News

With our members’ best interests at heart, we explore the benefits of a merger

General

02/03/2021

After a thorough review process, we would like to announce that VISSF and Aware Super have signed a Memorandum of Understanding to explore the benefits of a potential merger.

Why merge?

The past 12 months has seen unprecedented merger activity across the super industry. We have witnessed increasing levels of regulatory reform, rising costs associated with the implementation of legislative changes and this trend is expected to continue.

In this environment, economies of scale matter as they allow access to a more diverse pool of global investments, a broader range of services and lower investment and administration fees, which we expect will ultimately deliver a better outcome to our members.

With this in mind, we wanted to be proactive amidst this disruption and deliver on our promise to always fiercely pursue greater outcomes for members. So, we conducted an extensive analysis of peer superannuation funds, to explore whether our members’ needs and interests would be better served if we were to merge with a larger fund that has a similar cultural emphasis.

This resulted in the selection of Aware Super as a potential merger partner.

A message from our Chairman, Peter Sharples and Aware Super’s CEO Deanne Stewart

Who is Aware Super?

Aware Super is one of Australia's largest industry super funds with a national brand and growing presence here in Victoria. Aware provides superannuation, financial advice and retirement solutions to those who teach, nurse, care, respond and help others in our communities. 

There is a strong alignment between the two funds. Women working in the education sector represent more than 75% of our membership and we are passionate about helping them triumph over the challenges they face as they prepare for life after work. More than two-thirds of Aware Super’s members are women and nearly 200,000 of their 1.1 million members nationally work in the education industry.

With long histories in super, strong values and cultural alignment, as well as our similar member demographic, VISSF and Aware Super have key fundamentals of a successful merger. We have a shared belief in the value advice plays in delivering better retirement outcomes and most importantly, an absolute commitment to putting our members' interests first.

What are the benefits?

Should this merger proceed, we believe members could benefit in a number of ways.

  1. Be supported by one of the largest industry super funds in Australia, which can provide enhanced services and offer valuable member benefits.
  2. With offices in Melbourne and regional Victoria, members can draw on Aware Super’s local services and face-to-face support.
  3. An impressive financial education program, hosting hundreds of seminars and webinars each year, in the workplace and community-based locations.
  4. Access to Australia’s largest member-owned financial advice network, with extensive advice options for members, including specialist aged care and estate planning services.
  5. Leveraging increased economies of scale to progressively lower fees and provide access to a more diverse pool of global investment opportunities.

What happens next?

Nothing changes right now. Neither fund has made any formal commitment and there is no obligation on either party to proceed. The priority of both funds is to act in the best interests of their members.

Be assured that while discussions and due diligence are underway, we will continue to provide the same quality service and advice you’ve come to expect of VISSF. And regardless of the outcome, members will always be our number one priority.

Progress updates regarding our merger discussions will be provided in due course. In the meantime, we have prepared some Merger FAQs should you require more information. Alternatively, you can give our Client Services Team a call on 1300 660 027 between 9am and 5pm weekdays.

Find & combine

Consolidating your super into one account makes your money work harder because you save on paying multiple sets of fees.

Learn more