Still profit-to-member — still putting you first
VicSuper and First State Super are both profit-to-member funds — which means we are both focused on delivering the best outcomes for our members.
A larger fund paves the way for even better outcomes
One of the key ways to deliver better outcomes for members is to increase our size. We have identified that there are member benefits associated with the merger that could help our members be significantly better off over the long term. When we merge in July next year, we will become one of Australia’s largest super funds, managing more than $125 billion in retirement savings on behalf of more than 1.1 million members around the country.
But how exactly does being bigger mean being better for our members? Becoming part of a much larger fund allows us to:
- provide access to a greater range of investment opportunities;
- provide a better deal through cost savings (such as reducing the investment fees you pay);
- provide even better support and services due to our larger team and its shared expertise;
- develop innovative retirement income solutions for our retirees — meaning we can provide products, services and advice that can help set us apart from other super funds.
Shared values mean shared commitment
Merging with a like-minded fund is very important. VicSuper and First State Super have a great deal in common — both in terms of what we do, but also who we are and how we conduct ourselves. For both funds, our people and the way we collaborate have been the reason for our success and why we are so trusted by our members. Coming together as one fund will further strengthen the values and the commitment we share.
Importantly, those shared values extend to our overall investment approach. We both have a strong commitment to active ownership and responsible investing. In fact, we were both recently recognised as global leaders in responsible investment.* We also have a shared focus on delivering strong, sustainable returns for our members.
A common member heritage — and a common future
Many of our members are Australians working in education, community services, health and other areas. Both our funds have members that tend to have higher account balances and stronger engagement with their super than the industry average. Those higher account averages are a good indication that we are both getting things right for our members, and soon we will be working as one to see how we can be doing even better.
Our shared belief in quality advice
Both VicSuper and First State Super believe in the importance of providing quality financial advice to support our members when it comes to making the most of their retirement savings. Both funds have a proven track record of developing market-leading advice services and retirement products for members.
As we come together, we will use the collective strength of our education, advice and retirement solutions, to help us enhance the scope and accessibility of these services in the future.
*VicSuper and First State Super were both named in the PRI Leaders’ Group 2019 – two of just six Australian asset owners to be recognised in this way.
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