After beginning merger discussions with VicSuper in April 2019 and an extensive due diligence process that began in July, we can confirm that First State Super’s merger with VicSuper will be going ahead as of 1 July 2020.
This is an exciting announcement for First State Super as this merger will offer considerable value to our members and our increased funds under management will allow us to be an even greater force for good in our members’ communities.
The size of First State Super and VicSuper’s combined assets means that we will become one of Australia’s largest superannuation funds, managing $125 billion in savings on behalf of more than 1.1 million members.
While we have agreed to merge, the foundations of what we do will not change. We will continue to engage with our members and employers as we always have and our commitment to providing great service and advice won’t change.
Who is VicSuper?
VicSuper is a $24 billion-strong profit-to-member superannuation fund with over 249,000 members and over 24,000 employers. VicSuper is committed to investing members’ retirement savings responsibly to generate long-term value, provide peace of mind and financial security in retirement.
Like First State Super, VicSuper is an award-winning fund that is committed to delivering good for their members and their communities. Both organisations share strong cultural alignment and have very similar values.
What this means for our members?
This merger will enable us to leverage our combined scale to deliver an even better deal for our members. Our research has demonstrated that by achieving greater scale we can reduce costs and access a broader range of investment opportunities for our members.
What this means for our staff
Both First State Super and VicSuper have teams of incredibly dedicated and knowledgeable staff who we believe will be able to come together and continue to offer best in-class support to our members.
Following the merger, Board Director representation will reflect the membership composition of the merged fund. The Board will continue to reflect equal member and employer representation with Neil Cochrane as our independent Chair and 14 Directors, four of whom would be from VicSuper’s nominating bodies.
First State Super’s current CEO, Deanne Stewart will be appointed as CEO of the merged fund. VicSuper’s current CEO, Michael Dundon will be appointed as Deputy CEO of the merged fund.
The team at First State Super are excited to join with VicSuper and as a combined fund offer an even better outcome for our members’ retirement.