Prime Super is an industry fund providing superannuation to regional and rural Australians and has $1.65 billion in funds under management and 130,000 members.
HIP Super is an industry fund for employees working in the health and health associated industries.
It holds $780 million in funds under management and has 22,000 members.
Prime Super chief executive Lachlan Baird said as a larger fund Prime Super will gain further economies of scale.
“However, we will not be so large that we will lose focus on what is important to our members and employers,” he said.
“We will continue to provide members and employers with the stability and service they have come to expect, and we will also have the capacity for new and improved benefits and services.”
HIP chief executive Ross Bernays said the HIP brand will remain intact after the merger, continuing to focus on services to the health industry, and as recognition of the ‘strong loyalty and connection that HIP has on its existing membership and employers.
Rice Warner is assisting with the negotiations and the design of the merged fund.
