First State Super, Health Super to create one of Australia's top five superannuation funds through merger
Australian superannuation funds First State Super and Health Super have announced their intention to merge, creating a combined entity with some A$28 billion ($27.5 billion) under management and 750,000 contributing members.
According to the two super funds, the merged entity would be among Australia's top five biggest supers by funds under management. First State Super covers the majority of public-sector employees in New South Wales, across sectors including education, healthcare, emergency services and police and penitentiary workers, while Health Super's members from the health and community services sector are primarily residents of Victoria. "The two funds have a good cultural fit and similar philosophy," the joint announcement emphasized, highlighting the nature of both supers' renumeration structure on an all-profits-to-members basis and their costs to members.
"A merger between First State Super and Health Super will create one of the country's biggest superannuation funds, which will be in a strong position to continue to offer low cost products to its members," Health Super Chair Garry Richardson said.
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