Industry super funds NGS Super and QIEC Super have announced a merger that will see them form a superannuation fund with $10.3 billion FUM and 125,000 members.
According to a joint statement, the alliance between non-government sector super fund NGS Super and Queensland-based super fund QIEC Super will create a $10.3 billion super fund with around 125,000 members.
The merger, which will occur on 1 November 2018, will "ensure the future security and sustainability of benefits to the members of both funds and deliver improved economies of scale", the statement said.
QIEC Super chair Terry Burke said regulatory and investment pressures had led the fund to find alternatives to being a stand-alone fund, and that being part of a larger fund would provide better service to members, while NGS Super chair Dick Shearman said there were "synergies" between the two funds.
QIEC Super will retain its brand, but become a division of NGS Super.
“Our members’ interests are at the core of this alliance, which represents the continued growth and improved ability of our fund to secure the financial futures of all our members,” Mr Shearman said.
According to the statement, the merger is pending regulatory approval, with both funds existing on separate platforms to meet member needs until they are integrated on a single platform on 1 October.
NGS Super has $8.8 billion funds under management and 100,000 members and QIEC Super has $1.5 billion funds under management with more than 25,000 members.
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