Aware Super and VISSF to merge

Aware Super and the Victorian Independent Schools Superannuation Fund (VISSF) have agreed to proceed with their proposed merger. 

In a joint announcement, the funds said they shared strong values and cultural alignment, a similar member base, a shared understanding of the important role financial advice, education, and support that played in helping members to feel confident in their retirement, and a commitment to putting members first. 

VISSF would add 200,000 members to Aware's 1.1 million member base, and the merger was expected to be finalised before the end of the year. 

Aware Super chief executive, Deanne Stewart, said: “We are delighted to have formally agreed to merge with VISSF. Aware Super has been, and continues to be, a leading fund in exploring merger opportunities because we genuinely believe that size and scale matter. 

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"By leveraging economies of scale, we are able to continue to provide our members with top-10 performance, low fees, and just as importantly, the financial advice, education, service and support they need to feel confident in their retirement.” 

VISSF chair, Peter Sharples, said: “With increasing regulatory reform and growing trustee obligations, we recognise the importance and advantage of scale and size in the current environment. The due diligence process has confirmed the benefits for VISSF members across investment choice, fees, returns and ultimately their long-term retirement savings. 

‘It was of absolute importance we partnered with a fund that would embrace our incredible history, align with our values and continue our efforts of fiercely pursuing better retirement outcomes for all our members – and Aware Super delivers on this.”