NGS Super to merge with UC Super
The trend towards consolidation is continuing in the superannuation industry, with Non-Government Schools Super (NGS Super) announcing its intention to merge with UC Super.
The merger, if it proceeds, will create a single fund $4.4 billion super fund covering non-government schools and Uniting Church employees.
The two funds said a memorandum of understanding had been developed to proceed with discussions around the merger.
NGS Super chief executive, Anthony Rodwell-Ball said one of the most important considerations was that both funds had complementary membership profiles.
“NGS Super’s heritage as a fund for non-government schools means many of our members work in faith-based schools. Similarly, UCSuper’s membership base consists of Uniting Church employees, so there’s a natural affinity between the funds and a strong focus on values.
UCSuper chairman, Bruce Binnie, said the fund had undergone a detailed and rigorous process in selecting a merger partner.
“After a strategic review in 2010, it became clear that our members’ interests would be best served by merging with a like-minded partner. We believe this is the most effective way to manage costs, deliver a great member experience and gain access to the best funds management,” he said.
AUTHOR
Mike Taylor
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