NGS Super and QIEC Super agree on $10.3 billion merger
NGS Super and QIEC Super are preparing to merge and partner to create a $10.3 billion superannuation fund with around 125,000 members from 1 November 2018.
QIEC Super’s chairperson, Terry Burke said, “In the current regulatory and investment environment, QIEC Super needs to look to its future beyond a stand-alone fund and consider how the interests of members might be strengthened and enhanced within a larger like-minded education and care industry fund”.
NGS Super’s chairperson, Dick Shearman said “The proposed merger with QIEC has been driven by synergies between the two funds which are set to further strengthen our position into the future. Our members’ interests are at the core of this alliance which represents the continued and welcomed growth of our fund to secure the financial futures of all our members.”
The Trustees of both funds have recognised the benefits from economies of scale to its members and the partnering of the funds will ensure the future security and sustainability of the benefits of members.
QIEC Super has a strong and respected brand in Queensland. The QIEC Super brand will be retained in the merged entity, as a division of NGS Super. QIEC Super has $1.5 billion of assets under management and over 25,000 members.
NGS Super has a strong presence in a number of other states with $8.8 billion of assets under management and around 100,000 members.
On 1 November 2018, the two funds will merge subject to finalisation of comprehensive due diligence and risk assessment. In addition, regulatory approval is pending to enable existing service providers of both funds to continue to meet the needs of members until integration on a single administration platform on 1 October 2019.
Members will continue to be informed of the progress of the alignment and partnering of the two funds.