time amid growing demand from financial advisers.
Treasury is calling for submissions on its draft regulations in relation to the calculation of the proposed Division 296 tax.
Initially intended to offer a “simple, cost-effective” option for Aussies invested in default fund options, a super consultant has weighed in on what the scheme has actually done for members.
Add new comment