VicSuper and Vision Super discussions
Victorian-based superannuation funds VicSuper and Vision Super have entered into preliminary discussions regarding a merger.
VicSuper and Vision are both not-for-profit funds open to the public. VicSuper is a multi-industry fund dominant in the education and training sector, and also represents most Victorian public servants. Vision Super represents staff at local government and related authorities.
Barbra Norris, VicSuper Chairperson, said that there was great synergy and alignment between the two funds: "VicSuper and Vision Super are both focused on providing members with excellent education and advice services, to help them make the most of their retirement savings. There's also a strong philosophical alignment, with both funds committed to EESG (economic, environmental, social and governance) principles. We are currently exploring whether a merger of our two funds would ultimately result in greater benefit to all members involved."
The combination of the $9.5b VicSuper with the $4.9b Vision Super would result in a fund responsible for the superannuation of more than 350,000 Victorians.
Vision Super's Chairman Rob Spence said that the merger could provide greater economies of scale in the key areas of investments and member services: "Vision Super and VicSuper have strong alignment within both our member and employer bases. These similarities can enable both funds to collectively grow for the benefit of our members, employers and other stakeholders. We look forward to further discussing the possibility of a merger with VicSuper to assist in strengthening the fund."
Regular updates on merger discussions will be provided to members via each fund's website as information becomes available.