The two super funds have now signed a successor fund transfer deed.
The merger between UniSuper and Australian Catholic Superannuation (ACS) has continued to progress with both funds having now signed a successor fund transfer deed.
In a statement, the super funds explained that the ‘milestone’ would enable members of ACS to become members of UniSuper once the merger has been completed.
“We’re really pleased to progress the agreement with ACS. Our aligned values and member-first focus will help to ensure a smooth transition to UniSuper for ACS members,” said UniSuper CEO, Peter Chun.
“With members set to benefit from increased scale, we can’t wait to welcome all ACS members and support them in creating futures worth retiring for that don’t cost the Earth.”
The two super funds originally inked a memorandum of understanding in December last year in order to formally explore a potential merger.
UniSuper confirmed in May that it would proceed with the merger after an extensive due diligence process and independent review. The $105 billion super fund last year opened its doors to members from outside the higher education and research industry.
Both funds indicated that they were working to make the merger as seamless as possible while maintaining a high level of care and delivering the outcomes that their respective members “expect and deserve”.
“This next step is important for our members as we continue the journey to enabling them the best retirement outcomes possible,” commented ACS CEO, Greg Cantor.
The merger is still expected to be finalised by the end of this year with members and employers receiving detailed communications throughout the process.
UniSuper and ACS stated that the final stage of their merger would involve continued collaboration between the funds to ensure the highest standard possible for the transition.
Jon Bragg is a journalist for Momentum Media's Investor Daily, nestegg and ifa. He enjoys writing about a wide variety of financial topics and issues and exploring the many implications they have on all aspects of life.
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