We can confirm that the merger with WA Super will proceed and is expected to be finalised by 30 November 2020.
This is an exciting opportunity for First State Super, and our members and employers nationally, but most importantly in Western Australia.
Watch our CEO, Deanne Stewart, and outgoing WA Super CEO, Fabian Ross, discuss the merger, value for members and changes occurring across the super industry.
Following our recent , we are now Australia's second-largest industry superannuation fund, and with our increased size and scale are well placed to deliver strong sustainable long-term returns to our members, at the lowest possible cost.
This year, despite the challenging market conditions, For the year ending 30 June 2020, the Accumulation Growth default option (for members 59 years and under) delivered a positive return of 1.60% and the Accumulation Balanced Growth default option (for members 60 years and over) delivered a positive return of 1.28%. This performance placed us in the top quartile of performance against peers for the year to 30 June 2020, and longer time horizons of rolling 3, 5 and 10-year periods^1.
We also remain in a and, are actively looking to invest to support employment and help Australia's economy recover from the current pandemic crisis; this includes seeking opportunities to invest in Western Australia.
Through this merger, we will also significantly increase our footprint in Western Australia and will now have nearly 60,000 members in the State. We will also have a larger service and support team located in WA, including part of our national telephone-based Member Service Centre.
By expanding our telephone-based Member Service Centre, not only will our members in WA have access to telephone-based support for the full span of WA business hours, but we hope to also be able to offer all of our members nationally extended hours of support; a real benefit for so many who work long hours or shift work.
Shared values make merger sense
Both funds have undertaken an extensive due diligence process that began in March this year, and we have been able to confirm that this decision is in our members’ best interests.
First State Super and WA Super share many important ingredients for a successful merger. We have common values and cultural alignment, a similar member base, a shared understanding of the important role financial advice plays in supporting our members to achieve the kind of retirement they deserve, and an absolute commitment to putting members first.
Through this merger with WA Super, our combined fund will continue to leverage its size and scale to drive strong returns to members and deliver increased service and support at the lowest possible cost.
Following the merger, the WA Super brand will cease to exist, with members becoming part of Aware Super; the new name for First State Super. Read more about our new name below.
SuperRatings Fund Crediting Rate Survey June 2020 for the SuperRatings SR50 Balanced (60-76) Index and SuperRatings SR25 Conservative Balanced (41-59) Index.
This disclaimer is related to the First State Super accumulation product. Past performance is not a reliable indicator of future performance. ↩