Vision Super and Active Super have signed a successor fund transfer (SFT) deed, announcing a merger date of 1 March 2025.
With Vision Super set to be the successor fund, the new entity will hold some $29 billion in funds under management and 170,000 member accounts.
The merger was first discussed between the two funds in June 2022 and a heads of agreement was signed between the two funds a year later.
Commenting on the signed SFT, Graham Sherry, Vision Super chair, described this as an “exciting milestone” in the merger process.
“The signing of the successor fund transfer deed brings us a very significant step closer to realising the benefits of this merger for our members,” he said.
Active Super chair, Kyle Loades, highlighted the combined strength of the two funds.
“With over 100 years’ combined experience serving our members in local government across New South Wales and Victoria, the two most populous states in Australia, the merged fund is set to become the preeminent traditional local government fund in Australia,” Loades said.
Vision Super chief executive officer Stephen Rowe will lead the merged fund as its new chief executive.
During the transition period, he will work alongside Active Super’s acting chief executive, Donna Heffernan, who has held the role since June 2023.
According to Rowe, the expected benefits for members from the merger remain strong.
“We expect to see benefits for members over time including cost savings and greater economies of scale as time goes on as the merged fund will strive to deliver improved products and services,” he said.
He added that the merged fund will be internally administered, using Vision Super’s existing Acurity Registry platform, which the fund has used since 2016.
“Internal administration allows us to provide efficient, award-winning member service at a competitive cost,” Rowe said.
The funds indicated transition is “well underway” in advance of the SFT date of 1 March 2025.
It will continue to maintain its presence in Sydney and across regional NSW in Newcastle, Wollongong, Ballina, Wagga Wagga and Orange, as well as Melbourne and regional Victoria.
