UniSuper, the over $105 billion fund, and Australian Catholic Superannuation (ACS), the over $10 billion fund, have completed the execution of the Successor Fund Transfer (SFT) with more than 80,000 former ACS members now part of the award winning UniSuper.
What does the merger mean for UniSuper?
This SFT was realised after considerable due diligence, planning and integration. Due to the efforts of both funds, we have been able to achieve a successful transition in all members’ best financial interests. All UniSuper members, current and new, can expect an industry-leading offering with access to award-winning products and financial advice team.
UniSuper is committed to ensuring continuity of services and assistance to all participating employers and key stakeholders and will continue actively engaging to achieve this outcome.
Commenting on the merger, UniSuper Chief Executive Officer Peter Chun said: “We’re really pleased to welcome members formerly from ACS to UniSuper. With all members set to benefit from increased scale, we are looking forward to this new chapter in UniSuper’s history. Our focus will continue to be on achieving amazing retirement outcomes for our members, new and old, and ensuring a smooth transition for those joining us from ACS.”
“Scale offers opportunities for the fund, keeping downward pressure on fees, ensuring that UniSuper can continue to leverage our position as an active investor, and unlocking investment opportunities that simply aren’t available to smaller funds. All of these factors position UniSuper to continue serving our members’ best financial interests,” Chun added.
What does the merger mean for ACS?
ACS Chief Executive Officer Greg Cantor said: “Our mission has always been to enable the best retirement outcomes possible for our members. After considerable due diligence, I am confident this merger delivers on that goal for our members. We have been very pleased with the cultural alignment of our fund with that of UniSuper and their commitment to work closely with our members and employers in Catholic agencies and Catholic schools.”
Preparation had been underway for a successful transition for months. Both funds worked together to make the merger as seamless as possible, while maintaining the high level of care provided to members, delivering outcomes members expect and deserve. UniSuper will now have around $115bn funds under management on behalf of 620,000 members.