Unisuper And Australian Catholic Super Come Together To Create A Stronger Union

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After ACS did not meet the benchmark set by APRA in its performance test last year, UniSuper and Australian Catholic Superannuation (ACS) have joined forces to form a $115 billion super fund.

The ACS investment team, helmed by Michael Block, will not be transitioning to UniSuper, per a statement from the fund’s spokesperson.

The merger of the two funds was approved by both UniSuper and ACS members late last year after a lengthy process to ensure that it was in the best interests of both sets of members.

Peter Chun, Chief Executive of the newly expanded UniSuper with a massive member base of 620,000 members, stated that their primary objective is to ensure retirement security for all its members and provide an effortless transition for ACS members.

Australian Catholic Super (ACS) members can take advantage of the advantages associated with scale, Chun mentioned in an email response to inquiries. These include a typical 25% reduction in fees.

As a fund now open to all Australians, UniSuper must compete and win in choice to build greater scale. Scale unlocks investment opportunities simply not available to smaller funds and helps to keep downward pressure on fees,” he commented.

This merger helps to enable UniSuper to achieve its strategic objectives – investing at scale to build a retirement for members that don’t cost the earth,” he added.

As a result of 13 MySuper products not meeting the expectations set by last year’s APRA Your Future, Your Super performance test, ACS has decided to join forces with UniSuper.

In the past year and a half, five mergers have been announced shortly after their respective results were made public. After its merger with NGS Super failed to come through, ACS partnered up with UniSuper in December.

HESTA and Mercy Super have formed an impressive superfund worth close to $70 billion in a stunning union. This fund now boasts nearly 970,000 members.

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