VicSuper and Aware Super (at the time, called First State Super) finalised their merger in July 2020, creating a fund with 1.1 million members and $120 billion in funds under management, which has since grown to $150 billion.
“This merger truly puts our members first, delivering significant benefits to members of both funds and building on our shared heritage, values, and strengths,” Aware Super chief executive Deanne Stewart said at the time.
“Both funds are [top-performing] funds and believe deeply in the importance of investing in a responsible and sustainable way.”
The VicSuper brand will be wound up as of 1 May, with Aware Super telling members that they will “continue to receive high-quality, personal service and outstanding value”.
While the changes are being implemented, members have been warned that systems will be upgraded from 27 April to 10 May, and they won’t be able to make any changes or transactions during this period.
While members will no longer be able to access the VicSuper website or app, instead transferring their details over to the Aware website or app, the industry fund also assured members that there would be no changes to their investment options.
In April last year, VicSuper members were migrated into a new digital environment that Aware Super said would significantly reduce the use of paper forms.
“Super fund mergers need to deliver tangible benefits to their members,” said Ms Stewart.
“The early benefits to flow to members from our recent mergers focused on quick wins such as lowering administration fees by 20 per cent for VicSuper members, lowering fees for our pension members, or lowering insurance costs for our WA Super members.”
Too bad they didn’t bother telling members
Ditto!