The proposed merger would create a combined profit-to-member fund managing around $228 billion and serving more than 1.3 million members.
Both organisations have commenced a comprehensive due diligence process to assess whether the merger is in the best financial interests of their respective members.
According to Aware Super, the merger represents a major opportunity to build scale and improve member outcomes.
The funds believe the merged fund – which would combine Aware Super’s digital capabilities and TelstraSuper’s personalised service – could deliver improved retirement solutions, leading financial guidance and advice, and an enhanced focus on member services.
The new, combined entity would aim to establish itself as the most trusted leader in retirement, with the scale and expertise to support Australians throughout their retirement journey.
TelstraSuper chair Anne-Marie O’Loghlin said: “Aware Super is a highly regarded, award-winning fund with the scale to help deliver improved retirement outcomes for members.
“It is expected that the proposed merger will deliver lower fees, an expanded investment menu and a national servicing footprint to help TelstraSuper members further enhance their planning and transition into retirement.”
Aware Super chair Christine McLoughlin said: “This proposed merger presents a compelling opportunity to unite two funds that share a deep commitment to member-first values.
“TelstraSuper’s legacy of personalised service and member loyalty aligns seamlessly with Aware Super’s focus on being super helpful, super easy and delivering super returns.
“We also look forward to welcoming TelstraSuper’s strong corporate employer relationships and specialised capabilities that will significantly accelerate our corporate super offering.
“Together, we can amplify our strengths to deliver even greater retirement outcomes for our members, with market-leading retirement offerings, truly personalised help and guidance and global investment capabilities.”
If due diligence supports the proposal, the merger is expected to proceed via a Successor Fund Transfer in the fourth quarter of FY2025–26.
Both funds have confirmed they will continue operating independently during the assessment period, with no disruption to members or employers.
