Speaking to InvestorDaily, Mr Proebstl said the vast majority of super funds have dealt with the MySuper requirements quite capably.

"There’s always big interest in whether there’s going to be any more mergers, but there haven't really been a lot in recent times," Mr Proebstl said.


"A lot of people thought when MySuper came into play that would encourage a number of funds to merge."

The popular belief was that smaller funds would throw their hands up, decide "this is all too hard" and then merge with another fund to avoid the compliance burden, Mr Proebstl said.

"But that doesn’t really seem to be what’s happened. I think in the main most funds have dealt with the new requirements," he said.

In the past six to eight months there have only been "one or two funds that have merged", according to Mr Proebstl.

"To my knowledge, there’s not been that many at all really, so to a certain extent there’s already evidence [that funds are coping with MySuper]," he said.

While the new APRA requirements have been something of a distraction for super funds, they are now "substantially bedded down".

"I think funds will be able to get back to running their funds – and running them with more of an eye to the future," he said.

A fund like Legalsuper is "not one of the largest funds in the country", but it operates at an efficient level of cost and provides "personal services", Mr Proebstl said.

"As long as we can continue to provide that higher level of service and the customised service for people that work in the legal community at a competitive cost, I think there’s a role for a fund like ours for many years to come," he said.



All quiet on the merger front: Legalsuper
investordaily image
ID logo

Website Notifications

Get notifications in real-time for staying up to date with content that matters to you.