The merger will create a $200 billion superannuation fund serving 2 million members, and is expected to proceed in September 2021. The CEO of the merged fund will be Bernard Reilly, current CEO of Sunsuper.
“This historic agreement will pave the way for the creation of an unquestionably strong superannuation fund with the scale to deliver outstanding services, greater efficiencies and lower costs for members,” said QSuper chair Don Luke and Sunsuper chair Andrew Fraser.
“The combination of QSuper’s public sector heritage in Queensland and Sunsuper’s national employer base combined with commitment to partnering with external financial advisers will create a diversified and resilient organisation investing on behalf of 2 million members.”
More to come.
QSuper is the worst super fund for Financial Planners to deal with. Hopefully after the merger with Sunsuper, they will be easier to deal with.
Theyve been nothing but great to deal with when I’ve interacted with them
Can we have some fact checks on the grossly misleading comments below. IT seems some confusion about who owns QSuper with QIC which is a investment manager Who manages the QSuper Defined Benefit ? I thought it it is one of the few fully funded defined benefit funds left in Australia. Perhaps Western Australian liberals are trying to deflect to their misery to Queensland.
So is this an asset sale by a Qld Labor government?
So QSuper cant afford its Defined Benefit and needs to Merge with a fund that has liquid assets.
So where will the State Government get its extra funds from now??