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  • What’s happening?

    VicSuper and First State Super have been discussing the prospect of a merger between our two funds since the beginning of this year. Having spent several months conducting a thorough due diligence process, we are pleased to announce that our Boards have signed a formal Merger Deed, confirming a formal intent to merge on 1 July 2020.

  • Why does the fund need to merge?

    One of the key ways to deliver better outcomes for members is to increase our size and scale. As a result of the merger we’ll 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.

    By increasing our scale we can:

    • provide access to a greater range of investment opportunities;
    • provide a better deal through cost savings (such as potentially reducing the investment fees you pay into the future)
    • continue to build on our leading responsible investment approach and have a much stronger voice with the companies we engage with
    • 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 innovative products, services and advice that can help set us apart from other super funds.
  • Why now?
    Right now, VicSuper continues to perform very well. However, we feel it’s important to be on the front foot when it comes to making sure our members continue to be set up for success to get better outcomes from their retirement savings. We’re confident this merger presents us with a really valuable opportunity to do exactly that and build on our strengths so we continue to deliver on what we know is important to all our stakeholders.

    We’re seeing a number of funds merge, and we believe this trend will continue in the coming years. With more larger, or jumbo funds in the industry, one of the key ways to deliver better outcomes for members is to increase our size. When we merge in June next year, we’ll become one of Australia’s largest super funds, managing more than $124 billion in retirement savings on behalf of more than 1.1 million members around the country.
  • Why First State Super?
    We’ve been considering potential merger partners that could be suitable for us for some time and we have a lot in common with First State Super. We’re both long standing profit to member funds, our members come from very similar industries and we also believe in the importance of quality financial advice to help our members get better retirement outcomes. We’re identified how we could leverage our common values and strengths to provide even better services and investment opportunities for our members.
  • What do the funds have in common?

    The funds have a lot in common:

    • Our culture and values are very similar. We’re both profit to member funds and both put our members first in everything we do with our entire team focused on helping our members get better retirement outcomes.
    • Both funds have heritage in the public sector and we also have growing number of members from the private sector. Our members come from very similar industries (education, community services and health).
    • We both have a focus on responsible investing and have both been recently recognised as global leaders* in this area;
    • Both of us have strong in house financial planning services and believe in the importance of quality financial advice to help our members make the most of their retirement savings;
    • We both have a proven track record in developing market-leading advice solutions and retirement products for members;
      With greater scale we could offer even better services and access a greater range of investment opportunities that could deliver strong, sustainable investment returns over the long-term.
    * 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
  • What will happen to VicSuper’s brand and culture?
    The VicSuper brand will stay the same after we merge. Both VicSuper and First State Super have always placed a high priority on culture and that wont change.
  • What are the next steps?
    Over the coming months our teams will be working closely to bring the two funds together. We’ll keep you updated on our progress, and we look forward to bringing you news of the unique product and service improvements that we’re confident will be achieved through this merger.
  • Is it still business as usual?
    Absolutely. Right now you don’t need to do anything, we will continue to provide the same high level of service to members and employers like we always have. Our members and employers will always be our number one priority.
  • What’s the timeline?
    From now until 1 July 2020 our teams will be working together to integrate functions across the funds, and we will look to bring the two funds together into one merged entity as of 1 July 2020.
  • Who is First State Super?

    First State Super is one of Australia’s largest profit-for-member super funds. They are a public offer fund, which means, like us, they are open to everyone.

    • They manage more than $100 billion in retirement savings
    • They provide superannuation and advice to around 800,000 members and clients nation wide
    • First State Super members and clients have access to over 220 financial planners across a broad network of regional offices.

    You can find out more about First State Super, on their website.

  • Will I have cheaper fees as a result of the larger fund?
    We believe that as a result of the merger, we will be able to provide our members with a better deal through costs savings into the future – particularly regarding the investment fees you pay over time.
  • What will happen to my insurance cover?
    Right now, it’s business as usual and you don’t need to do anything.We will continue to provide insurance for our members through our current insurance provider Metlife.
  • What will happen to my super?

    It’s business as usual and you don’t need to do anything. Your retirement savings will continue to be managed by VicSuper/First State Super. Over the coming months, we’ll be developing a strategy to bring our investments together and harness our combined size in ways that will help us deliver strong, sustainable returns for our members.

    We will be in contact next year with more information as we get closer to merging on 1 July 2020.

  • Will you still have local offices and be in regional areas?
    Yes, both VicSuper and First State Super are committed to providing superannuation advice where and when our members need it. We will maintain our local offices and actually expand them through First State Super’s local presence so combined we’ll have 12 serviced offices throughout Victoria.
  • Will I get a new member number and new website login details?
    No, nothing will change at this stage with your super account and the product you currently hold. You will still be able to log into the VicSuper/First State Super website to view your account online.
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