News

Aware Super and VISSF agree to merge

GENERAL

29/07/2021

Aware Super and The Victorian Independent Schools Superannuation Fund (VISSF) have today confirmed that they will proceed with their proposed merger.

Media Release

Aware Super and The Victorian Independent Schools Superannuation Fund (VISSF) have today confirmed that they will proceed with their proposed merger.

Aware Super, one of Australia’s largest industry superannuation funds, and VISSF, the education industry default fund for employees of independent schools in Victoria, have since March, undertaken an extensive due diligence process to confirm that this merger is in their members’ best interests.

Aware Super and VISSF share many important ingredients for a successful merger. They have a strong values and cultural alignment, a similar member base, a shared understanding of the important role financial advice, education and support plays in helping members to feel confident in their retirement, and an absolute commitment to putting members first.

Women from the education sector represent around 75% of VISSF’s 6,700 members and the fund is passionate about helping them to triumph over the challenges they face as they prepare for life after work.

Similarly, Aware Super provides superannuation, education, advice and other support services to more than 1.1 million members nationally, more than two-thirds of whom are women.

Following the merger, the combined fund will be the largest superannuation provider for the primary and secondary education sector, supporting more than 200,000 members in the industry to achieve a better retirement.

The merger is expected to be finalised before the end of the year.

Quotes attributable to Deanne Stewart,  Aware Super Chief Executive Officer

”We are delighted to have formally agreed to merge with VISSF. Aware Super has been, and continues to be, a leading fund in exploring merger opportunities because we genuinely believe that size and scale matter. By leveraging economies of scale we are able to continue to provide our members with top-10 performance, low fees, and just as importantly the financial advice, education, service and support they need to feel confident in their retirement.

”VISSF and Aware Super have all of the ingredients of a successful merger. It is a great responsibility for Aware Super to carry on the incredible legacy established by VISSF’s passionate and progressive founders more than 60 years ago.

”Today VISSF represents around 70 independent Victorian schools, with approximately $900m in funds under management and 6,700 members. Through this merger we look forward to building on our leading offering for members in the independent and public education sector, and providing them with the right financial education, advice, guidance and support to enable them to achieve a better financial future.”

Quotes attributable to Peter Sharples, VISSF Chairman

”We are pleased to move forward with the merger with Aware Super. For more than 60 years, VISSF has placed members’ best interests at the heart of all its decision making, and the merger is a continuation of this.

”With increasing regulatory reform and growing trustee obligations, we recognise the importance and advantage of scale and size in the current environment. The due diligence process has confirmed the benefits for VISSF members across investment choice, fees, returns and ultimately their long-term retirement savings.

”It was of absolute importance we partnered with a fund that would embrace our incredible history, align with our values and continue our efforts of fiercely pursuing better retirement outcomes for all our members – and Aware Super delivers on this.”


For media enquiries and to arrange interviews please contact:

Aware Super - Di Lloyd, Senior Manager External Affairs, 0419 177 599, media@aware.com.au

VISSF - Jessica Effeney, Honner, 0400 998 373, jessica@honner.com.au

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