Sunsuper is exploring another merger with an $8 billion super fund in a move that would cement its position as one of Australia’s first mega funds.
The Australia Post Superannuation Scheme (APSS) has signed a non-binding heads of agreement with Sunsuper to explore a merger. APSS has 30,000 members and $8 billion in assets under management and believes the move would create “significant economies of scale”.
The move comes just days after Sunsuper and QSuper announced their intention to merge, creating an “unquestionably strong” $200 billion super fund, and could leapfrog Sunsuper ahead of AustralianSuper to become Australia’s largest fund.
“The APSS looks to join us at an exciting time for our fund. It demonstrates our commitment to offering a high-quality solution to employers of the size and national reach of Australia Post, a focus that will continue in a Sunsuper and QSuper merged fund,” said Sunsuper chair Andrew Fraser.
APSS is currently closed to new members.