NGS Super and Australian Catholic Super agree on $21 billion merger18 Aug 2020 2 min read
NGS Super and Australian Catholic Super announce plans to merge.
The planned merger will create a $21 billion superannuation fund with approximately 200,000 members servicing independent and Catholic schools and the community sector across Australia.
Australian Catholic Super Chair David Hutton said that in the current environment, ACS wanted to consider how the interests of its members could be strengthened and better serviced within a larger like-minded education industry fund.
NGS Super’s Chair Dick Shearman said the proposed merger with Australian Catholic Super had been driven by synergies between the two funds and is set to strengthen the fund’s position into the future.
“Our members’ interests are at the core of this merger, which represents the continued growth and improved ability of our fund to secure the financial futures of all our members,” said Mr Shearman.
The merging of the funds will ensure the future security and sustainability of benefits to the members of both funds and deliver improved services and economies of scale.
David Hutton said the merger represented a great opportunity for its 85,000 members and 15,000 employers to be a part of the growth of a niche education and community services fund, with a national footprint.
Mr Shearman added that NGS Super has a strong presence in a number of states with $12 billion in funds under management and around 120,000 members.
The two funds will merge subject to finalisation of comprehensive due diligence and assessment of member benefits.